When it comes to exchanging currency, banks are generally cited as one of the best places to do so. But is it the very best option, or could you go somewhere else just as easily to swap money?
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Let’s take a look at some of the currency exchange options available to international travelers to determine if banks should be the top choice.
If you have never exchanged currency before, you can certainly head to a bank where you will receive these benefits.
Not sure what you need or if you have questions about the exchange process? Carter Seuthe, CEO of Credit Summit Debt Consolidation, said working with a bank’s counter staff can provide guidance in navigating various currency options. Their knowledgeable team can answer any questions you may have to ensure you get exactly what you need.
Some banks, especially online-only banks and neobanks, don’t have physical branch locations. Can you still receive the same type of attentive service in a virtual setting? Seuthe said yes.
“Many banks have online tools which allow customers to access their accounts from anywhere and exchange currency easily at their convenience,” said Seuthe. “This makes trading fast, reliable and hassle-free for those needing to quickly manage their international finance needs.”
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Those who decide to exchange currency in a bank, Seuthe said, will receive competitive rates.
However, Shannon Raisor, customer advocate at Wise, recommends comparing rates at different banks to the mid-market exchange rate. This will help you better understand the additional fees you’ll be paying and get the best deal.
Let’s look at Bank of America as an example for foreign currency exchange. Their website walks account holders each step of the way through the foreign currency process. They offer a currency calculator to better calculate the amount of foreign currency you’ll need and to check exchange rates for purchasing currencies ranging from those used in Great Britain, Japan, Mexico and more countries.
Both convenience and security matter when you need to order foreign currency. You want to be sure you can order currency through a variety of avenues, such as visiting a bank branch in-person or placing the order through your online app. You also want to make sure your order is placed in a secure space, especially if you need to order a significant sum of foreign currency. The details for how you can place an order and the types of currencies may vary depending on the bank, but the convenience and security should always be in place.
