Funadvice Logo
+ List
More Finance, Jobs & Money Questions

How do I calculate the money I loose every time I exchange currencies?

I want to exchange money from one currency to another. I was wondering if their is a general percentage of loss every time you exchange money (ex. every time you lose more or less 5%). The reason being I might have to exchange the money from one currency to another up to 4 times (Ex. currency A gets exchanged into currency B then into currency C then into currency D). I know exchange rates vary day to day from institution to institution but is their a general reasonable percentage to help me calculate my losses?

Thanks!!!

Become an Expert →
Answer #1

I don’t think there’s a general percentage you can count on. It really depends on what currency you’re exchanging. If it’s the same one, like for example you want to exchange the USD for the EURO, then you can figure out an exact percentage. But if you want to change from the USD to the EURO to the INR (that’s a rupee), then you have to look up the exchange rates for each of those currencies. However, you can pretty much bank on the fact that you will always pay a comission fee to exchange money, which (depending on where you go) can be either a percentage of the total amount or just a flat rate.

Answer #2

just use a money conversion calculator that can tll you % loss and stuff

Answer #3

just use a money conversion calculator that can tll you % loss and stuff

More Like This
Ask an advisor one-on-one!
Advisor

Muhammadi Exchange

Financial Services, Money Transfer Services, Currency Exchange

Advisor

ACE Money Transfer

Finance, Remittance, Money Transfer

Advisor

Don't Worry Make Money

Personal Finance, Entrepreneurship, Frugality

Advisor

Make Money Hubz

Finance, Online Business, Entrepreneurship

Advisor

GistFocus

Finance, Currency Exchange, Economics