If you're planning to go abroad and change your money to another currency, it's a good idea to find out how much money you have after the exchange. Also, knowing how much your money is worth can prevent you from being charged for no apparent reason as you will be able to calculate your expenses and choose the right method if planned ahead of time. Knowing foreign exchange rates is a smart traveler behavior and has the potential to save you a lot of trouble.
Step
Part 1 of 3: Counting Yourself
Step 1. Estimate the amount of money you want to exchange
Think about how much money you budget for the trip. Or, if you know how much money is needed in another country, calculate it backwards and start with the foreign currency.
Step 2. Find the exchange rate for the currency you want to exchange
You can find this information on Google, or on banking and financial sites.
It's worth noting, start by counting the currency you have as 1. The value listed next to the currency being exchanged is the exchange rate
Step 3. Calculate how much money you will have post-exchange
Multiply the budgeted money by the exchange rate. The result is the amount of money you have after redemption. If “a” is the money you have in one currency, and “b: is the exchange rate, then “c” is the amount of money received after exchange. Therefore, a * b = c, and a = c/b.
- For example, say you want to convert US dollars into Euros. At the time this article was written, 1 dollar is equal to 0.7618 Euro. That means, the exchange rate is 0.7618. If you plan to carry 1500 US dollars, multiply 1500 by 0.7618 which results in 1142. 7. This amount is the number of Euros you have after redemption.
- The following is an example of the "reverse calculation" method. Say you need 20,000 Hungarian forints to travel. Based on the information you have obtained, 1 US dollar is 226.43 forints. To find out how many US dollars you need to save at the current rate, divide 20,000 forints by 226.43. The result is that your dollar amount you need to exchange is 88.33.
Part 2 of 3: Using Other Conversion Tools
Step 1. Check the latest conversion sites on the internet
There are many websites that keep updating according to the latest exchange rates for currencies around the world. This site is great for finding exchange rates, then use the equation in Step 3 above to do the calculations.
Step 2. Contact the government for accurate exchange rates
You can contact the Ministry of Finance or other government agencies to get the latest information regarding foreign currency conversion rates.
Step 3. Search for the conversion you want to know on Google
Just enter the conversion you want to search for in the search box and Google will display the results automatically.
- For example, if you want to know the exchange rate for 1,000 US dollars to Euros, just type 1000 dollars to euros in the Google search bar and the results will appear.
- However, because converters at Google finance do not continuously monitor and update rates, this information is more or less an estimate and should not be relied on for accuracy.
Part 3 of 3: Changing Foreign Currencies
Step 1. Ask your bank
Many banks, especially large banks, prepare foreign currency in their branch cashiers. You can go to the bank and exchange it directly or order it online. And, even if you are not their customer, these banks will usually still serve currency exchange for a certain fee.
- If the bank branch doesn't keep foreign currency in its cash register, they usually offer to order it. It takes about 2-5 working days.
- Note: Many banks or credit unions cannot exchange foreign currencies.
Step 2. Use a currency exchange service
Most airports have money exchange services that use companies like Travelex to help travelers exchange their country's meta currency when they arrive at their destination.
These services often charge higher fees than banks because they are in strategic locations (eg airports) where many people need foreign currency urgently
Step 3. Use an ATM in a foreign country
Sometimes, the easiest way to exchange money is to use an ATM machine while traveling. Banks may charge foreign transaction fees for all money withdrawn (usually around 1%-3%) in addition to fees for using other bank's ATMs.
