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.
On average in 2014, the Swiss franc held the most comparable value with American currency with an exchange rate of 0.952, states the Internal Revenue Service. Other comparable currencies include the Canadian dollar with an exchange rate of 1.149 and the Australian dollar with an exchange rate of 1.154.Full Answer >
Travelers can find the international currency transfer rate from a variety of online sources, including CNNMoney, Bank of America and Travelex. These online sources feature a converter calculator that allows users to enter an amount and convert it from one currency to another, according to their websites.Full Answer >
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 >