Just to make sure it's clear, a VFD *IS* a phase converter. And a few other things as well. Smaller units are cheap on ebay, I bought a 2HP for about $70 shipped with a ebay coupon, think it was $15 off...
I'm not sure what size motor you are dealing with, but you need to size the VFD to match. If you can post a pic of the motor nameplate, it should have everything we need to know. A VFD is generally more efficient than the older phase converters, particularly the rotary type. It also gives you variable speeds. I used mine on a belt grinder and I can run from about 100 RPM to about 3500 RPM. There are some other features as @tweinke mentioned, but some of them require extra parts like a braking resistor, depending on the model of VFD.
Most of them don't convert the voltage directly, just the phases. So for a 220V feed, you need a 220V motor. Most 3 phase machines hobby users would use are either 220V or 220/440 set by changing some wiring.
I'm not sure what size motor you are dealing with, but you need to size the VFD to match. If you can post a pic of the motor nameplate, it should have everything we need to know. A VFD is generally more efficient than the older phase converters, particularly the rotary type. It also gives you variable speeds. I used mine on a belt grinder and I can run from about 100 RPM to about 3500 RPM. There are some other features as @tweinke mentioned, but some of them require extra parts like a braking resistor, depending on the model of VFD.
Most of them don't convert the voltage directly, just the phases. So for a 220V feed, you need a 220V motor. Most 3 phase machines hobby users would use are either 220V or 220/440 set by changing some wiring.