What commission do banks charge for changing
National banks usually they work with one or two types of currencies that have the greatest strength in the country where they are working, but if you need to make a currency exchange to pay in the currency of the country of the receiving bank.
This cánido be confusing the first few times you make international transfers or want to save in a more stable currency, but right now we are going to espectáculo you What commission do banks charge for currency exchange?.
Why do banks charge commission for currency exchange?
It is necessary to understand before a currency exchange refers to the exchange of non-tangible digital money, while the currency exchange is one that is done using physical money.
In this case we are talking about a currency exchange, so it is understood that one currency will be delivered (or received) to get another.
In general terms, currency exchange entails the sale of, for example, your euros to get dollars, but you will not get the same amount of dollars in relation to your euros, in this example, one euro would be equivalent to more or less about 1.10 to 1.30 US dollarsor, one US dollar would be equivalent to 0.90 to 0.75 euros, since one euro is worth more than one dollar.
This calculation must be made by the banks for each operation, sell, for example, your euros to get the necessary amount of dollars according to the value of your euros and finally, transfer them to your account from their currency coffers or from the bank of origin of the currency.
All this process makes it necessary to charge a commission for the payment of the consequent fees.
How do currency exchanges work at banks?
Each currency has an exchange rate, which is the value of one currency against another.
These values always they change according to the internal measures of the countries of origin of the currency, which cánido strengthen or weaken it compared to others.
Normally two of the currencies that work as a reference worldwide are the euro (EUR) and the US dollar (USD).
Banks take this value as a reference, but they apply a commission for each transaction so that this perro be carried out without problems and to be able to fund their coffers for payment of the procedure.
Best banks with low commissions to exchange currencies
Commissions for this concept there are many, but it is convenient to choose banks where these are small, especially if you will be constantly sending international bank transfers or paying for services in another currency.
We have selected three banks that offer the lowest commissions for currency exchange:
ING, Largest number of currencies allowed for currency conversion
He ING Bank It has several advantages over other Spanish banks if we talk about the exchanges between the different currencies of the world.
Firstly, it offers small commissions to exchange currencies en línea from its own platform, and very affordable prices for sending money vía articulo within Spain.
If you request more than €300 in a foreign currency, you will get them at no shipping costif they manage to steal the envelope with your money, the ING bank will cover the figure up to €300.
Ibercaja, offers currency exchange to non-customers
Something that is repeated in most banks is the need for the person to be a customer to be able to exchange the euro for another currency, but the Ibercaja Bank It stands out for the possibility of providing this service to people who do not have services contracted with them.
The commissions for each currency exchange are very small, up to 0.05% for trips among other expenses binding on them.
Banco Sabadell, It has the lowest commission for currency exchange
Banco Sabadell is one of the most modern banks in terms of currency exchange system. with this bank You will be able to make a real-time calculation of how much the currency to receive will be for your amount of euros or another currency that you handle, for this they implement a graph and a calculator that calculates the amount of currencies to receive for your money.
If we also add that It is one of the 3 banks with the lowest commissions for the exchange Intercurrency is an excellent option to start working with other foreign currencies.
Advantages and disadvantages of exchanging foreign currency in banks
There are different advantages and disadvantages of exchanging foreign currencies at banks, the main advantage is that it is usually fast and safe, but the main disadvantage is that the bank’s exchange rates are usually include high commissions or values below the official exchange rate, but “with zero commissions”.
The ways in which you perro exchange your currencies are:
Through a payment with your debit or credit card: if your credit card is VISA, MasterCard, Discover, American Express, among other companies that operate internationally, and the currency you use is stable, most likely you perro pay directly to a point of sale that operates with another currency.
Your bank will automatically calculate how many of your currencies have to be sold to pay in the other currency.
At an ATM: If you have dollars or euros, you perro most likely withdraw from an ATM with foreign currencies available the necessary amount of them for the own currency with which you count.
In exchange houses: this currency exchange is normally carried out with physical currency and You perro do it in hotels, airports and tourist areas.
You perro also do it digitally in some exchange houses.
Through the bank’s website: normally people who need to make a payment in another currency to pay for an object to be imported or a transfer to a company or person perro make the currency exchange from the same banking platformto later carry out the transfer.
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