How can you calculate international money conversions?


Quick Answer

There are several ways to calculate international money conversions, including calculating it yourself or using special websites. To calculate international money conversions yourself, determine how much money you want to exchange or how much foreign currency you need, and find the current exchange rate on your bank's website. Multiply the amount of money you want to exchange by the exchange rate, or divide the amount of foreign currency you need by the exchange rate.

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Full Answer

When performing calculations yourself, make sure that the exchange rate you are using is current and accurate, as even small differences in exchange rates can influence your calculations considerably, especially if you plan on exchanging large amounts of money. You can also contact a government agency, such as the Department of Treasury, to find out accurate exchange rates.

Some websites have tools for converting currency that give accurate results, as they update their exchange rates frequently. For example, on Oanda, visitors can enter the exact amount of money they want to exchange, choose the currencies, and add typical ATM or credit card fees. This website also has information about minimum, maximum and average exchange rate for that day.

XE has a simple currency converter that allows users to enter the amount of money they want to convert and choose the currencies. Then the website calculates the result based on average exchange rates on the market for the current day.

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