Course 1613 lessons

Currency, forex, and traveling with money

How exchange rates work and how to avoid losing money to bad rates, hidden fees, and travel scams when converting pesos or spending abroad.

What an exchange rate actually is

An exchange rate is simply a price, the price of one currency measured in another. When you see that the rate is ₱56 per US dollar, that number is telling you exactly one thing: it takes ₱56 to buy one dollar right now, the same way a price tag tells you how many pesos a kilo of rice costs.