![]() The other option is to do the calculation manually using a simple mathematical formula. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct. Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. You can either use a calculator or do it by hand. DollarsĬalculating the conversion of euros to U.S. Lastly, by using a printout like this, you can also avoid pulling out your phone in a busy market if safety is concern.Via Wise website How to Convert Euros to U.S. You’re willing to sacrifice live-market numbers for a quick-look chart that can give you a good idea of how much something costs.įor us, a big reason why we continue to use the currency conversion cheat sheet is because we can apply an interbank rate so you get a bit more of an accurate picture of how much something is really going to cost you. To a large extent, this is a preference for travellers that like to have something in their hands. Why go through all the trouble of using this tool, entering the numbers, printing it, and laminating it as well? This is the elephant in the room I’m sure. Why use a pocket-sized and printable currency cheat sheet over an app? ![]() Credit cards on average charge 3% (in Canada the foreign transaction fee is 2.5%)įor the tool, you pick the rate you want to use depending on whether you think you’ll be using your credit card the most, cash exchanged at a kiosk, or withdrawing from an ATM.This is essentially a transaction fee as a way of making money. The interbank rate is a term that comes from Oanda’s tool that essentially represents the additional cost that financial institutions (banks, credit cards, and currency exchange kiosks) will charge on top of the real exchange rate. If you end up changing money at a kiosk, this will be much higher (5%). That said, the rate wouldn’t be the most accurate since the above example has the interbank rate set to 3% which is the average for most credit card foreign transaction fees. Normally, you won’t use this side of the cheat sheet much but if you’re in a bind and want to see how much the home currency in your pocket (CAD) can be worth if converted to EUR, this is a general guide. ![]() How about the left hand side? This is the exact inverse of what you see on the right side with the interbank rate factored in. Let’s say you want to buy something that’s 500 EUR using a credit card and want to figure out how much it’ll be on your statement, you’ll see that it’s $706.15 CAD. When you’re in a European Union country such as the Netherlands, you’ll look at the right hand side of the chart. The example above is for someone that wants to converts Canadian Dollars to Euros. How exactly should a traveller be using this printable currency converter? There are a lot of numbers on the cheat sheet. How to read the currency conversion cheat sheet
0 Comments
Leave a Reply. |