Read more: 6 Tips To Exchange Currency Without Paying Huge Fees When Is the Best Time to Exchange Money? Once your transfer is complete, you can withdraw local currency at an ATM. If you have a bank account in another country, you can also use an app like Wise to transfer money to yourself for a fee of a few dollars per transaction. If you must use cash, make an international withdrawal from an ATM. Instead, use a debit or credit card with zero foreign transaction fees and select local currency at the register (if you’re given the option).

If you plan to exchange money for personal use, expert travelers will tell you to skip the currency exchange kiosk at the airport-they charge some of the highest fees and often have the worst exchange rates. It’s not as simple as trading one American dollar for its equivalent in Mexican pesos-the current value of each form of currency on the fluctuating foreign exchange market must also be considered. In addition, the value of your currency on the foreign exchange market can influence the value of your money once it’s converted to a new currency. Currency exchange companies make money by charging fees for the convenience of converting your cash. Via CurrencyFair's Website Live Exchange Rates How Does Currency Exchange Work?Īt a currency exchange, you can convert your cash into money you can use in a different country or region.Ĭurrency exchanges are businesses that trade various currencies. Keep in mind that the conversion provided here doesn’t consider any fees charged by the institution completing the exchange, whether it’s a bank, digital app or travel kiosk. Since this value can fluctuate due to various economic conditions, it’s important to know the current exchange rate before converting your money. Our currency conversion calculator uses the current exchange rate to determine how much your money is worth in a different currency. Related: International Money Transfer: 5 Best Ways To Send Money How Does a Currency Conversion Calculator Work? However, the rate you see here may not be the same rate that a bank or other financial institution offers you. We pull new rates every 5 minutes to ensure that the conversion you see is accurate and up to date. It also calculates the conversion value of various cryptocurrencies, such as Bitcoin ( USD to BTC) and Dogecoin ( USD to DOGE).Īll you have to do is input the amount, your starting currency and your ending currency to get an estimate based on current rates.ĭisclaimer: Our currency calculator uses Open Exchange API to gather current exchange rates. Among the currencies available, our calculator converts Mexican pesos, Indian rupees, Russian rubles, Jamaican dollars, and Ghanaian cedi. Our currency conversion calculator converts more than 200 currencies, and the rates are updated every five minutes.

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