Posted by forex at 2:56 AM
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1. Determine the current value of the currency you are selling in terms of the currency in which you will be paid for the transaction. This is called the exchange rate. For instance, if you are selling euros and being paid in dollars, the exchange rate will tell you the cost in dollars for the euros you are holding. You can find exchange rates on currency converter websites, in financial newspapers and at banks and exchange bureaus. Keep in mind that different outlets may have slightly different rates.
2. Find a buyer. Exchange bureaus (called Bureau de Change in some places), most banks and some travel agents buy foreign exchange. Armed with the exchange rates you found when determining your currency's value, check with a few different buyers. Different buyers may offer different rates, so by shopping around you can find the best price for your foreign exchange.
3. Sell your foreign currency. Depending on the size of your transaction and where you are conducting it, you may be required to fill out some paperwork. You may also be required to present photo identification.