Currency - the value of money in the country of which you are residing to be used as a medium of exchange. (This is totally my abbreviated version of the definition.)
The currency value is constantly changing. There are plenty of phone apps or websites to check what the current value is. The currency values really depends on the economy and whether it's doing well or not. The trade value of merchandise is also a factor to the value of currency.
I will attempt to explain why it's so important to understand the value of the money; and how to understand if you are getting the best rate for your currency in the visiting country or your present country.
I'll explore three common currencies compared to the US Dollar. This should provide an understanding of the values.
And the results are...
Country
|
Currency Symbol
|
Value Compared to US Dollar
|
Value (greater/less)
|
United States (US)
|
$
|
1.00
|
Equals
|
Mexico
(MXN)
|
₱
|
0.50
|
Less
|
Europe
(EU)
|
€
|
1.16
|
Greater
|
Japan
(JP)
|
¥
|
0.0091
|
Less
|
** The Table above shows
the currency values as of 6/26/18 in relation to the US dollar. Values may change**
Mexico
The Peso is the Mexican form of currency. It has a lower value than the US ($) Dollar by $.50 cents. This is great for US or European travelers as their money is worth more and thus they are able to get more for less. It's not always necessary to exchange currency in Mexico, as in my experience, most citizens prefer the US Dollar.
In the same way, it is better for Mexican travelers to journey to Japan as the value of the Peso (₱) is higher than the Yen. Therefore, it allows you to engage in more activities or make more purchases while visiting Japan.
United States
The Dollar ($) is the United States' form of currency. It is valued as less than the Euro but more than the Peso. When traveling it's best to watch the currency exchange rates. This can be done online, or through apps on your smart phone.
The money you spend will balance out as the food is not as expensive and the activities are not too expensive either.
The money you spend will balance out as the food is not as expensive and the activities are not too expensive either.
European Union
The Euro (€) is the European Union's form of currency. It has a higher value than all other currencies on the table. Needless to say, Euros are winning! It's better when traveling, as you are on the higher end of the currency exchange. You are definitely able to receive more money for your money.
However, when converting back to Euros be very mindful of the exchange rates. The rates do fluctuate and you may not receive the same value for which the initial conversion was made.
The Euro (€) is the European Union's form of currency. It has a higher value than all other currencies on the table. Needless to say, Euros are winning! It's better when traveling, as you are on the higher end of the currency exchange. You are definitely able to receive more money for your money.
However, when converting back to Euros be very mindful of the exchange rates. The rates do fluctuate and you may not receive the same value for which the initial conversion was made.
Yen
The Yen (¥) is the Japanese form of currency. It has the lowest value on the table of all the currencies. The Yen may not hold a high value, but, it does go a long way. The food in japan is very inexpensive. On average, I would spend less than $5 Dollars on a two to three course meal. It was phenomenal!
Although, the rates fluctuate there is never more than a five dollar range. This means the rates vary from ¥109 to ¥113 per Dollar. The benefit is always for the dollar.
Whew! That was a lot of information about currency. And to think, it was only for four currencies. Now you have a better idea about the importance of currency values when traveling.
Thanks for stopping by and remember it's always better to be prepared when Traveling with May.
The Yen (¥) is the Japanese form of currency. It has the lowest value on the table of all the currencies. The Yen may not hold a high value, but, it does go a long way. The food in japan is very inexpensive. On average, I would spend less than $5 Dollars on a two to three course meal. It was phenomenal!
Although, the rates fluctuate there is never more than a five dollar range. This means the rates vary from ¥109 to ¥113 per Dollar. The benefit is always for the dollar.
Whew! That was a lot of information about currency. And to think, it was only for four currencies. Now you have a better idea about the importance of currency values when traveling.
Thanks for stopping by and remember it's always better to be prepared when Traveling with May.