I think it depends on your versions.
I use Excel XP (2002) and when I file/Open, I get a choice of file types,
including an option to select
"Lotus 1-2-3 (*.wk?)"
file type.
I think Lotus superseded that with *.123 file types (and for all I know they
may have moved on from that ... it has been a while).
Lotus also has an option to save a file as .xls or .xlw file type, but again
depending on your version of lotus it may be referring to a primitive
version of Excel.
Whichever method, don't expect complete compatibility if the workbook is at
all complicated, and forget about Macro translation.
There are 3rd party utilities that do a better job of translation, I believe
(no experience of them). Again I would recommend careful checking of the
result.