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Frequently Asked Questions

What is the formula to convert currency?

D = E x R ...and this is the basic formula for currency conversion used in currency converter.

Where to exchange currency at the best rates?

The following are some of the best and least expensive places to convert currency: Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

What determines a currency exchange rate?

In short, the exchange rate of a country's currency is determined by its supply and demand rate in the country for which currency is being exchanged. ... Like any other price in local economies, exchange rates are determined by supply and demand — specifically the supply and demand for each currency.

How do you calculate currency exchange rates?

The formula for calculating exchange rates is to multiply when exchanging from base currency to a secondary currency, and to divide when vice-versa. Therefore, if the EUR/USD exchange rate is 1.30 euros, and $100 is to be converted into euros, the formula is $100 divided by 1.3, giving 76.92 euros.

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