Exchange Rates

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How far will your dollar go overseas?

When you travel overseas, you most likely will pay in the local currency. To be able to have local currency, you must exchange some of your US dollars for the local currency.  How much of the local currency you get for your US dollar is called the exchange rate.

For instance, in many European countries, the local currency is the Euro. If the exchange rate from Euro to USD was 1 to 1.34 (1:1.34) this means that 1 Euro = $1.34USD.  (Conversely, this would also mean that one USD would only buy you .75 of a Euro)

This is important to remember when shopping! In this example, it’s easy to look at something that costs 100Euro and not realize it will actually cost you $134USD.

 

Frequently-Asked Questions

How often does the exchange rate change?
The exchange rate is constantly changing, or fluctuating. If you travel on an extended trip, the rate may change slightly by the end of the trip. You can always check this currency converter for up-to-date rates.
The rate that is listed on your site is not the rate that I’m getting, what’s up with that?
The exchange rate here is called a mid-market rate, an AVERAGE of buy and sell rates. When you “buy” Euros, they will give you one rate (a higher rate). When you “sell” any extra left-over Euros back, they will give you another rate (a much lower rate). This is so they can make a PROFIT. This is why it is so important to manage your money and only exchange what you think you will need. See “money strategy” section for details.
When I exchanged dollars for Euros, I was given one exchange rate. Now when I trade in my leftover Euros, I’m given another exchange rate. Why?
As mentioned before, when you “buy” Euros, they will give you one rate (a higher rate). When you “sell” any extra left-over Euros back, they will give you another rate (a much lower rate). This is so they can make a PROFIT. This is why it is so important to manage your money and only exchange what you think you will need. See “money strategy” section for details.