Times are tough for travelers, but the world is set to reopen in 2021. We’re here to help you dream and plan your next adventure. It could be a vacation in France or trips to unfamiliar regions. Until then, we’ve got the latest travel tips and COVID-19 updates for you. Get ready to travel!
Are you planning to travel abroad outside the euro zone? At one point or another during your stay, you will have to exchange your euros for the local currency. In some countries like Cambodia, it will be the US dollar. There is therefore an interest in understanding a currency table.
How do you know if the exchange rate you are offered is interesting or not? How to pay as little exchange fees as possible? To help you get the best deals, Skyscanner shows you how (well) to read a currency exchange chart and do a currency conversion.
We are still in a global health crisis. It is therefore advisable to follow the health measures in force before traveling. We still recommend that you make flexible reservations and find out about your travel insurance .
Currency exchange fees
Like any business, the purpose of a bureau de change is to generate a profit. It must pay the employees, the boss and keep the activity going, year after year. To generate a profit, money changers buy currencies at a certain rate and then resell them at a higher price. They are thus remunerated on the difference in the exchange rate.
For example at the time of this writing, a euro is worth about $ 1.22. Regarding the euro, a bureau de change may indicate on its exchange chart that it is buying
Finally, during these two transactions (one tourist changes 100 € into dollars, another changes dollars to get 100 €), the bureau de change will earn 2 dollars in commissions.
Getting a good exchange rate is easy .
If you are exchanging euros for the local currency, look at the “We Sell” column of the exchange table. Then look for the bureau de change offering the lowest possible exchange rate.
If you are ending your stay abroad and want to exchange your remaining currencies for euros, look at the “We Buy” column and look for the bureau de change offering the largest possible exchange rate.
Good to know: Some agencies offer very advantageous exchange rates, but make up for it by charging you a fixed commission. To avoid getting ripped off, ask in English “if I give you [xx] euros, how much do you give me in [name of local currency]?” “. This will allow you to find the most competitive currency exchange possible and thus make an attractive currency conversion.
Reading direction
In general, people tend to express the exchange rate based on the local currency. For example, we will say in France that “€ 1 is worth $ 1.22” or “€ 1 is worth 7.83 Chinese yuan”.
The only problem: the international currency being the dollar, the exchange tables express the exchange rate according to the US dollar. To convert an exchange rate against the euro with the exchange rate against the dollar, you just need to divide the currency rate by the euro / dollar rate. For example if € 1 is worth $ 1.22, you just need to divide the exchange rates by 1.22. Thereby :
Conversely, if you want to convert an exchange rate against the dollar with an exchange rate against the euro, you will need to multiply the exchange rates by 1.22. Thereby :