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I really think it's interesting how every country has a different dollar and they are all worth something different either cheaper or more expensive then the Canadian dollar. I find it interesting how most places do not except any money other then there own countries dollar and you can not use a Canadian dollar to purchase something in Russia for example

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This photo is just a short image on what you can do and how you can trade money for another currency and get the other countries dollar and then re transfer.

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Imports, Exports, and Exchange Rates: Crash Course Economics #15

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This is a website from Bank of Canada that they show Daily, monthly and annually Exchange rates all across the world. You can go on here and look at all the different countries. You can also use the Daily exchange rates lookup tool and select different places and get the Canadian$. Under the Canadian Effective Exchange Rates you can see charts of the Daily, Monthly Nominal and Reals. Under Foreign exchange intervention they explain the policy's, the mechanics of the foreign exchange intervention. I found this website very interesting as I was able to see an estimate on how much money It'll cost me to exchange so money to go to Dominican.

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All Bank of Canada exchange rates are indicative rates only, obtained from averages of aggregated price quotes from financial institutions. For details, please read our full Terms and Conditions.

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All Bank of Canada exchange rates are indicative rates only, obtained from averages of aggregated price quotes from financial institutions. For details, please read our full Terms and Conditions.

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Exchange Rates are used in order for you to transfer money from Canadian$ to USA$ for example. An exchange rate determines the price at which one currency will be exchanged for another and has an impact on international trade and money transfers. The economic activity, market interest rates, gross domestic product, and unemployment rate in each of the countries are frequently used to calculate how much one currency will swap for another.
They are established in the global financial market, where banks and other financial institutions trade currencies round-the-clock depending on these criteria, and are known as market exchange rates. Rate adjustments may take place hourly, daily, or in big incremental shifts.

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This image is the exchange rate from 2018 showing all of the currency's

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Take advantage of attractive rates and feel confident knowing that your foreign currency transactions are handled safely and securely whether you're traveling or transferring money overseas.To help you with your transactions, use the currency converter to compute 50+ different currencies.
See the complete list of available foreign currencies and related services. This website helped me even more then the first one because I used this to determine how much money I will need to be able to have the exact amount of money I want for the trip. This website will also be good for anyone coming from a foreign country.

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This Website defines what the exchange rate is and how it works. From this website I've learned a lot however the one thing that stuck with me is Exchange rates can either be set or free-floating.Changes in the foreign currency market cause a free-floating exchange rate to increase and decrease.The value of one currency is linked to a set exchange rate.The Hong Kong dollar is fixed at a rate between 7.75 and 7.85.3 to the US dollar.As a result, this range will continue to be the value of the Hong Kong dollar relative to the US dollar.

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What Is Exchange Rate

An exchange rate is the value of one nation's currency versus the currency of another nation or economic zone. For example, how many U.S. dollars does it take to buy one euro? As of September 24, 2021, the exchange rate is 1.1720, meaning it takes $1.1720 to buy €1.

Understanding Exchange Rate

Typically, an exchange rate is quoted using an acronym for the national currency it represents. For example, the acronym USD represents the U.S. dollar, while EUR represents the euro. To quote the currency pair for the dollar and the euro, it would be EUR/USD. In the case of the Japanese yen, it's USD/JPY, or dollar to yen. An exchange rate of 100 would mean that 1 dollar equals 100 yen.

Typically, exchange rates can be free-floating or fixed. A free-floating exchange rate rises and falls due to changes in the foreign exchange market. A fixed exchange rate is pegged to the value of another currency. For instance, the Hong Kong dollar is pegged to the U.S. dollar in a range of 7.75 to 7.85. This means the value of the Hong Kong dollar to the U.S. dollar will remain within this range.

Exchange rates can have what is called a spot rate, or cash value, which is the current market value. Alternatively, an exchange rate may have a forward value, which is based on expectations for the currency to rise or fall versus its spot price.

Forward rate values may fluctuate due to changes in expectations for future interest rates in one country versus another. For example, let's say that traders have the view that the eurozone will ease monetary policy versus the U.S. In this case, traders could buy the dollar versus the euro, resulting in the value of the euro falling.

Exchange rates can also be different for the same country. Some countries have restricted currencies, limiting their exchange to within the countries' borders. In some cases, there is an onshore rate and an offshore rate. Generally, a more favorable exchange rate can often be found within a country's border versus outside its borders. Also, a restricted currency can have its value set by the government.

China is one major example of a country that has this rate structure. Additionally, China's yuan is a currency that is controlled by the government. Every day, the Chinese government sets a midpoint value for the currency, allowing the yuan to trade in a band of 2% from the midpoint.

Exchange Rate Example

John is traveling to Germany from his home in New York and he wants to make sure he has 200 dollars' worth of euros when he arrives in Germany. He goes to the local currency exchange shop and sees that the current exchange rate is 1.20. It means if he exchanges $200, he will get €166.66 in return.

In this case, the equation is: dollars ÷ exchange rate = euro

-or-

$200 ÷ 1.20 = €166.66

John has returned from the trip, and he now wants to exchange his euros for dollars. He never used his €166.66 and now sees the exchange rate has dropped to 1.15. He exchanges his €166.66, and because the rate fell when he was away, he receives only $191.67. The reason he gets less despite having the same value of euros is that the euro weakened versus the dollar during his time away.

In this case, the equation is the opposite: euros x exchange rate = dollars

-or-

€166.66 x 1.15 = $191.66

However, not all currencies work the same way. For example, the Japanese yen is calculated differently. In this case, the dollar is placed in front of the yen, as in USD/JPY.

