5.5 Exchange Rates

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5.5 Exchange Rates

  1. 1. 5.5 Exchange Rates December 19, 2013 6.5 Exchange Rates http://www.flickr.com/photos/epsos/8474532085 1
  2. 2. 5.5 Exchange Rates December 19, 2013 Selling Suggested Counter Rate: The rate you pay when the bank sells you a foreign currency 2
  3. 3. 5.5 Exchange Rates December 19, 2013 Buying Suggested Counter Rate: The rate you get when the bank buys your foreign currency 3
  4. 4. 5.5 Exchange Rates December 19, 2013 Example 1 You are planning a trip to the U.S. You figure you'll need $200 USD for the holiday. Using the foreign cash bulletin, calculate your cost of purchase $200 USD with Canadian money. 4
  5. 5. 5.5 Exchange Rates December 19, 2013 Example 2 The trip is cancelled. :( Convert your $200 USD back to Canadian currency at the bank. 5
  6. 6. 5.5 Exchange Rates December 19, 2013 Example 3. Your grandmother, who lives in Hong Kong, sent you a money order for $500 Hong Kong dollars. Calculate the amount of Canadian money you would receiving using the foreign cash bulletin. 6

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