Reversing exchange rate formula

By: avan On: 09.07.2017

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. Community Dashboard Random Article About Us Categories Recent Changes. Write an Article Request a New Article Answer a Request More Ideas 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.

Note that you want to set the currency you have to 1; the value listed next to the currency you're exchanging to is the exchange rate. 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.

reversing exchange rate formula

At the time of this revision, 1 US dollar is worth 0. Your exchange rate is 0. Here's an example of the "work backwards" method. Say that you know you'll need 20, Hungarian forints for your trip. You discover that 1 US dollar is equivalent to To figure out how many US dollars you would need to save at the current exchange rate, divide 20, by Check for an up-to-date conversion rate online. There are many websites [1] [2] that constantly update their site with the current conversion rates for currencies around the world.

These are good places to look for the exchange rate, then use the equation in Step 3 above to calculate currency totals.

3 Easy Ways to Calculate Exchange Rate - wikiHow

Contact the government for accurate exchange rates. You can contact 1975 stock market chart Department of Treasury [3] or other governmental agencies [4] 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.

However, because Google's finance converter does not constantly track and update current currency exchange rates, this information is more of an reversing exchange rate formula 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. And, even if you are not a customer, these banks will usually allow you to exchange currency for a fee. If your bank's branch does not keep he currency on work from home without investment in mangalore, they can often order it for you.

This usually takes about business days. Many smaller banks and credit unions are unable to exchange foreign currency. Use a currency exchange service. Most major airports have currency exchange services that use companies like Travelex [9] to help travelers exchange their home country's money when they arrive in a new destination. These services often charge much higher fees than exchanging currency at a bank because they are in prime locations like airports where people need local currency quickly.

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. At a rate of 1.

reversing exchange rate formula

The equation you need is 1. Not Helpful 3 Helpful 9. 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.

Not Helpful 2 Helpful 3. What is the exchange rate of Bitcoins to dollars? Not Helpful 5 Helpful 4. How many dollars is equal toeuros?

So, your equation is: Not Helpful 3 Helpful 1. Where can I convert South African rand to US dollars? Check with your local bank to see if they can. If not, there is a currency exchange at almost every major airport that will. Not Helpful 4 Helpful 0. How do I know what to do in order to convert money? Are you asking about how to calculate exchange rates? If so, there are smartphone apps that do that.

Currency Calculator

You can choose any two currencies and see the exchange rate from one to the other. If you are 'converting' USD to CND US dollars to Canadian dollars for example, you would be selling USD and buying CND. Generally the USD is worth more than the CND so you would get more CND for each USD than you would if you were buying USD with CND.

I have an international hotel bill JPY that has an exchange rate of.

How to Calculate an Exchange Rate | Investopedia

How do I calculate the daily hotel charge? Answer this question Flag as How do I convert Saudi rayal into UAE? How do I calculate exchange rate for Canadian money to USA money. Already answered Not a question Bad question Other. If this question or a similar one is answered twice in this section, please click here to let us know.

reversing exchange rate formula

Tips Always use up-to-date rate tables to figure your exchange rates. Currency exchange rates fluctuate frequently. While you can get a rough estimate using old rates, if one or the other currency changes value, and you are exchanging large amounts of currency, it can add up to a lot.

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