For photographs
JPEG is a practical choice for opaque photos and familiar sharing workflows. It uses lossy compression. Start from your best original when making another version, instead of repeatedly converting an already-compressed result.
For graphics
PNG works well for screenshots, sharp graphics and transparent backgrounds. WebP and AVIF can also support transparency, but check the receiving application before choosing a newer format for a handoff.
For the destination
Select the image, choose NativeActions → Convert, then the format your destination accepts. Open the exported copy in that actual destination. Keep the original in case you need a different format later.