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Foreign Currency and Exchange Rates (F)

Understand exchange rates for GCSE Foundation. Convert between currencies, handle fees and commissions, and estimate totals using percentage change and sensible rounding.

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Fascinating Fact:

With a percentage fee, exchanging £300 with a 3% fee costs 0.03 × 300 = £9. Money exchanged = £300 − £9 = £291 before conversion.

In GCSE Maths (Foundation), foreign currency questions use exchange rates and fees to convert amounts. You’ll choose the correct rate, apply a multiplier, account for commission, and round sensibly to match the context.

Key Terms

Exchange rate: How much one currency is worth in another (e.g., €1.16 per £1).
Commission/fee: A fixed amount or percentage charged by the exchanger.
Multiplier method: Multiply by the rate to convert; divide by the rate to convert back.

Frequently Asked Questions (Click to see answers)

How do I convert pounds to euros using an exchange rate?

Multiply by the euro-per-pound rate. Example: £250 at €1.16 per £1 gives 250 × 1.16 = €290 (≈).

What’s the difference between buy and sell rates?

Travel money desks have two rates. Use the “sell” rate when buying foreign currency with pounds, and the “buy” rate when selling foreign currency back.

How do I include a percentage fee or commission?

Work out fee = percentage × amount. If charged in pounds, subtract from the pounds first, then convert. If charged in foreign currency, convert then subtract.