Difference between Convert.ToDecimal(string) & Decimal.Parse(string)

What is the difference in C# between Convert.ToDecimal(string) & Decimal.Parse(string)?

In what scenarios would you use one over the other?

What impact does it have on performance?

What other factors should I be taking into consideration when choosing between the two?

From stackoverflow YonahW

• From bytes.com:

  The Convert class is designed to convert a wide range of Types, so you can convert more types to Decimal than you can with Decimal.Parse, which can only deal with String. On the other hand Decimal.Parse allows you to specify a NumberStyle.

  Decimal and decimal are aliases and are equal.

  For Convert.ToDecimal(string), Decimal.Parse is called internally.

  Morten Wennevik [C# MVP]

  Since Decimal.Parse is called internally by Convert.ToDecimal, if you have extreme performance requirements you might want to stick to Decimal.Parse, it will save a stack frame.

  From Guy Starbuck

• One common suggestion related to original topic - please use TryParse as soon as you not really sure that input string parameter WILL be correct number format representation.

  From dimarzionist

• One factor that you might not have thought of is the Decimal.TryParse method. Both Convert.ToDecimal and Parse throw exceptions if they cannot convert the string to the proper decimal format. The TryParse method gives you a nice pattern for input validation.

  decimal result;
  if (decimal.TryParse("5.0", out result))
     ; // you have a valid decimal to do as you please, no exception.
  else
     ; // uh-oh.  error message time!
  

  This pattern is very incredibly awesome for error-checking user input.

  From David Sokol

• There is one important difference to keep in mind:

  Convert.ToDecimal will return 0 if it is given a null string.

  decimal.Parse will throw an ArgumentNullException if the string you want to parse is null.

  From James Newton-King