Today, with more than 180 currencies being recognized as legal tenders around the world, currency exchange has become essential for efficient global trade and tourism. From time immemorial, it has been imperative for people traveling or paying for goods and services around the world to convert currencies from one form to another. For many years, brick and mortar financial institutions such as banks, brokerage firms, and currency traders have been leading the way in providing currency exchange services. However, the perverse development of the Internet has made it possible for organizations or individuals to exchange money online through currency exchange websites. It has made it easy for individuals and organizations around the world to exchange cash without any hassle.
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What are Currency Exchange Websites?
Currency exchange websites are online platforms that help people and businesses around the world convert currencies from one form to another. By providing a secure and centralized layout, these sites offer instant transparency, thus allowing parties to understand financial market conditions and exchange currencies safely. Most of these websites feature Universal Currency Converter, an application that allows stakeholders to change currency values on a daily basis.
When to Use Currency Exchange
One of the conditions that guarantees a currency exchange is when traveling abroad. Because each country has its own unique currency, you need to convert your money into the currency of the desired country so that you can buy their goods and services. When it comes to travel currency exchange, most people like to exchange their cash before going on a trip so that they can get a reasonable rate. Organizations and individuals can also change currency when engaged in international trade. If you are looking for an online platform for exchanging currencies, here are the top currency exchange websites.
Top Currency Exchange Websites
1. XE
Proud to be one of the most popular global foreign exchange platforms, XE is a professionally designed website that is easy to use and navigate. The platform offers a wide range of other financial services as well as being included in the most trusted and reliable international foreign exchange website. This site is cost effective compared to other platforms, and it helps you save money in the long run. It covers up to 70 currencies in 170 countries.
Pros:
- Highlight the best exchange rate tools.
- Offers strong services and support.
- It is multilingual.
Cons: - Exchange rates are provided only when you make a transaction.
2. TransferWise
Another popular currency exchange website is TransferWise. This site is designed to help you save cash on exchanges through their special peer to peer system. The website allows you to exchange currencies with other people who want to convert their money into their own currency. The platform is also known for its high speed transfer services, which enable you to send or receive money in different countries. The website is also proud of its transparency, which is why the parties are allowed to view the fees and charges before making any transaction.
Pros:
- Offers excellent customer service experience.
- It uses the mid-market exchange rate without any hidden fees.
- It gives you value for money.
Cons:
- No cash withdrawal option.
- It charges a currency exchange fee for international transfers.
3. Oanda
Awarded many prestigious awards for its outstanding customer service, Oanda is a US-based platform that offers advanced currency exchange services. In addition, they provide money transfer services, Forex and CFD trading, and corporate FX payments. This platform provides currency conversion for 160 currencies.
Pros:
- Easy to use and user friendly website
- Reasonable exchange rate
Cons:
- Financial information is not available to people who are not transacting through this platform.
4. Travelex
Travelex is also another popular online currency exchange platform worldwide. The website prides itself on many currency exchange resources such as currency calculators, historical analysis, graphs, and monthly averages. With Travelex, businesses and individuals from around the world can access exchange rates for different currencies. The exchange rate of this site reflects the changes that take place in the markets around the world.
Pros:
- Exchange rates are determined by combining information from a number of independent sources.
- Exchange in more than 45 different countries
Home delivery is available.
Cons:
- No cash payments or pickups.
- Not the most competitive exchange rate.
