quick question about bid/ask price...

[z0mb13]

so when I want to buy a foreign currency, which price will I have to pay?? the bid price or the ask price??

for example:

bid price for yen is 120 yen/$
ask price for yen is 130 yen/$

so which price should I pay? if I have $1000, do I get 120000 yen or 130000 yen??

 

[FlyLice]

$1000 you get 120,000yen.

But if you want to get dollars back with that same 120,000yen you only get $923.08.

 

[z0mb13]

Originally posted by: FlyLice
$1000 you get 120,000yen.

But if you want to get dollars back with that same 120,000yen you only get $923.08.

thanks!!

 

[z0mb13]

one more question, the bid price is always lower than the ask price, right??

 

[dc]

current exchange rates.
1 USD = 103 yen