diff --git a/frame/assets/src/lib.rs b/frame/assets/src/lib.rs
index 333dbad836462..e8d7e7141e2c0 100644
--- a/frame/assets/src/lib.rs
+++ b/frame/assets/src/lib.rs
@@ -147,7 +147,7 @@ use sp_runtime::{
 	}
 };
 use codec::HasCompact;
-use frame_support::{ensure, dispatch::{DispatchError, DispatchResult}};
+use frame_support::pallet_prelude::*;
 use frame_support::traits::{Currency, ReservableCurrency, BalanceStatus::Reserved, StoredMap};
 use frame_support::traits::tokens::{WithdrawConsequence, DepositConsequence, fungibles};
 use frame_system::Config as SystemConfig;
@@ -157,10 +157,6 @@ pub use pallet::*;
 
 #[frame_support::pallet]
 pub mod pallet {
-	use frame_support::{
-		dispatch::DispatchResult,
-		pallet_prelude::*,
-	};
 	use frame_system::pallet_prelude::*;
 	use super::*;
 
diff --git a/frame/assets/src/tests.rs b/frame/assets/src/tests.rs
index 3ee8f9a9cfa47..12ab418e2c7d2 100644
--- a/frame/assets/src/tests.rs
+++ b/frame/assets/src/tests.rs
@@ -19,7 +19,7 @@
 
 use super::*;
 use crate::{Error, mock::*};
-use sp_runtime::TokenError;
+use sp_runtime::{TokenError, traits::ConvertInto};
 use frame_support::{assert_ok, assert_noop, traits::Currency};
 use pallet_balances::Error as BalancesError;
 
@@ -625,3 +625,18 @@ fn force_asset_status_should_work(){
 		assert_eq!(Assets::total_supply(0), 200);
 	});
 }
+
+#[test]
+fn balance_conversion_should_work() {
+	new_test_ext().execute_with(|| {
+		let id = 42;
+		assert_ok!(Assets::force_create(Origin::root(), id, 1, true, 10));
+		let not_sufficient = 23;
+		assert_ok!(Assets::force_create(Origin::root(), not_sufficient, 1, false, 10));
+
+		assert_eq!(BalanceToAssetBalance::<Balances, Test, ConvertInto>::to_asset_balance(100, 1234), Err(ConversionError::AssetMissing));
+		assert_eq!(BalanceToAssetBalance::<Balances, Test, ConvertInto>::to_asset_balance(100, not_sufficient), Err(ConversionError::AssetNotSufficient));
+		// 10 / 1 == 10 -> the conversion should 10x the value
+		assert_eq!(BalanceToAssetBalance::<Balances, Test, ConvertInto>::to_asset_balance(100, id), Ok(100 * 10));
+	});
+}
diff --git a/frame/assets/src/types.rs b/frame/assets/src/types.rs
index afd6b536cf18a..8a38d06070d51 100644
--- a/frame/assets/src/types.rs
+++ b/frame/assets/src/types.rs
@@ -20,6 +20,10 @@
 use super::*;
 use frame_support::pallet_prelude::*;
 
+use frame_support::traits::fungible;
+use sp_runtime::{FixedPointNumber, FixedPointOperand, FixedU128};
+use sp_runtime::traits::Convert;
+
 pub(super) type DepositBalanceOf<T, I = ()> =
 	<<T as Config<I>>::Currency as Currency<<T as SystemConfig>::AccountId>>::Balance;
 
@@ -177,3 +181,54 @@ impl From<TransferFlags> for DebitFlags {
 		}
 	}
 }
+
+/// Converts a balance value into an asset balance.
+pub trait BalanceConversion<InBalance, AssetId, OutBalance> {
+	fn to_asset_balance(balance: InBalance, asset_id: AssetId) -> Result<OutBalance, ConversionError>;
+}
+
+/// Possible errors when converting between external and asset balances.
+#[derive(Eq, PartialEq, Copy, Clone, RuntimeDebug, Encode, Decode)]
+pub enum ConversionError {
+	/// The external minimum balance must not be zero.
+	MinBalanceZero,
+	/// The asset is not present in storage.
+	AssetMissing,
+	/// The asset is not sufficient and thus does not have a reliable `min_balance` so it cannot be converted.
+	AssetNotSufficient,
+}
+
+type AccountIdOf<T> = <T as frame_system::Config>::AccountId;
+type AssetIdOf<T, I> = <T as Config<I>>::AssetId;
+type AssetBalanceOf<T, I> = <T as Config<I>>::Balance;
+type BalanceOf<F, T> = <F as fungible::Inspect<AccountIdOf<T>>>::Balance;
+
+/// Converts a balance value into an asset balance based on the ratio between the fungible's
+/// minimum balance and the minimum asset balance.
+pub struct BalanceToAssetBalance<F, T, CON, I = ()>(PhantomData<(F, T, CON, I)>);
+impl<F, T, CON, I> BalanceConversion<BalanceOf<F, T>, AssetIdOf<T, I>, AssetBalanceOf<T, I>> for BalanceToAssetBalance<F, T, CON, I>
+where
+	F: fungible::Inspect<AccountIdOf<T>>,
+	T: Config<I>,
+	I: 'static,
+	CON: Convert<BalanceOf<F, T>, AssetBalanceOf<T, I>>,
+	BalanceOf<F, T>: FixedPointOperand + Zero,
+	AssetBalanceOf<T, I>: FixedPointOperand + Zero,
+{
+	/// Convert the given balance value into an asset balance based on the ratio between the fungible's
+	/// minimum balance and the minimum asset balance.
+	///
+	/// Will return `Err` if the asset is not found, not sufficient or the fungible's minimum balance is zero.
+	fn to_asset_balance(balance: BalanceOf<F, T>, asset_id: AssetIdOf<T, I>) -> Result<AssetBalanceOf<T, I>, ConversionError> {
+		let asset = Asset::<T, I>::get(asset_id).ok_or(ConversionError::AssetMissing)?;
+		// only sufficient assets have a min balance with reliable value
+		ensure!(asset.is_sufficient, ConversionError::AssetNotSufficient);
+		let min_balance = CON::convert(F::minimum_balance());
+		// make sure we don't divide by zero
+		ensure!(!min_balance.is_zero(), ConversionError::MinBalanceZero);
+		let balance = CON::convert(balance);
+		// balance * asset.min_balance / min_balance
+		Ok(FixedU128::saturating_from_rational(asset.min_balance, min_balance)
+			.saturating_mul_int(balance))
+	}
+}