Let’s say their dollar=32.50 compared to our U.S. dollar.
That doesn’t mean a dollar literally equals 32 dollars and .50 cents there right?
How exactly does it work?
I want to fully understand it before I go out there and mess everything up.
How do I know how much to pay someone let’s say if they complete a job for me or how do I know exactly what a dollar equals there.
-thank you
In: Other
Well yes and no. At face value, foreign exchange is all that matters – your dollar is worth 32.5 of theirs. It’s just a simple numbers thing. However, it is worth noting that the prices of various things might not be the same; a loaf of bread might cost two dollars here (so it should be 66 there), but might actually cost 80 there for various reasons (maybe a shortage, or they focus more on dairy products in that country). Not everything is one-to-one.
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