5 Tips for Currency Exchange

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5 Tips for Currency Exchange

• If you've ever travelled abroad, sent a money
  transfer to family overseas, or made
  international business payments, you know it can
  be a pain to exchange currency. Searching banks,
  online exchange providers, or the streets of an
  unknown city for the best rates can be time
  consuming and costly. And, if you don't pay
  attention, foreign exchange costs can add up.

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Plan Ahead

• Find out what the current mid-market exchange
  rate is with our XE Currency Converter or XE
  Currency App. Next, compare the rates and fees
  offered by banks, exchange cambios, and online
  providers. Once you find the best deal, exchange
  your funds.

3
Understand Foreign Exchange Costs

• Currency providers may charge a commission, flat
  fee, handling fee, or minimum charge
• They may include a spread in exchange rates by
  buying currencies at one rate and selling them at
  another with a margin included
• FX providers may also charge transfer fees for
  wire transfers and other delivery methods

4
Consolidate your Transactions

• Since every currency exchange transaction has
  associated costs, fewer transactions can
  sometimes result in lower costs.
• Depending on the type of transaction, you may
  save money by consolidating several money
  transfers into one large transaction.

5
Bank Overseas for Extended Stays

• Opening up a local bank account can minimize fees
  and help keep your money secure.
• It also makes consolidating your currency
  transactions much easier and helps mitigate the
  risk of currency fluctuations.

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