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exchange rates abroad?
i was reading my study abroad info and it was talking about exchange rates which i don't understand. It also mentioned that in some countries i would be spending more then i would here but it mentioned that others I would spend less and others i'd spend about the same. Is there a way to tell this based of the exchange rate? Or how do i know?
so i under stand what you are explaining but how do i know where i am getting more bang for my buck?
1 Answer
- 1 decade agoFavorite Answer
*every country uses a different currency...
the exchange rates between one currency & another are constantly changing ~ every day, hour, minute, second...
>for example:
as of "2008.09.09 01:09:56 UTC" - 1 canadian dollar (CAD) is worth = 0.937157 american dollars (USD) {almost 94cents}
But a minute later it changed from 0.937157 up to 0.937302 (a fraction of a cent higher...). That may not be a big change, but over time it will move up or down drastically...
in the mid 90s it went as low as 55cents - and just last year it hit an all time high surpasing the US dollar to $1.07.
*So when you travel you need to change your currency into the foreign currency that's accepted in that country you're entering...the bank or exchange place you switch your money from won't go by the "official" rates because they need to make profit$ off you changing it...you want to find a place that will give you as close to the "offical" rate as possible...this is where to look up the current official currency rates:
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