Posted by forex at 8:36 AM
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1. Know the exchange rate. Exchange rates are listed in currency pairs, such as USD/EUR for U.S. dollars to euros or GBP/USD for pounds sterling to U.S. dollars. The number given for the currency pair is the number of units of the second currency you can receive for one unit of the first currency in the pair. Although exchange rates fluctuate constantly, they usually only do so by hundredths or even thousandths of a cent, so you probably won't gain or lose much by waiting a few hours or days.
2. Use a digital converter. An online digital currency converter allows you to enter the exact value of your foreign currency and will provide its value in U.S. dollars according to the current exchange rate. While this represents the actual value of the currency at the time of your calculation, the amount you receive when actually converting will probably be slightly different for two reasons. First, most currency conversion services use a single rate all day long that they fix in the morning at the start of their business day. Second, you will also be charged a small fee.
3. Locate a conversion desk. Most major banks will convert currency, but not at all their branches. The best way to find a place to convert is to call your local bank and ask for the closest branch that handles currency conversions, or check its website. Using your bank allows you to quickly deposit the money if it is a larger amount than you're comfortable holding. If there is no location nearby, any international airport will have one or more currency conversion locations.