A Quick Guide to Currency Exchange in Fin.do
Maybe you travel abroad and need to switch to the local currency. Or you send money from the UK to your family back in Poland. Or maybe you move money from your bank account to a foreign currency deposit. Every time, you are doing the same thing: buying (or exchanging) currency.
So what do you need to know about foreign currency exchange, and what is the most convenient way to do it?
Continue reading to find out.
How does currency exchange work?
In simple terms, currency exchange is the process of trading one currency for another. For example, if you own USD and wish to obtain EUR, you sell your USD and buy euros.
The ‘price’ at which currencies are sold and bought is called an exchange rate and is usually determined by the market (meaning the supply and demand for a certain currency influence its price). You can learn more about this here.
Exchange rates constantly fluctuate from one moment to the other, which is why you may exchange currency at a given rate today but get a completely different one tomorrow.
When do I need to exchange currency?
Usually, you perform currency exchange when you wish to hold money in a different currency, or when you move money between accounts that have different currencies.
Many times, currency exchange is unnoticeable and takes place without you having to do anything in particular - for example when you send money overseas or make international purchases.
What does currency exchange cost?
Currency exchange rates vary considerably between services. You’ll probably get a better rate if you exchange currency at your bank rather than at the airport, and so on.
In addition to these variations, you may also be charged a fee when performing a financial operation that requires a currency exchange. Some examples include making an international money transfer, using your bank card for purchases overseas, or withdrawing cash from an ATM abroad.
So what’s the best way to exchange currency?
There are many ways to exchange currency both in-person and online.
How and where you choose to buy foreign currency depends on your needs at that time. But since exchange rates and fees vary between methods, it’s a good idea to pay attention to the rates and costs every time you exchange.
The most common ways to exchange money are:
- Online via currency exchange services. This is a convenient way to buy foreign currency as you don’t need to get out of the house and you can usually select the service that offers the better rate.
- At currency exchange offices.
- At your bank. You may exchange at a local branch, online, or you can withdraw currency at an ATM. This, however, may only be available at certain locations and for a limited choice of currencies.
- At airport kiosks and hotels, though these are among the more expensive ways to exchange currency due to the typically poor exchange rates.
A simpler way to exchange any currency instantly and straight from your phone, is to use Fin.do.
How to exchange currency with Fin.do
Fin.do allows you to directly exchange any two currencies from more than 160 available currencies.
To exchange currency in Fin.do, all you need to do is add your Mastercard and/or Visa cards to the app. You may add up to 10 cards and then move currencies between cards as you wish.
With Fin.do, you always see the exchange rate upfront so you know exactly how much you receive after the conversion. There is no markup added on the exchange rate, regardless of the card issuer.
Why exchange currency in Fin.do?
When you move money between your cards via Fin.do, you always see the exchange rate, the transfer fee, and the final amount to be received before you send.
Eliminating third party services from the currency exchange makes the exchange faster, cheaper, and more secure.
Transactions in Fin.do take only seconds to complete and you can move money with just a few taps.
For any transaction made with Fin.do we charge a unique transfer fee which you can see upfront every time you send. There is no exchange rate markup when you use Fin.do.
Whether we travel abroad or send money home, currency exchange has become part of our daily lives. But with so many options available, we can often end up paying more than we should on currency exchange.
Fin.do is an easier and faster way to buy any currency, without having to draw third parties into the mix.
With Fin.do, you have the flexibility to choose between 160 currencies and move money between up to 10 cards, while retaining full control over your currency operations.
Get started with Fin.do here.