Currency Exchange Rates And The Cost Of iPads Around The World
We recently looked at currency exchange rates and the cost of a Big Mac around the world. Today we are taking a slightly more technological approach – currency exchange rates and the cost of iPads around the world.
We’ll also take a look at a quick example of you buying some iPads for your family.
CommSec is part of the largest bank in Australia and in recent years it has been publishing its ‘iPad Index.’
The Index actually began in 2007 as an iPod Index but it has evolved over time to focus on newer products such as the iPod touch, iPad2 and the New iPad.
The iPad Index compares the price of an iPad in 46 countries as a method of tracking the impact of currency exchange rates on consumer spending and business conditions.
CommSec says that the Index “was designed as a new way of looking at purchasing power theory. That is, the theory that the same good should be sold for the same price across the globe once taking into account exchange rates.”
Here’s what they found this for 2013:
Most Expensive Places To Buy An iPad
- Argentina ($1,094.11)
- Brazil ($791.40)
- Denmark ($725.32)
- Greece ($715.54)
- Sweden ($706.87)
- Poland ($704.51)
- Finland ($695.25)
- Portugal ($688.49)
- France ($688.49)
- Netherlands ($683.08)
Cheapest Places To Buy An iPad
- Malaysia ($473.77)
- Canada – ex tax ($484.61)
- US – ex tax ($499.00)
- Hong Kong ($501.52)
- Japan ($501.66)
- Australia ($506.66)
- India ($512.61)
- Brunei ($525.52)
- Singapore ($525.98)
- Thailand ($530.72)
How To Buy An iPad With The Best Exchange Rate
Below is a quick example for you to consider.
But first, let’s set the ground rules for our example:
- You’re French.
- You have family in Canada
- You’re wonderful.
Got it? Ok, let’s get started.
You could be anywhere but, today, you live in Paris.
You’ve decided to be a particularly wonderful person at Christmas and send one iPad to each of your ten cousins living in Quebec, Canada.
As we said, you really are wonderful.
Now, remember that the iPad Index is a theoretical list so the actual price a local Canadian will pay in a shop will be slightly different.
In this case, the Apple Store website has the iPad listed at $499 Canadian dollars. Let’s ignore sales tax for simplicity’s sake – hey, we haven’t got all day.
So, you’ll need to send $4990 Canadian dollars to your relative who is kindly going to pick up all ten iPads for you (you’d better make sure that person is on your Christmas list).
You might stop here and simply try to send the $4990 by using your local Paris bank – you’re in France, remember?
You’d lose money. Instead, the smart Parisians use CurrencyFair to transfer money to Canada.
Save Money on iPads the Smart Way with CurrencyFair
This is what would happen on this occasion . . .
With a bank, you would need to pay EUR €3,691.69 to receive your CAN $4,990.
In contrast, with CurrencyFair, you would only need EUR €3,576.74 to receive the same CAN €4,990.
Just by sitting at your computer and sending your money by CurrencyFair, you would now have an extra EUR €114.95 to treat yourself to something nice.
Like we said earlier, you deserve it – you’re wonderful.