Currency conversion

[quintain]

Please show me the maths to work out how to convert $170k usd to GBP when the rate of the GBP is 1.29 and also 1.21.
I am getting algorithims mixed up and I cannot decide if I should divide or multiply by a daily given exchange rate.
Exchange costs should be ignored.

 

[paulrbarnard]

Please show me the maths to work out how to convert $170k usd to GBP when the rate of the GBP is 1.29 and also 1.21.
I am getting algorithims mixed up and I cannot decide if I should divide or multiply by a daily given exchange rate.
Exchange costs should be ignored.

Divide $ by the 1.29 to get pounds. Multiply £ by 1.29 to get $

 

[quintain]

Paul
Thank you.
Simple, easy and I feel like an idiot but the members of this forum can answer the questions of the world.
Again thank you
Regards
Richard

 

[Terry - Somerset]

The 1.29 and 1.21 rates may be for buying and selling - banks rarely do anything for nothing,

Go into a bank and ask for $170 and they will likely charge you £140.49 ($170/1.21)

Take the $170 back into the bank a few minutes later and ask them to exchange it for sterling and they will likely give you £131.78 ($170/1.29)

 

[Inspector]

My last iPhone update added a conversion button to the calculator. Lets you convert volumes, weights, measures etc including currency. I pick the two currencies I want to play with and put the amount in one and like magic the other is filled out at the same time. While it doesn't factor in any charges the bank or credit card company will charge for the transaction it is close enough for most of what I'll do.

Pete

 

[Lorenzl]

If you have a windows browser ( others may also do it ) type in the address bar convert 170 usd to gbp. This will also work for other conversions e.g. weights.

 

[accipiter]

Google for 'currency converter' and you get choices for selecting different currencies from one to another. Usually seem to come up with USD as default but, if not, easily selected from drop down menus - just inputting the amount you want to convert from usd to gap to get the conversion. I've become lazy for this sort of thing and go to currency converter every time when needed. You can also get an app for your phone - android or apple. $170 = £130.3501 as at 17:11 15th March.

 

[Cabinetman]

Hi Richard, If you are transferring money I have found a brilliant relatively low cost way to do it, as you may know I’m in the States for a lot of the time at the mo, theses people charge me a couple of pounds to move £500 and it’s in my American bank within 24 hours. It’s actually a Canadian bank with branches in America as being a foreigner I can’t open one with an American bank. It’s a very good time to do it as the exchange rate buys a lot of Dollars btw.
https://wise.com/us/send-money/?utm_source=google&matchtype=e&device=c&userlocation=9006806&keyword=wise money transfer&campaignid=20934525298&adgroupid=161278434207&utm_campaign=20934525298___161278434207&gad_source=1&gbraid=0AAAAADqE2bBVr781GQvNSUi-KUUODGuMm&gclid=EAIaIQobChMI1oTl8_aMjAMVvmZHAR2tEQctEAAYASAAEgJHw_D_BwE
I should add that you can also use it to pay for things in the US of course.