To convert currency, obtain the current exchange rate, and divide one by the rate. The resulting number shows the value of one unit of currency in relationship to another.Know More
Find the exchange rate for the currency pair in question. Bloomberg provides a listing of pairings for major currencies.
Divide one by the rate obtained in the previous step. The formula used in this step is that the Y-to-X exchange rate is equal to one divided by the X-to-Y exchange rate.
Use the answer from the previous step to understand the value of one unit of the "Y" currency expressed in the "X" currency.
Buying foreign currency with an ATM card or a credit card and using banks or post offices in the destination country are ways to get the best rate when exchanging foreign currency, reports Independent Traveler. American Express offices, especially when using their traveler's checks, are another viable option.Full Answer >
To convert pounds to dollars, find the current exchange rate and multiply the rate by the amount of pounds. Expect fluctuations in the exact exchange rate when you visit a bank or ATM to convert your money.Full Answer >
The Euro, which is the legal currency of 18 members of the European Union, includes bank notes, which are identical for each nation, and coins, which have a common design on one side and a nation-specific theme on the other side, according to the European Commission. The notes represent seven values ranging from 5 to 500 euros, and the eight coins range in denomination from 1 cent to 2 euros.Full Answer >
Determine the currency you need to exchange and the currency you wish to get in return, such as U.S. dollars to Euros. Use an online rate exchange calculator, and determine the day's exchange rate to ensure you get the best rate possible.Full Answer >