Currencies, rates Q&A
Questions and Answers about currencies, exchange rates, banknotes. You can always ask questions about currencies, valid banknotes, exchange rates and their future. We are here to help you and provide correct information. Of course, most of the questions are about top currencies like us dollar, euro, gb pound, japanese yen, australian dollar, sa rand, swiss franc. Also, it is interesting to know where is better to exchange currency when you travelling and what to exchange thai bat, brazilian real, vietnamese dong, mexican peso, egyptian pound, turkish lira or others. But you can ask about any world currency and we are ready to answer. We answered tons of questions already, so browse the questions below to find your answer. Just ask us a question about any currency you're interested in and we will answer to your question as soon as it is possible. If you want to join the discussion, just reply to any question.
I need help i started bitcoin and i have luno account i put 1000 for 4month how much i can get i rand and i need to learn more about this cz i suffuring i need money help plz
I would like to start internet foreign currency money trading, but don't know how to do it and the requirements needed. Please help.
Antony, thank you for the question. First, you have to be very careful to start trading in Forex, secondly i advice you to read many tutorials on the internet about trading in forex. It is a huge risk. Choose best forex broker and open a demo account, try to trade with demo money and after 1-5 months try to transfer real money. Good luck!
Which currency is the most secure to hold savings in, so that they wouldn't decrease in the value over time?
Nico, thank you for a question. It’s hard to say which currency is the most reliable and stable for your own personal capital, yet the smartest thing to do would be to choose the currencies that are acknowledged as the most secure and popular in the world. If you own particularly large amount of money, you should do a better research and hire a financial consultant who would analyze which currencies are the best for your savings and determine what meets your needs. Some of the currencies that are considered to be the most secure are: Norwegian krone, euro, US dollar, Swiss franc, Swedish krona, British pound, Canadian dollar, Japanese yen.
Peter, thank you for a question. SDR (Special Drawing Rights) are defined and maintained by the International Monetary Fund (IMF), which you can see on their website: http://www.imf.org/external/np/fin/data/param_rms_mth.aspx
Good day, is it better to bring US dollars or euros exchange to Thai bats in Thailand? Thanks!
Ted, the best idea would be to possess Thailand’s local currency - Thai baht, you’ll be able to exchange dollars or euros when you arrive, because there are plenty of currency exchange points in Thailand. However, I would recommend taking the money out of the cash machine: it will be safer and the exchange rate will be better. If you’re only interested in getting advice on whether to bring US dollars or euros, then I would suggest choosing dollars. Good luck!
Is there any possibility that a dollar will ever become equal to euro (dollar-euro parity)? When could this happen? What does it depend on?
Paul, there is always a possibility that this could happen and more and more people are starting to talk about it. It is influenced by a wide range of factors. I suggest analysing the situation based on these facts:
- The economy of the United States is very strong at the moment.
- A responsible US FED’s approach to raising interest rates cautiously.
- The investors start to acknowledge USA.
- The euro zone is not entirely stable at the moment (Roughly speaking - low interest rate (it’s unclear when when will it rise), Germany recession, refugees, terrorism).
There is no way telling when would euro become equal to US dollar, but it’s very possible if the situation in the eurozone doesn’t improve. You should keep track of out currency news in order to gain a better understanding of the future prospects.
Polina, thank you for your question. There are no valid 100 pounds banknotes anymore. Only the example of the historical 100 pounds banknote. The valid British pound notes are: 5, 10, 20 and 50.
The exchange rate fluctuates based on the bank or currency exchange points. 15 thousand Norwegian kroner would be worth roughly 1560 EUR. You can analyze these calculations a bit more using Norwegian krone converter.
Hello. I have a question about the NOK exchange rate. Is the exchange rate rising currently? What are the future forecast for the Norwegian krone? What is the best time to exchange a large amount of kroner to euros over the next year? I also have some trouble understanding why the krone exchange rate is written as 9,35 and not 0,106? This makes it difficult to understand when the rate is rising. According to you, when it says 9,4 or 9,6, the exchange rate is supposed to be rising, but I don’t believe that’s true. I though that the krone exchange rate is based on the amount of euros I would get for 1 krone. In this case, it I would get 0,106 euros for 1 krone? Could you please explain me all of this?
Hello, Christine, thank you for your question. Now the official currency exchange rates, which are defined by ECB, are presented in way that shows euro and foreign currencies ratio. EUR/NOK exchange rate shows how much 1 euro is worth in a foreign currency. For example, 1 euro equals 9,2678 Norwegian kroner (according to the 13th May 2016 data). This means that the less Norwegian kroner you need to buy 1 euro, the stronger the Norwegian krone is.
Is it rising or falling? Euro to Norwegian krone exchange rate fluctuates all the time, so based on the period since January 2016 and now, then Norwegian krone could be considered stronger. Yet, if we compared 2012 and this year, it could be said that the krone is weak in contrast to euro. You can analyze the EUR/NOK graph here.
