Currency exchange – how to do it profitably?

By author

You can exchange currency in different ways: in the service Харьков обменка, there is an exchange office, a bank, and an online exchange point. In this article, we will look at all the ways to exchange currency, their advantages and disadvantages, and also tell you the most profitable way.

What is the best method? We check which method of currency exchange is the most profitable, easiest and most convenient.

Currency exchange is what you need to know

Before deciding how to exchange currency, you need to consider several factors:

Currency exchange rates offered to you at the exchange office/bank/online exchange point.
Average exchange rates
Spread, that is, the difference between the cost of buying and selling a currency
Exchange rate margin
Exchange time
Availability of currencies
Additional costs (eg transfer costs, currency account)

Currency exchange at the bank

Many people exchange money at the bank. This can be done online, as well as at the main office of the bank, both within the currency account and at the bank’s exchange office. This is a very simple and safe way to exchange money, unfortunately, it is not profitable.

Currency exchange in banks is expensive.

Banks do not charge for the actual currency conversion process (although there are some that do), but unfortunately they offer low exchange rates (although they often say otherwise).

Currency exchange at stationary exchange points

About 20% of customers still exchange money at traditional exchange offices. Until a few years ago, it was the most popular way to exchange currencies.

Exchange points can be found almost everywhere (especially in shopping centers, tourist attractions or train stations).

It is more profitable to exchange money in traditional exchange offices than in banks.

However, if you decide to exchange money at a traditional exchange, make sure you choose the best one that will offer you the best exchange rates.

Online currency exchange at online exchange offices

More and more people are exchanging currency at online exchange offices. There are at least a dozen of them on the Ukrainian market.

Currency exchange online is profitable, fast and without problems. Money can be exchanged literally in a matter of seconds via the Internet without leaving your home. Online currency exchange is completely safe, as exchange points are fully controlled by the National Bank of Ukraine, and clients’ money is kept in separate accounts. However, you have to withdraw this money. In traditional exchange offices, you immediately receive banknotes that you can store in physical form. If there is another war-related panic in your city, you may not always be able to withdraw currency from your account.

All rights reserved. 2018