The equation for USD/JPY is: dollars x exchange rate = yen

Let's say someone traveling to Japan wants to convert $100 into yen, and the exchange rate is 110. The traveler would get ¥11,000. To convert yen back into dollars one needs to divide the amount of the currency by the exchange rate.

$100 x 110 = ¥11,000.00

-or-

¥11,000.00/110= $100

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An exchange rate is the value of one nation's currency versus the currency of another nation or economic zone. For example, how many U.S. dollars does it take to buy one euro? As of September 24, 2021, the exchange rate is 1.1720, meaning it takes $1.1720 to buy €1.

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How much it costs to swap one currency for another is known as an exchange rate.Because currencies are regularly exchanged throughout the week, exchange rates are continuously changing.Similar to other things like gold or equities, this causes the price to fluctuate up and down.
The exchange rate you will get from your bank when you exchange currencies is not the same as the market price of a currency, such as how many US dollars it takes to buy one Canadian dollar, for instance.It frequently makes up a crucial part of financial dilemmas. Here is how exchange rates operate and how to determine if a deal is being offered.

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Traders and institutions buy and sell currencies 24 hours a day during the week. For a trade to occur, one currency must be exchanged for another. To buy British Pounds (GBP), another currency must be used to buy it. Whatever currency is used will create a currency pair. If U.S. dollars (USD) are used to buy GBP, the exchange rate is for the GBP/USD pair. Access to these forex markets can be found through any of the major forex brokers. Live rates for several major currencies are available on the Investopedia Forex page.

If the USD/CAD exchange rate is 1.0950, that means it costs 1.0950 Canadian dollars for 1 U.S. dollar. The first currency listed (USD) always stands for one unit of that currency; the exchange rate shows how much of the second currency (CAD) is needed to purchase that one unit of the first (USD).

This rate tells you how much it costs to buy one U.S. dollar using Canadian dollars. To find out how much it costs to buy one Canadian dollar using U.S. dollars use the following formula: 1/exchange rate.

In this case, 1 / 1.0950 = 0.9132. It costs 0.9132 U.S. dollars to buy one Canadian dollar. This price would be reflected by the CAD/USD pair; notice the position of the currencies has switched.

Yahoo! Finance provides live market rates for all currency pairs. If looking for a very obscure currency, click the "Add Currency" button and type in the two currencies being used to get an exchange rate. Find charts, with live market rates, for most currency pairs on FreeStockCharts.com.

When you go to the bank to convert currencies, you most likely won't get the market price that traders get. The bank or currency exchange house will markup the price so they make a profit, as will credit cards and payment services providers such as PayPal, when a currency conversion occurs.

If the USD/CAD price is 1.0950, the market is saying it costs 1.0950 Canadian dollars to buy 1 U.S. dollar. At the bank though, it may cost 1.12 Canadian dollars. The difference between the market exchange rate and the exchange rate they charge is their profit. To calculate the percentage discrepancy, take the difference between the two exchange rates, and divide it by the market exchange rate: 1.12 - 1.0950 = 0.025/1.0950 = 0.023. Multiply by 100 to get the percentage markup: 0.023 x 100 = 2.23%.

A markup will also be present if converting U.S. dollars to Canadian dollars. If the CAD/USD exchange rate is 0.9132 (see section above), then the bank may charge 0.9382. They are charging you more U.S. dollars than the market rate. 0.9382 - 0.9132 = 0.025/0.9132 = 0.027 x 100 = 2.7% markup.

Banks and currency exchanges compensate themselves for this service. The bank gives you cash, whereas traders in the market do not deal in cash. In order to get cash, wire fees and processing or withdrawal fees would be applied to a forex account in case the investor needs the money physically. For most people looking for currency conversion, getting cash instantly and without fees, but paying a markup, is a worthwhile compromise.

Shop around for an exchange rate that is closer to the market exchange rate; it can save you money. Some banks have ATM network alliances worldwide, offering customers a more favorable exchange rate when they withdraw funds from allied banks.

Need a foreign currency? Use exchange rates to determine how much foreign currency you want, and how much of your local currency you'll need to buy it.

If heading to Europe you'll need euros (EUR), and will need to check the EUR/USD exchange rate at your bank. The market rate may be 1.3330, but an exchange might charge you 1.35 or more.

Assume you have $1000 USD to buy Euros with. Divide $1000 by 1.3330 to get 740.74 euros. That is how many Euros you get for your $1000. Since Euros are more expensive, we know we have to divide, so that we end up with fewer units of EUR than units of USD.

Now assume you want 1500 euros, and want to know what it costs in USD. Multiply 1500 by 1.35 to get 2025 USD. Since we know Euros are more expensive, one euro will cost more than one US dollar, that is why we multiply in this case.

Exchange rates always apply to the cost of one currency relative to another. The order in which the pair are listed (USD/CAD versus CAD/USD) matters. Remember the first currency is always equal to one unit and the second currency is how much of that second currency it takes to buy one unit of the first currency. From there you can calculate your conversion requirements. Banks will markup the price of currencies to compensate themselves for the service. Shopping around may save you some money as some companies will have a smaller markup, relative to the market exchange rate, than others.

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Traders and institutions buy and sell currencies 24 hours a day during the week. For a trade to occur, one currency must be exchanged for another. To buy British Pounds (GBP), another currency must be used to buy it. Whatever currency is used will create a currency pair. If U.S.

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What is Currency and Exchange Rate? A Simple Explanation for Kids and Beginners