NOK forecast. It’s difficult to predict anything about the future trends: Norwegian krone also depends on the price of oil, that’s why Norwegian krone experienced currency depreciation when the price of oil was low. When oil prices started to rise once again, NOK also began to grow stronger. However, I mentioned only one factor that impacts the falling and the rising of the Norwegian krone. Anything could happen, for instance, if we analysed the NOK exchange rate graph, we would notice that different events and news in the world influence how the rate fluctuates.
All in all, you ought to examine all of the news and graphs and draw your own conclusions. We’re not allowed to tell you what to do, because we don’t know what to expect tomorrow: perhaps one thing seems right at the moment, yet it can change after some time.
Hello. The latest pound and euro exchange rate is giving me a headache. After Britain has left the EU, the pound, as you know, experienced a major fall. What about the economic forecast for the pound: can it expect a rise or is it going to fall even more after Britain leaves EU for good? Is it worth exchanging pounds to euros now because of this frightening situation, or should I wait til the situation becomes more stable and hope for the best? Thank you in advance.
Lenda, thank you for the question. It’s true, everyone is nervously asking the same question. And we have a very specific answer: no one can predict what’s going to happen in the future, we can only speculate. All we can do is observe what is happening with markets, since currency/financial markets deals with new and unpredictable scandals all the time, which means that everything could change dramatically any minute. Let’s remember the public reaction to Greece situation – euro was falling, but it managed to recover, which was influenced by a number of different news. It’s the same with Great Britain - lots of things are unfolding and there is no way to know what’s about to happen. Besides, Britain only voted to leave, but hasn’t done it yet.
I would suggest analysing pound exchange rates throughout this whole period, then you’ll notice that it keeps on falling and rising, and there is nothing unusual about this activity. Nobody can tell you what awaits in the future, that’s why you should trust yourself and make these decisions on your own: some people will make worse choices, while the others will be more fortunate.
Hello. I own $200 United States dollars and I would like to exchange it. Will the fact that I am only 15 years old cause any problem? Thank you for the answer.
Larry, thank you for the question. There is no problem with that, but if you wish to exchage the money on your own, you’ll need to go to the currency exchange point instead of bank. Bringing cash to the currency exchange point means that probably you won’t be required to have a document and the exchange rate is stronger there.
If you wish to exchange currency at the bank, you will need to be at least 18 years old and have a relevant document to prove that. Individuals, who are 14-18 years old, may only exchange the currency if they are the clients of the bank. You may become one with an official parental permission.
Hello, I would like to know if it’s possible to trasnfer money to that bank, which offers better exchange rate and convert currency there?
Bee, thank you for the question. Doing a transaction in a foreign currency and in a different bank means that you will be charged with foreign transaction fees. That’s why you should do some calculations and assess if it’s worth doing and whether stronger exchange rate will pay off. In theory, you are allowed to do it.
Hello, I was wondering where could I find information about the currency peg, about how one country’s currency is connected to another? Thank you.
Erica, thank you for your question. You can find more information about pegged currency if you search online with such english terms as: peg to eur, pegged with euro, pegged currencies. Bulgarian lev and Bosnia and Herzegovina convertible mark are currently pegged to the euro. You can read about other currencies and how they are pegged here.
I’ll be needing to exchange a large amount of euros to pounds (>50 thousand £). I’m simply asking for the advice, I’m not going to blame you for anything. But should I exchange it now or should I wait until there are some news about Brexit? Or until it actually happens? Thanks!
Hari, thank you for the question. I am not really sure if it’s more beneficial to exchange it now or not. It will take a lot of time for Brexit to happen, more details are going to be announced in March, 2017, but everything should start moving only in 2019.
Based purely on my opinion, pound should recover and grow stronger in a long run (in 1,5-2 years), because of all of the challenges that European Union is going to face. When it comes to a shorter period of time (3-9 months), I believe there are going to be lots of speculations and emotions, but pound should not fall even more than it did in October. I imagine pound getting stronger, yet there might be some changes in March, perhaps pound exchange rate will fall a bit. One way or another, I think that the more Great Britain isolates itself, the stronger its currency will be.
This piece of advice is just a personal opinion and one should not depend on it when making any sort of decisions. Financial world is a very complex and constantly changing matter, which is influenced by a number of factors. So it’s impossible to predict what’s going to happen exactly. Good luck!
While I was cleaning up at home, I found a million Turkish liras. They seem to be a bit scratched and visibly old. Is there a way to exchange these type of banknotes and how much would they be worth?
Piter, thank you for the question. It depends on when these Turkish liras were issued, yet I am pretty sure they will no longer be valid. All of the Turkish liras that were released before 2009 have lost their legal tender status. Only the ones that has been released from 2009 are valid. By the way, the newer Turkish liras, which were released in 2005-2009, are no longer issued, yet they will be exchanged until 31 December 2019. I think it can be done only at the Central Bank of the Republic of Turkey.
Hello. What can we expect next for the pound exchange rates? Is it going to fall or rise in the near future? I am interested in your opinion. Thank you for the answer.
