When traveling, it is usually a necessary task to exchange your usual type of money to the type of money used in the area of which you are traveling. For instance, if you are traveling from the United States to China, you will want to exchange U.S. dollars into Yen. You know that you will need to exchange your money, but how do exchange rates really work?
All currencies used within the world have a value. This value depends on the current market and fluctuates as much as the market itself fluctuates. Essentially what happens when you exchange currency, you are buying money. For instance, if you want to exchange U.S. Dollars into Swiss Franc, you are buying Swiss Franc with your U.S. Dollars.
If you are looking to exchange money, you will want to look at the exchange rates. Knowing how much money you will get in the exchange will require some homework on your end. You will have to look it up, your local newspaper may be a good place to start. They often list the rates daily in the money or business section.
If your local newspaper is not a reliable source for you, the internet can be a great source as well. You can visit the stock exchange or any stock related website and typically find information regarding exchange rates. Also, the internet plays host to many calculators that will take the current exchange rates and convert your currency into that of your destination to help you plan ahead.
However, before you can begin getting the exchange rates, you have to know the type of currency you are looking to exchange your money for. The following is a list of some countries and their money to help you get started:
o United States – USD – US$ – American Dollar
o Argentina – ARP – $ – Argentinean Peso
o Switzerland – CHF – SwF – Euro
o Austria – ATS – S – Austrian Shilling
o Sweden – SEK – Sk – Euro
o Australia – AUD – A$ – Australian Dollar
o Spain – ESP – Ptas – Euro
o Brazil – BRR – R$ – Brazilian Real
o South Africa – ZAR – R – South Africa Rand
o Canada – CAD – Can$ – Canadian Dollar
o Germany – DEM – DM – Euro
o Italy – ITL – Lit – Euro
Knowing the symbols and the currency type will help you identify the currency exchange rates more accurately and efficiently.