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It should.
All the converters using the same exchange rates, including steam.
No, he simply can't redeem any gift cards that are in a different currency.
No, it is true. Valve changed it to stop people scamming Steam Wallet Codes.
https://support.steampowered.com/kb_article.php?ref=1122-RTSC-0478
This applies to physical Steam Wallet Codes, not digital.
https://store.steampowered.com/digitalgiftcards/
Gifting physical gift card is only meant for those within same region/country.
"Hi my name is <Scammer A> from <insert random government agency>. If you dont pay us X amoutn of money you will be <deported, jailed, fined, executed>. You must pay us immediately using <Google Play/iTunes/Apple/Steam gift cards>. You must use cash to make the purchases. If you use credit cards we will know and you will be immediately <deported, jailed, fined, executed>"
"Hi its your grand-child! I'm stuck in <random country> and need some money! I can use <Google Play/iTunes/Apple/Steam gift cards> to pay for <random something>" - Extremely common in Asia when talking with older people
"Hi this is <Fedex/UPS/USPS/EMS/DHL/Purolator>. We have a package from <Amazon/Ebay/Alibaba/Taobao> on hold in customs. You must pay us a customs fine of X using <Google Play/iTunes/Apple/Steam gift cards> " - I get this call LITERALLY EVERY DAMN DAY
When I worked in retail part time, we used to get told to watch out for people buying 'weird' amounts of gift cards as it was so an extremely common scam
There are entire youtube/Twitch channels dedicated to wasting scammers times and you can basically watch the entire scam go down. These channels tend to concentrate on "tech support" version of the scams since they basically show the computer where in the scam is taking place so its more twitch/youtube friendly to watch.