Posted by forex at 12:43 AM
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1. Contact your local bank or nearest foreign currency exchange business. See if it can give you a quote over the phone in regards to what you are looking to convert. You can also research exchange rate services in your local phone book or online with the Internet. Online websites services usually offer live up-to-the minute rates. The Internet plays host to a long list of currency converters. The most popular currency rate exchange site is .xe.com
2. Using the daily figures from the research you have found, you can easily determine what the conversion rate for the currency will be for that day. Using the Mexico Peso, if you wanted to convert $100 Pesos into US Dollars, then you simply enter the amount into the money amount line. When using the website at XE, you will see a box to enter the amount of money you want to exchange. Then you will select the conversion rate from Mexico Peso to US Dollars. For this example, the website states that the conversion for $100 Mexico Pesos into US Dollars amounts to $8.34 USD. This can be done for any amount for any currency you are looking to convert.
3. Compare the commissions or costs involved when making the exchange. Exchange services will tell you its rate of conversion costs before you complete the transaction. You should have at least three different rate quotes from services. This will give you an idea of how much money you will receive once you make the exchange. Some banks do not charge their own clients a conversion fee, but most exchanges do. These rates can range from 2 percent and up. Credit cards often charge 1 percent for international fees.
4. Convert your cash on days when you can gain the most value for your money. This may take a bit of time and patience, so if it matters that much to you, then wait. If you are just looking to get rid of the script, the process is quick and easy.