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exchange-rates-table

How to read an exchange rate table?

Who never asked? All those rates which means nothing… You won’t have the problem anymore thanks to this article.

What is an exchange rate table?

It’s a table containing information about exchange rates. It helps you to compare exchange rates. Exchange rate offices use them to make some advertisement so that customers come into their office.
The table often looks like this:
Country    Buy    Sell

USA              1.35       1.3

exchange-rates-table

How to read that kind of table?

Let’s take the hypothesis that we are in France and you buy USD with your euros.

You probably need to go to New York for a personal visit. In order to know the amount of dollars you will get you need to multiply the amount of euros you have by the exchange rate they sell for USD. For example: with 1000€ you get 1000 * 1.33 = 1330 $. Well this exchange rate is far different today but let’s suppose it’s an example.
If you want to buy 2000 $ you can make this calculation:
2000$ / 1.33 = 1503€
You need to start from the dollars you want and to divide by the rate they provide.

 

For the buy part: the exchange rate office will take your dollars and give you euros in exchange.
For many years one dollar has been lower than one euro. However over the last few weeks with Trump’s election among other news, the dollar and the euro are very close.

 

Anyway when you need to change money remember that the worst place is the airport. The second worst place is your bank. And the best place would be to use your visa/mastercard card or a Revolut account, or even a N26 account. Well anyway the best way to compare exchange rates will remain the online way for ever.

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