![]() This is essentially a transaction fee as a way of making money. The interbank rate is a term that comes from Oanda’s tool that essentially represents the additional cost that financial institutions (banks, credit cards, and currency exchange kiosks) will charge on top of the real exchange rate. If you end up changing money at a kiosk, this will be much higher (5%). That said, the rate wouldn’t be the most accurate since the above example has the interbank rate set to 3% which is the average for most credit card foreign transaction fees. Normally, you won’t use this side of the cheat sheet much but if you’re in a bind and want to see how much the home currency in your pocket (CAD) can be worth if converted to EUR, this is a general guide. How about the left hand side? This is the exact inverse of what you see on the right side with the interbank rate factored in. Let’s say you want to buy something that’s 500 EUR using a credit card and want to figure out how much it’ll be on your statement, you’ll see that it’s $706.15 CAD. When you’re in a European Union country such as the Netherlands, you’ll look at the right hand side of the chart. The example above is for someone that wants to converts Canadian Dollars to Euros. ![]() How exactly should a traveller be using this printable currency converter? There are a lot of numbers on the cheat sheet. How to read the currency conversion cheat sheet
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