Foreign Currency Exchanges
Foreign Currency Exchanges are places where one can exchange currencies of one country with that of another. Money exchange bureaus are subject to government controls and regulations and are required to meet with laws that protect the customer from potential fraudulent activity.
The currency exchange generally performs high-volume, low-value cash exchanges for travellers in an over-the-counter transaction to a regulated and pre-determined foreign exchange rate. For this service, the bureau will charge a commission or fee based on a pre-determined yet competitive percentage rate of the value of the cash transaction. Due to the regulated nature of the money exchange business, most foreign currency exchanges are globally recognised multi-national companies with retail shop fronts in cities and regional centres all around the world.
Money converters are most active at international airports where travellers seek to convert cash from the currency of their point of origin to the currency of their destination and vice-versa. Prior to attending a foreign currency exchange, customers may refer to online resources, such as a banking website for information on current exchange rates and the relative value of one currency against another. Note that these figures are fixed by the national bank of each country and all foreign currency exchange agencies must transact according to these set values. Identification in the form of a passport is required at the point of transaction for all customers. XE is a popular foreign exchange website offering online foreign exchange tools and services.