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If you are making plans to travel to the United States in the near future, you may need to exchange some of your cash for the U. S. dollar, the country’s official currency. The foreign currency symbol is the USD.
The US dollar is a global reserve currency, meaning that foreign central banks hold it in their reserves in addition to their own currency. The US dollar is used in about 40% of global industry and barely about 80% of all global cross-border exchanges. transactions, according to the Schwab money company.
This article has everything you want to know about converting the South African Rand (ZAR) to USD, plus where to locate the most productive exchange rates and how to pay the highest fees for your conversion.
Calculating a ZAR to USD conversion is simple. You can perform the conversion using a currency calculator or manually.
Using a currency conversion calculator is the simplest way to get an estimate when converting a currency. Since exchange rates vary on a daily basis, using a calculator can ensure that your calculations are accurate.
Keep in mind that currency exchange comes with additional payouts that a conversion calculator probably couldn’t predict. For example, credit card companies and ATM networks generally charge a 1% conversion payment on all overseas transactions. Individual merchants may also apply additional feespayments if you ask them to convert the value of an item to their country’s currency at checkout.
The other option is to do the calculation manually, an undeniable mathematical formula. However, to do this, you want to know the existing exchange rate. At the time of writing, R1 is worth $0. 056.
Once you know this information, multiply the amount you have in ZAR by the existing exchange rate. The resulting number will show you the amount in USD you want to spend on your trip.
Let’s say you have R1,000 and you need to calculate how much you need for a trip to America. Using the existing exchange rate, the formula for your conversion would look like this:
1,000 rand x 0. 0 = US dollars
When you’re in a position to buy USD, it’s a smart idea to plan ahead to make sure you’re paying as few fees as possible. Here are three tactics to get the currency you want and minimize the fees you’ll be charged:
If you don’t spend all your dollars on your trip, you have 30 days when you return to South Africa to sell them to a legal trader.
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