Latest news with #currencyconversion
The Guardian
02-07-2025
- Politics
- The Guardian
What would I do if I won the lottery? I'd blast the world's worst people into space
Thoughts and prayers to the thousands of Norwegians who have just had one of the best weekends of their lives, followed by one hell of a comedown. Thanks to a currency conversion snafu by the state lottery operator, numerous people were incorrectly informed on Friday that they had won life-changing amounts of money in the Eurojackpot. On Monday, a text message was sent to players informing them of the mix-up. It seems Norwegians are a prudent bunch; I haven't found any examples of people spending Jeff Bezos-levels of money as soon as they were told they had won big. Me? I would have gone into evil billionaire mode immediately. First, I would have done what all rich people appear to do these days: bought myself a friend in high places. Judging by Elon Musk's investments in the US election, a compliant president seems to cost about $291m. However, considering the recent public Musk-Trump bickering, even that doesn't guarantee you long-term loyalty. So I might have contented myself with a mayor. Billionaire Bill Ackman recently said he is 'gravely concerned' by the possibility of Zohran Mamdani being elected mayor of New York and is ready, alongside his wealthy friends, to spend 'hundreds of millions of dollars' getting a corporate-friendly candidate elected instead. Because that's what democracy looks like, folks! While politician-purchasing is all the rage among the 1%, philanthropy is so last-century. Today's robber barons have given up pretending to give a damn about the poor and are spending their cash on tacky Venice weddings and apocalypse bunkers instead. Mark Zuckerberg and his wife, Priscilla Chan's, Chan Zuckerberg Initiative (CZI) recently stopped funding a number of social causes, including a school for low-income families. While CZI said it would throw a little cash to the students, 400 children were abruptly left in the lurch. What I would really like to do (apart from cloning my dog), however, is execute the Led By Donkeys idea of banishing billionaires to Mars. I would build a big spaceship and lure the worst people in the world into it with promises of a multimillion-dollar wedding party. Then off they would go to circle the solar system, leaving the rest of us in peace. Pedants and peasants, please don't @ me and tell me that the Eurojackpot doesn't pay out that kind of money. This is just fantasy, OK? Which is pretty much the only thing that is still free these days. Arwa Mahdawi is a Guardian columnist Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.
South China Morning Post
30-06-2025
- Business
- South China Morning Post
47,000 ‘winning' lottery tickets in Norway turn out to be a costly conversion mistake
A Norwegian lottery company on Monday apologised to 47,000 crestfallen gamblers who were mistakenly told they had won huge sums in a lottery, the firm blaming a currency conversion error. State-owned gambling group Norsk Tipping said they had published incorrect prize amounts after a Eurojackpot draw on Friday because of an error converting from euro cents to Norwegian kroner. The winnings had been multiplied by 100 instead of being divided by 100, the company said. Among the disappointed was Ole Fredrik Sveen, who was on holiday in Greece when he received a message from Norsk Tipping that he had won 1.2 million kroner (US$119,000). 'I thought: 'Wow, is it finally my turn? Could it be true?' I go onto the Norsk Tipping website, and there it says in black and white: 'Congratulations, you have won!',' Sveen told public broadcaster NRK on Monday. In reality, he had won 125 kroner (US$12). On Monday, Sveen and the 47,000 others received apologies by text message from Norsk Tipping for the snafu.
Daily Mail
07-06-2025
- Business
- Daily Mail
Should you pay in the local currency or pounds when you're on holiday?
The summer holidays are right around the corner. You might have been able to get a cut price deal for a week in the sun and picked out the best card to avoid hefty fees. But when you're handed a card machine on holiday, should you pay in pounds or the local currency? Depending on which you pick, it could lead to a much more expensive holiday. Growing numbers of banks are offering no fees to travellers, making it easier than ever to spend while abroad. And while it's likely most do still take some physical money, the majority of major holiday spots accept card payments and contactless. It means you can spend like normal and avoid queuing to get your cash converted into the local currency. But with that comes the issue of whether to pay in the local currency or in pounds. Most restaurants, shops and cash machines give tourists the option to spend in pounds, which is known as dynamic currency conversion. Some travellers choose this option so they know how much the transaction will cost. But the correct answer is always to choose the currency of the country you're in - so euros if you're in the Eurozone, dollars in the US and so on. This is because the conversion rates used by foreign firms are always more expensive than if your bank or credit card provider converts the cost. Most UK banks use the exchange rate offered by Visa or Mastercard, which is as close to the best rate as you can get. This also applies to withdrawing cash from a foreign ATM as well. While the difference between the two figures is unlikely to diverge too much, paying a few a little more will add up over the course of your holiday. What other fees do you have to pay for using your card abroad? You'll also need to check whether your bank is charging you any other fees, which can rack up over the course of your holiday. Plenty of high street banks have moved away from charging customers for transitions and withdrawals, but you may have to sign up for a paid monthly account. For example, Natwest, Nationwide and Lloyds offer free spending for customers of their paid accounts. Others, like Monzo, Starling and Revolut, offer free spending abroad but they come with monthly limits. You can read our full list of our best picks for free spending abroad here.
