- Oanda currency converter how to#
- Oanda currency converter update#
What kind of exchange rate do you want? Historical or current? Daily, weekly, or monthly? Average or closing rate?. To ensure that you obtain the right exchange rate, consider these questions: Credit cards on average charge 3% (in Canada the foreign transaction fee is 2.5%)įor the tool, you pick the rate you want to use depending on whether you think you'll be using your credit card the most, cash exchanged at a kiosk, or withdrawing from an ATM.When choosing a source of exchange rates you should bear in mind what you want to use the rates for and the type of rate you need. 
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.
Oanda currency converter how to#
How to read the currency conversion cheat sheet
A 2.5% interbank rate was added for Canadian credit cards. A new row was added to account for currencies that are higher in denomination such as the Japanese Yen and the Indian Rupee. Our recommendation is to switch it to vertical orientation and scale it to 50%-60%. When printing the sheet, you'll have to use Google's print options to get it to look the way you want. You will need to grab the actual foreign exchange rates from a tool like Xe or Oanda. The printable currency converter works very similarly to how it did before except a few things: Using the currency conversion cheat sheet She kindly reached out to us and all we did was jazz it up a bit and make it easier to use within Google Sheets. Taking the Oanda cheat sheet as inspiration, reader, Karen Golec decided to build her own tool in Excel to do the exact same thing. Building the new currency conversion cheat sheet Quick cheat sheets on currency exchange are a must-have while travelling from our years of experience and we still say that now despite the ease of access to apps and cellular data. That is….until we had a brilliant idea from one of our readers! New Currency Conversion Cheat Sheet Tool For Travellers It's safe to say that it's now gone forever. We've reached out to Oanda a couple of times to find out if there are any plans to bring it back but we never heard back. Oanda currency converter update#
As priorities changed with Oanda and their need to update the user interface forced the platform to evolve, they simply removed it completely at the end of 2021. What started off as a brilliant printable currency converter simply disappeared in the wind. The best version of the Oanda Cheat Sheet
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