Gregg, thank you for your question. It is very difficult to predict anything under such circumstances. In my opinion, pound exchange rate should become stronger in the future (after the withdrawal from the EU), it is hard to say what’s going to happen until then. My opinion is just a guessing as well.
Hello. What is your opinion on the future of the pound in regard to euro after what has happened yesterday in the UK? Thank you.
Dexter, thank you for the question. As I mentioned before, pound exchange rate is going to be very unstable during the period of withdrawal from the European Union. However, in my opinion, Great Britain will benefit from its decisions and the pound will recover in a long period of time. The situation is very unstable at the moment and the pound is sensitive to any changes, the markets need to settle and deal with this situation. There is going to be a lot of discussions regarding the exit bill that the UK will be required to pay, it will also concern customs, trade and other aspects, which are going to depend on Britain. I believe that that Britain will deal with the issue and leave UK, which will make the pound grow stronger. We will find out if my wrong in a couple of years. Meanwhile, the forecast for the pound is very unpredictable and unstable.
Hello, where was it announced that the next £5 note would expire on May 1? Banks refuse to exchange £5 banknotes, saying that they are expired. Which sites announce information about foreign currencies and when they are replaced with the new ones or withdrawn? Thank you.
Pertha, thank you for the question. Information regarding valid banknotes is announced in the England’s press releases, by the Bank of England. Here’s an announcement by the Bank of England published on 5 April:
The Bank of England will be withdrawing legal tender status of the paper £5 note, featuring Elizabeth Fry, on 5 May 2017. We are encouraging anyone who still has paper £5 notes to spend them over the next month. Over 50% of all Fry fivers have already been returned to us to be destroyed, but there are still around 160 million notes left in circulation.
After 5 May 2017, retailers and the public no longer have to accept the paper £5 note as payment or in change. The new polymer £5 note featuring Sir Winston Churchill will be the only £5 note with legal tender status. Some banks and building societies may accept paper £5 notes after 5 May, but this is at their own discretion. The Bank of England will continue to exchange Fry £5 notes for all time, as we would for any other Bank of England note which no longer has legal tender status.
In September this year, we will issue a new polymer £10 note featuring Jane Austen. The note will recognise her universal appeal and enduring contribution to English literature. Jane Austen joins Sir Winston Churchill, Adam Smith and Matthew Boulton and James Watt in showcasing British culture on Bank of England notes.
The new polymer £5 note was first issued on 13 September 2016 and is cleaner, safer and stronger than its paper counterpart. Our polymer banknotes include a new generation of security features which make them even harder to counterfeit. They are also resistant to dirt and moisture, and so they remain in better condition for longer. The strength of the polymer material means that the New Fiver is expected to last at least 2.5 times longer than the paper note – around five years.
Hello, I would like to know how to calculate the real exchange rate.
Eduard, the real exchange rate is the nominal exchange rate adjusted for the different rates of inflation between the two currencies. It is the purchasing power of a currency relative to another at current exchange rates and prices. This is the formula of the real exchange level:
R – the real exchange rate;
e – nominal domestic-currency price of foreign currency;
Pu – foreign price level;
P – domestic price level.
How much is 10 400 000 RUB converted to US Dollars? How can I exchange it?
Hello, how much euros I would receive, if I sell 2000 Iranian rials? Thank you.
Greese, thank you for your question. 2000 Iranian rials equals approximately 0,06 euros. You won’t be able to convert this currency in cash in many countries, you have to double check, but you can calculate the values using euro and Iranian rial currency converter in currexy.com.
Hello. My daugher ripped off a part of the 20 euro note. Where can I get it exchanged?
Leen, thank you for your question. If the banknote proves to be a real, any bank in Euro zone should exchange it free of charge. Keep in mind, that even burnt banknotes can be exchanged to the new ones as long as they can be proven to be genuine banknotes. There should be no problem in your case.
Cash experts, in performing a cash acceptability evaluation, establish whether damaged money can be reimbursed.
Our experts evaluate cash that has been damaged in a variety of ways (burnt, mouldy, torn, decayed, rotten, etc.) to establish whether the value of cash submitted for evaluation can be reimbursed.
In evaluating money, experts use all sorts of different tools: needles, tweezers, water baths, paper filters, ultraviolet or infra-red lighting.
Bring the damaged banknotes to any central bank in Euro zone cash offices and present it to the employees of the bank. They will let you know whether you will need to fill out a request form and conduct evaluation, or perhaps they will exchange the banknote right away. Also you can try to exchange in any commercial bank, but there could be some fee. Good luck!
Hello. I was wondering how expensive are the commodities, such as food products, beverages and clothing in Turkey. Where can I find this type of information?
Gerard, thank you for your question. You can try taking a look at the Turkish Statistical Institute’s website. There you will find all the information you need.
What do you think about Great Britain pound exchange rate after Brexit? Does Theresa's May actions will impact rate for the future? I have savings in pounds, advice me what to do.
Hi, i use Revolut and i paid 1 euro fee for taking out 250 euro in Italy. I thought it was free up to 500 / month. Do you know is it legal to do this? Revolut support says that they can change conditions any time.