Each of us periodically faces the need to exchange currency: before vacation, to buy goods in foreign online stores, to diversify the financial "safety cushion" or to invest in foreign securities. And we constantly lose money because of currency conversion. But, as it turns out, this can be avoided.

The currency market exists in any country and is a system of satellite and computer communications between banks. Like any market, prices (exchange rates) are set here and are called quotations. And the exchange rates may vary: the nearest bank office will have one price, the exchange office in the shopping mall will have another, and the airport will have a third. Here are the most profitable ways of buying and selling currency.

Banks and exchange offices

The standard way to exchange currency. Now you do not need to go to branches to compare prices.

However, this method has at least two disadvantages:

The bank or exchange office commission of 1-5% of the exchange value is already built into the price of the currency.
You have to spend time and money to get to the exchange office or bank.

Mobile (online) bank

An alternative way to buy/sell currencies without wasting time on the road - the mobile application of your bank or personal account on the website. This way you can buy currency at the bank's exchange rate online, making a couple of clicks. The commission is usually the same as in the branches - about 1-3%, but you will save your time. Or you can use one of the best currency conversion services https://askwallet.io/overviews/travelex-overview.

The exchange

Today it is possible to buy currency without commission - directly at the exchange. In this case there is no limit on the amount, you can buy even 1 dollar. The savings are obvious: you buy or sell currency at the most favorable rate - the exchange rate.