• Trade Now

Currency Exchange

Written by ForexCult Team
Rate this item
(0 votes)
Currency Exchange The simplest way to explain currency exchange is to refer it to a business that actually provides you with a variety of services for a rather small fee. However, if we were to take a closer look at the exchange business, we would see that this business is more to more people than just a exchange. The currency exchange business can be used as an alternative to many different types of businesses such as banks, post offices, the DMV, a loan service, a place to make a money transfer, a place to make your bill payments, and also a fax or copy center. The exchange business can also be a place that you can purchase a cell phone at, not to mention calling cards and also car insurance. So therefore your currency exchange business can actually save you a lot of time from having to go from place to place, you can take care of all your needs in one place at one time. Currency Exchange Services The currency exchange business acts like a bank in a couple of ways, the currency exchange business can participate in check cashing and also in money orders. If you need stamps and you want to save a trip from the local post office you can purchase them also at the currency exchange business instead of having to make another trip to the post office just to get a stamp. In fact, when you think about most of the urban areas that are located around the world, there is more currency exchange business than there are post offices. It is also important that you know that most of the currency exchange business also offer what are known to be Moneygram services that consist of both local and also long distance wires and also overseas wires as well. They also have bill payment options known as quick collect. You may also find that some of your utility companies also work with the currency exchange business so that they can provide you with a convenience place for you to pay for bills. You may also find that the currency exchange business also allows you to renew your license plates and also handle other minor problems that you have with the DMV. Advantages and Disadvantages of Currency Exchange As you know there are many advantages and also disadvantages of the currency exchange business that you should know about before you consider it. The first advantage that you will have by using the currency exchange business is the convenience of it, most of the currency exchange businesses are open during later times than the regular business hours and in most cities the businesses are open during later hours seven days a week and are open three hundred and sixty five days a year and twenty four hours a day. In all actuality the currency exchange businesses are better than the other options that you have because of these facts, there are not many post offices and other offices open twenty four hours a day and three hundred and sixty five days a year. The exchange businesses are often viewed as veritable make one stop shops. However the disadvantage that you will have is the fact that if you use the exchange business often you will notice that the small fees that they charge will add up over a period of time and you may find that you are losing money in the process. Another disadvantage would be that the exchange businesses do not provide you with the full services that the post office and DMV offices offer you so you may not be able to take care of everything in one stop. There is one more thing that you will need to take into consideration and that is the fact that the exchange business also have their peak times to just like banks do and they normally take place on Friday and also Saturday as well. Currency Exchange Fees When it comes to the exchange fees you will notice that there are many fees that are charged by you using the currency exchange business. For check cashing you will have to pay a flat fee or either a percentage of the total amount of the check. For stamps, faxes, and also copies you may be charged a few cents to a couple of dollars it all depends. However, Moneygram and DMV charges are determined by those operations and are added to what the exchange business charges to meet your requests. Payday Loans are a little different when it comes to fees because the fee is set by the provider of the loan and can be moderate to outrageous.

Add comment

Currency converter


Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex

1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.