Lesson 4. Money for your holiday

Exchange rate.

This is the amount of foreign money you will get in exchange for £1.

At the time of writing:

£1 = 1.45 euros (Europe)               

£1 = 51.18 rubles (Russia)

£1 = 1.82 dollars (USA)                

£1 = 19.84 pesos (Mexico)

£1 = 196 yen (Japan)                              

£1 = 6.84 riyals (Saudi Arabia)

£1 = 11.98 rand (South Africa)     

£1 = 2.39 dollars (Australia)

Converting pounds into foreign money.

Multiply the number of pounds by the chosen exchange rate.

EXAMPLES:

£1 = 1.82 dollars (USA)

so £10 =

10 × 1.82 = 18.2 dollars

£1 = 51.18 rubles (Russia)

so £300 =

300 × 51.18 = 15354 rubles

Converting foreign money into pounds.

Divide the foreign money by the chosen exchange rate.

EXAMPLES:

£1 = 196 yen (Japan)

4508 yen =

4508 ÷ 196 = £23

£1 = 1.45 euros

150 euros =

150 ÷ 1.45 = £103.448276

= £103.45 (to the nearest penny)

BEWARE!

When converting your money, the bank (or whatever organization you use) will charge you a free. This is called the ‘commission’.

Different organizations charge different amounts of commission. Always look around for the best deal.

Test lesson 4

• Test

Other lessons:

Lesson 1. Wages
Lesson 2. Wages-overtime
Lesson 3. Pricing your holiday
Lesson 5. Mobile phones
Lesson 6. Bank accounns
Lesson 7. VAT - Value Added Tax
Lesson 8. Electricity, gas and water
Lesson 9. Credit - 1
Lesson 10. Credit - 2
Lesson 11. Credit - 3
Lesson 12. Which is better value?
Lesson 13. Car insurance
Lesson 14. Income tax
Lesson 15. Buying a house
Lesson 16. Council fax
Lesson 17. Old age pension