This key facts covers Key Facts: Exchange Rates within Exchange Rates for GCSE Mathematics. Revise Exchange Rates in Ratio & Proportion for GCSE Mathematics with 12 exam-style questions and 22 flashcards. Use this page as part of a wider topic revision path rather than treating it as an isolated fact. It is section 2 of 8 in this topic. Use this key facts to connect the idea to the wider topic before moving on to questions and flashcards.
Key Facts: Exchange Rates
- Exchange rate: The rate at which one currency can be exchanged for another
- Base currency: The currency being converted from (usually listed first)
- Quote currency: The currency being converted to
- Commission: Fee charged by banks/bureaux for currency exchange
- Spread: Difference between buying and selling rates
- Real-time rates: Exchange rates change constantly throughout the day
Practice questions for Exchange Rates
The exchange rate is £1 = €1.15. How many euros would you get for £100?
The exchange rate is £1 = $1.25. A jacket costs £89 in the UK and $105 in the USA. In which country is the jacket cheaper? Show your working.
Quick recall flashcards
What is a fixed fee in currency exchange?
A set amount charged regardless of the transaction size (e.g., £5 per transaction).
What is an exchange rate?
The rate at which one currency can be exchanged for another currency.