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Texas Tech University System 
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Box 41098
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Phone: 806.742.1700

Fax: 806.743.3018

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International Currency Conversion

Exchange Rate Estimation

International currency exchange rates are to be used only as a forecasting tool. Rates change constantly, and are greatly affected by international events. A link to Reuters is provided below for current exchange rates. The exchange rate quotes provided by Reuters are “mid-market” rates which are not available for individuals, but rather are the published rates for currency purchases over $1 million U.S. dollars. Therefore, the exchange rate from Reuters will not match the exchange rate the System obtains through its global payments provider.

International Currency Exchange Rates

There are a few things to consider when working with exchange rates:

International Currency Format

U.S. currency is formatted with a decimal point (.) as a separator between dollars and cents. Some countries use a comma (,) instead of a decimal point to indicate the separation. In addition, while the U.S. and a number of other countries use a comma to separate thousands, some countries use a decimal point for this purpose.

For these reasons, it is critically important to recognize the differences in the placement of decimal points and commas in international currency. Failure to do so could result in the loss of significant amounts of money for the System.

To help you identify the formatting for currency, below is a list of countries and their respective currency formats. It is also important to note that most currencies utilize the format of threes and twos for dollars and cents (see the examples below), which means that the decimal or comma should be irrelevant, especially when the cents are shown. This is what you should look for when converting currencies.

500 or 500,00 or 500.00 = five hundred dollars and no cents
500,15 or 500.15 = five hundred dollars and fifteen cents
500,150 or 500.150 or 500,150.00 or 500.150,00 = five hundred thousand, one hundred fifty dollars and no cents

International Currency Format

Australia Nepal
Botswana New Zealand
British West Indies Nicaragua
Brunei Nigeria
Canada (English-speaking) Pakistan
Dominican Republic People's Republic of China
Guatemala Philippines
Hong Kong Singapore
India Sri Lanka
Ireland Switzerland (only when the amount is in Swiss francs)
Israel Taiwan
Japan Tanzania
Kenya Thailand
Korea (both North and South) Uganda
Lebanon United Kingdom
Malaysia United States (including insular areas)
Malta Zimbabwe

Countries Using a Comma to Separate Dollars & Cents

Albania Italy
Andorra Kazakhstan
Argentina Kirghistan
Armenia Latvia
Austria Lebanon
Azerbaijan Lithuania
Belarus Luxembourg (uses both marks officially)
Belgium Macau (in Portuguese text)
Bolivia Macedonia
Bosnia and Herzegovina Moldova
Brazil Mongolia
Bulgaria Morocco
Cameroon Netherlands
Canada (French-speaking) Norway
Chile Panama
Colombia Paraguay
Costa Rica Peru
Croatia Poland
Cuba Portugal
Cyprus Romania
Czech Republic Russia
Denmark Serbia
Dominican Republic Slovakia
Estonia Slovenia
Faroes South Africa (officially)
Finland Spain
France Sweden
Germany Tunisia
Georgia Turkey
Greece Ukraine
Greenland Uruguay
Honduras Uzbekistan
Hungary Venezuela
Iceland Vietnam