Currency Calculator

Use the currency calculator to calculate the rate of exchange.

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Foreign Exchange Business Options - Exchange Business Money?

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Amount to send?
Voltrex FX
FCA Regualted: Not FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.129
Exchange Rate You Get: 5,647
Global Reach Partners
FCA Regualted: FCA Regulated
Margin Rate: 1%%
Rate Per Single Unit: 1.126
Exchange Rate You Get: 5,630
Excel Currencies
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.129
Exchange Rate You Get: 5,647
Moneycorp
FCA Regualted: FCA Regulated
Margin Rate: 0.50%
Rate Per Single Unit: 1.132
Exchange Rate You Get: 5,658
International Foreign Exchange
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.126
Exchange Rate You Get: 5,630
Rational FX
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.129
Exchange Rate You Get: 5,647
Currency Solutions
FCA Regualted: Not FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.126
Exchange Rate You Get: 5,630
UKForex
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.126
Exchange Rate You Get: 5,630
KBRFX
FCA Regualted: FCA Regulated
Margin Rate: 0.3%
Rate Per Single Unit: 1.134
Exchange Rate You Get: 5,670
Currencies Direct
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.129
Exchange Rate You Get: 5,647
World First Money Transfer
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.129
Exchange Rate You Get: 5,647
Xendpay
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.126
Exchange Rate You Get: 5,630
AxiaFX
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.126
Exchange Rate You Get: 5,630
AFEX
FCA Regualted: FCA Regulated
Margin Rate: 2%
Rate Per Single Unit: 1.115
Exchange Rate You Get: 5,573
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Foreign Exchange Business Options

 

Money exchange plays a very vital role in today'™s global market. High frequency trading, advancements in technology and accounts has made business transactions more complicated. Especially, for those who are trading (sell and buy goods) at foreign land. 

 

Most people are clueless when it comes to exchanging their money. Ordinarily, people use the most convenient way; they just veer toward airport or train station and directly change their money. 

 

What’s the problem changing money like this?

Although it's easy and safe, you might end up losing more money in every transaction. Nevertheless, there are two different methods to exchange money at foreign land: one is the convenient way, i.e exchanging at government authorities and the other is the smart way. However, the smart way is to ask few questions before making the exchange process. 

 

How did the currency value work? 

The value of a currency depends on the factors like political stability, role in the international market, reserves and relatively low inflation, and economic growth. Let's assume that you are moving from country x to y. In that case, it will be beneficial to get country’s y currency while being in country x. The only reason is, every country want to get rid of other’s country’s currency and want their money back before inflation reduces. 

 

Are you traveling to a currency restrictive country?

Countries like Venezuela and Argentina are some of the countries who have policies that restrict their own citizens to opt free-trade money. If any of their residents has just traveled to another country and want their respective country’s currency back, they have to show a proof of their current air travel to get money. And if they try to exchange it in some other country, they will end up getting lowest value. 

Similarly, ATM transactions also includes country’s own imaginary rate making you get lower exchange amount than you should get. Also, don’t make any payments from your debit card. You can use them for money transactions, but using them to buy something can risk your account. 

 

Can you exchange currency at land borders?

Countries borders are the safest and smartest way to exchange money. Although they don’t give expected money, they can provide good value for your currency. The deeper you will go, the inclination you will see in currency exchange. 

 

Do you opt no-fee exchange agencies?

No-fee currency exchange centers are very easy to find, especially when you are traveling to a country that is popular for its tourism. You can visit them and get the job done. However, the only problem is that their rates are completely absurd. So if you are moving to these countries to sell your goods, make sure to double-check the exchange rate. 

 

Furthermore, currency exchange process has some guidelines and regulations that are especially designed to get rid of money laundering and other legal problems. Below are some rules: 

 

Keep record: 

Record keeping is one of the most important clauses in money exchange guidelines. As per rules, money exchange business has to keep a complete and accurate record of people with whom they are dealing to exchange funds. These rules vary by state and require a daily sheet to keep an eye on everything. 

 

Fee: 

The fee that mostly money exchanger charge, are limited by a state government. It helps in preventing businesses from unfair trading and money laundering. 

 

Tax Reporting:

Those businesses who mostly exchange huge amount in other countries have to pay inter revenue to get rid of any tax related issues.

 

Who are the Best foreign exchange providers?

Best foreign exchange providers include pioneers from banks to other private agencies. To meet the demands of continuously growing traders and investors it is very important to get your money exchanged from the trusted and reliable sources. 

Criteria for choosing the best foreign exchange provider depends on market share, competitive price, innovative technologies, customer services and much more. Here’s the list of top banks who are best providers:

 

· North America- Bank of American Merrill Lynch

· Western Europe- Deutsche Bank

· Nordic Countries- Noreda

· Central & Eastern Europe- SociétéGénérale

· Latin America- Citi

· Asia-Pacific- ANZ

· Southeast Asia- DBS Bank

· Africa- Standard Bank

· The Middle East- National Bank of Kuwait

 

Can we exchange money online? 

Apart from aforementioned banks, you can also contact FX research analysis, corporate currency hedging and online trading systems. Some of the online trading systems are:

· Bank System- State Street’s Currenex

· Independent agency- Thomson Reuters

· Retails- FXCM

 

For a business person who is working in another country, currency exchange is an added factor in their regime. Managing cash flow, keeping customers and suppliers happy, controlling costs are some of the things he has to face daily. While customer’s demands can be catered easily, it is important to get right money for your values when exchanging things. So have a look at the questions you should ask while exchanging currency from an exchange provider:

 

What’s the exact margin?

Mostly exchange providers and banks are very coy when it comes to margins they sum up into their exchange rates. You may find a difference between the currency you get and its real value. So you should know how the exchange rates are evaluated and how much margin they had built on total rates. If an agency is charging heavy makeup on their exchange rates, it means they are charging a commission fee. 

 

Want a good exchange rate, what to do? 

If you are planning for an overseas business or want to campaign in another country, you will need foreign currency. But if you can wait, you will get better rate. However, you can also get more money by placing an order for the desired trade at you particular rate. 

 

When will you receive your exchanged funds?

Managing cash flow and moving money to accounts is very common scenarios in any business operations. Money flow takes place swiftly. The sooner your domestic bank transfer funds, quickly the respected bank receive it. It’s only the extra charges and delays that are taking more time, leaving you with less money. 

 

Foreign Exchange Businesses have too many options to make funds exchange, and if done properly can lead to higher value of currency.

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