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Using currency conversion calculators Currency conversion calculators enable you to work out foreign exchange rates in different currencies. These may be:
Other than purchasing an electronic Currency Conversion Calculator, some travel agencies and banks provide the printed kinds. If this is what you decide to use, do not rely on them for any period of time longer than a couple of weeks as they tend to go out of date fairly quickly. Remember that not every converter or calculator displaying comparative currency values works in the same way. Internet calculators not on foreign exchange websites, and pocket-sized ones be likely to only show the base conversion value; best for trying to find an approximate value of currency required when shopping in another country. Check websites who have a standard interface with the option to check any currency in the world against any other. Here is an example to give you an idea: Suppose we were traveling to Germany, and had £500 cash to take along. To check how many Euros our £500 would buy, and see a table like this:
(Source: http://www.xe.com/ucc) Be aware though that not all calculators work like the one above. Those displayed outside travel agencies, and on some websites, will show the exchange rate to a customer after the ‘We Sell’ adjustment has been made. This adjustment is to ensure that the companies make a profit off all money changed. They will buy the currency at a price very close to the base market rate, and sell it slightly higher. For the buyer, however, this means that you must examine carefully the calculator in question to see which rate you’re looking at. Also remember that the calculators in travel agencies’ windows will often not include the amount added on after commission is taken. Be extra vigilant to ensure that you get the deal you think you should be getting after consulting a base currency calculator guide which deals solely with the current foreign exchange market value. |