Use our free currency converter and exchange rates table below to calculate exchange rates from your local currency or any currency of your choice. If you’re traveling, going on vacation or business trips, it’s always a good idea to know how much your money will be in foreign currency you’re traveling to.
How to get local currency if you’re abroad?
You can get local currency either through an ATM withdrawal or a currency exchange service. The fees charged by the two services may vary and you can just choose the most convenient option for you. For an ATM withdrawal, simply enter your card in the ATM machine then withdraw cash from your bank account and receive it in the local currency. Another option would be availing a currency exchange service wherein you can conveniently convert your currency at hand to your desired currency. The local currency is especially useful since some establishments only accept money in this form as payment.
What exactly is currency exchange?
With most countries having each of their own currency, currency exchange has remained to be an essential, ever-present service. Currency exchange can be offered either by private businesses as a stand-alone service or by financial institutions as one of their facilities. It primarily involves the exchange of one currency for another currency by utilizing an exchange rate. The exchange rate quotes applied are usually close to the spot rate or the conversion rate at the moment of the quote. However, it must be noted that exchange rates for currencies are likely to be fluctuating as a result of market forces.
What is mid-market Rate?
The mid-market rate, also known as the interbank rate, refers to the mid-point rate between the buy and sell prices of the two currencies in an exchange rate. It refers to the amount of what the buyer is willing to pay and what the seller is willing to sell for. A real mid-market rate is regarded as the most accurately transparent foreign currency exchange rate. It reflects the real time movements in currency markets. Usually, banks and brokers apply a so-called “spread” to the mid-market rate, which results to a hidden charge that changes the quoted rate.