Forex wiki

Forex wiki

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By using our site, you agree to our cookie policy. Wikipedia, which means that many of our articles are co-written by multiple authors. To create this article, 30 people, some anonymous, worked to edit and improve it over time. This article has also been viewed 685,523 times. If you’re planning to go abroad and exchange your money for another currency, it’s a good idea to figure out how much cash you’ll have after the exchange. Also, knowing exactly how much your money is worth can prevent you from being charged unreasonable fees because you’ll be able to calculate your losses and choose which method to use if you plan in advance. Being aware of how much your foreign currency is worth is a smart travel move that can potentially save you quite a bit of trouble.

Estimate the amount of money you wish to exchange. Think about how much money you’re budgeting for the trip. Or, if you know how much money you’ll need in the other country, work backwards and start with the foreign currency. Look up the exchange rate of the currency to which you wish to convert. You can find this information on a Google search, or on several banking or financial websites. Calculate how much money you’ll have after the exchange.

Multiply the money you’ve budgeted by the exchange rate. The answer is how much money you’ll have after the exchange. If “a” is the money you have in one currency and “b” is the exchange rate, then “c” is how much money you’ll have after the exchange. For instance, say you want to convert US dollars to Euros.

Here’s an example of the “work backwards” method. Say that you know you’ll need 20,000 Hungarian forints for your trip. You discover that 1 US dollar is equivalent to 226. To figure out how many US dollars you would need to save at the current exchange rate, divide 20,000 by 226. 33, is how many US dollars you need to exchange. Check for an up-to-date conversion rate online.

There are many websites that constantly update their site with the current conversion rates for currencies around the world. Contact the government for accurate exchange rates. You can contact the Department of Treasury or other governmental agencies to get up-to-date information about exchange rates for converting currency. Google the conversion you want to know. Simply type into a Google search bar what conversion you want to make and Google will tell you the answer using their currency converter. 1,000 US to Euros is, type 1000 dollars to euros in any Google search bar and it will tell you the answer. However, because Google’s finance converter does not constantly track and update current currency exchange rates, this information is more of an estimate and should not be relied on as accurate up-to-the-minute data.

Many banks, especially larger ones like Bank of America or Wells Fargo, keep foreign currency on hand in the branch. You can go to the bank and pick them up directly or order them online. And, even if you are not a customer, these banks will usually allow you to exchange currency for a fee. Note: Many smaller banks and credit unions are unable to exchange foreign currency. Most major airports have currency exchange services that use companies like Travelex to help travelers exchange their home country’s money when they arrive in a new destination. Use an ATM in a foreign country. Sometimes the easiest way to exchange money is to simply use your card at an ATM while you are traveling.

I have the USA amount and the Canadian amount, how do I calculate the exchange rate? Canadian money divided by American money equals the exchange rate from USA to Canada. The equation you need is 1. How do I calculate the daily hotel charge? If your hotel bill was 100,000 Yen and you multiply it by . Divide that by how many days you stayed.