Major Currency Codes & Symbols
| Currency | Code | Symbol | Country/Region |
|---|---|---|---|
| US Dollar | USD | $ | United States |
| Euro | EUR | € | European Union |
| British Pound | GBP | £ | United Kingdom |
| Japanese Yen | JPY | ¥ | Japan |
| Canadian Dollar | CAD | C$ | Canada |
| Australian Dollar | AUD | A$ | Australia |
| Swiss Franc | CHF | CHF | Switzerland |
| Chinese Yuan | CNY | ¥ | China |
| Indian Rupee | INR | ₹ | India |
| Mexican Peso | MXN | $ | Mexico |
Exchange Rate Basics
Base Currency: The first currency in a pair (e.g., in EUR/USD, EUR is base) Quote Currency: The second currency in a pair (e.g., in EUR/USD, USD is quote) Exchange Rate: How much of the quote currency you need to buy one unit of base currency
Reading Exchange Rates
- EUR/USD = 1.08 means 1 Euro = 1.08 US Dollars
- GBP/USD = 1.25 means 1 British Pound = 1.25 US Dollars
- USD/JPY = 150 means 1 US Dollar = 150 Japanese Yen
Quick Conversion Formula
To convert FROM base TO quote currency: Amount in Quote Currency = Amount in Base Currency × Exchange Rate
To convert FROM quote TO base currency: Amount in Base Currency = Amount in Quote Currency ÷ Exchange Rate
Example
If EUR/USD = 1.08 and you have €100:
- €100 × 1.08 = $108 USD
- If you have $108 and want euros: $108 ÷ 1.08 = €100
Common Exchange Fees
| Service Type | Typical Fee Range |
|---|---|
| Banks | 2-5% markup + $5-15 flat fee |
| Airport Exchanges | 5-15% markup |
| Hotels | 5-10% markup |
| Credit Cards | 1-3% foreign transaction fee |
| ATMs Abroad | $2-5 + 1-3% |
| Online Services | 0.5-2% markup |
| Currency Apps | 0.5-1.5% markup |
Best Practices
Before You Travel
- Check current exchange rates using reliable sources
- Notify your bank of travel plans
- Research exchange options at your destination
- Consider getting some local currency before departure
While Exchanging
- Compare rates from multiple sources
- Ask about ALL fees upfront
- Avoid exchanging at airports unless necessary
- Use ATMs affiliated with major banks
- Keep receipts for large exchanges
Money-Saving Tips
- Use credit cards with no foreign transaction fees
- Exchange larger amounts less frequently
- Avoid dynamic currency conversion (DCC)
- Use local ATMs instead of exchange counters when possible
Red Flags to Avoid
- Rates that seem too good to be true – Often hide high fees
- No posted exchange rates – Always see the rate before exchanging
- Pressure to exchange immediately – Take time to compare
- Unlicensed exchange services – Stick to banks and authorized dealers
Useful Apps & Websites
Rate Checking:
- XE Currency
- Google (type “100 USD to EUR”)
- Bank websites
- Yahoo Finance
Exchange Services:
- Wise (formerly TransferWise)
- Remitly
- Western Union
- Local bank apps
Emergency Currency Tips
If You’re Stuck Without Local Currency:
- Use contactless payment (Apple Pay, Google Pay) if accepted
- Find international hotel chains that accept USD/EUR
- Look for tourist areas with exchange services
- Use international ATM networks (Cirrus, Plus)
- Contact your bank for emergency cash services
Country-Specific Notes
Cash-Heavy Countries: Germany, Japan, many parts of Asia and Africa Card-Friendly Countries: Nordic countries, UK, Australia, Canada Tipping in Local Currency: Always tip in local currency when possible Small Bills: Keep small denominations for tips, transport, and small purchases
Quick Reference Formulas
Percentage Markup Calculation: ((Exchange Rate Offered – Real Rate) ÷ Real Rate) × 100
True Cost Including Fees: (Amount Exchanged × Exchange Rate) + Fixed Fees + (Amount × Percentage Fee)
Remember: Exchange rates fluctuate constantly. Always check current rates before making transactions.