With the advances in technology and online security, exchanging foreign currencies online has never been easier.
But there’s more to it than simply being easy. If you often find yourself in possession of foreign currencies, you know what a nightmare regular exchange offices can be. Wondering from one place to another, hoping to find a decent rate, all the while carrying quite a bit of money on you.
The reasons to switch to online currency exchanges are many, and places like US First Exchange are a great place to start. It’s time to reap the benefits of fintech yourself, and here’s why.
Why You Should Try Online Exchanges
As we’ve said, there are many reasons why people prefer online exchanges to brick-and-mortar businesses. And it’s highly likely you will too. By exchanging your foreign notes online, you get:
- Better rates
- Foreign currency availability
- Exchange rate alerts
- More payment options
- Fast and reliable delivery
Not everyone puts their trust in online exchanges for the same reasons. Some value their comfort above all, while others care about competitive exchange rates. But the truth of the matter is that everybody wins by using online exchange offices.
1. Safety is Crucial
Carrying around stacks of cash with you can be incredibly dangerous. Even if it’s just some foreign currency that a local criminal will hardly get to spend. And it’s not like you’re much safer after leaving the exchange office.
Of course, this isn’t always the issue, especially if you plan on exchanging a small amount of foreign money. But the fact you’re reading this article suggests you probably have more than a small amount.
In that case, you should really look into online exchanges and keep reading. Safety is the number one concern that people have, and it’s only reasonable to find the safest option available. And nothing beats online currency brokers in terms of personal (and transactional) safety.
2. Get Better Rates
It’s quite common to hear people complaining about the poor exchange rates they got for their foreign currency. The less common your foreign currency is, the less likely you’ll get a decent rate.
What the online market’s done is create so much healthy competition that you simply don’t have to settle for any rate lower than you want. Go through online currency brokers’ websites, check their rates, and go along with the one that’s best for your foreign currency.
3. Foreign Currency Availability
Depending on how uncommon your foreign currency is, it’s possible you won’t be able to exchange it at all. Most exchange offices operate with a decent pool of foreign currencies, but yours may not be in it.
In that case, you’ve wasted hours of your precious time going from one office to another, only to find they don’t want your money.
That’s not the problem you’ll ever have with an online exchange office. Even if your currency is one of the more exotic ones, you’ll still be able to sell it online. Online currency brokers deal with emerging economies — after all, money is money.
4. Quick Exchange Rate Alerts
The best online currency brokers will have a feature that alerts users when a currency of their choice changes.
After you find the broker that’s just right for your needs, sign up for their exchange rate alert. You can usually set custom email alerts for a variety of currencies of your choice. On top of that, you’ll be able to opt for either daily alerts or instant, real-time notifications every time a rate changes.
It’s an excellent functionality that we can’t recommend enough. It goes without saying that you shouldn’t work with an online broker that doesn’t have such a useful feature in this day and age.
5. Various Payment Options When Selling Currencies
Suffice it to say that you can both buy and sell currencies at online exchanges, just like you would in person. When you’re buying currencies, you’ll pay a certain amount of dollars and wait for the notes to arrive. When selling, however, you’ll need to get your dollars somehow, and you’ll probably want more payment options to choose from.
Naturally, the best among online currency brokers will offer several payment methods. For most clients, e-checks, wire transfers, or checks in the mail will suffice.
An e-check is by far the quickest and cheapest method at your disposal since there are no fees attached. You’ll get a printable check in your email that you can print and deposit just like the regular check.
Wire transfers and checks by mail are also fairly quick. But both come with a fee that you have to pay to a bank or a post office respectively.
6. Fast Deliveries to Your Doorstep
We talked about how your safety is ensured when buying or selling currencies from home. But what about the delivery of notes to your doorstep? Is it fast? Is it reliable?
The answer is — absolutely. If you use FedEx, you can count on the same-day or next-day turnaround. That’s as fast as it gets.
When you’re buying currencies, most online currency brokers will also use FedEx to mail the notes to you. You’ll need to sign for your package — no one else can pick it up for you.
7. Nothing’s More Convenient
Last but not least, the king of exchanging money online — pure convenience. Some people don’t need all the other incentives we mentioned to start using an online exchange.
We’re all used to doing a myriad of things from the comfort of our own homes. We pay our bills, order food, buy clothes, and even participate in the stock market. Why not use the technology we already have at our disposal to exchange foreign currencies too? Especially given all the advantages we listed.
The time has come to add foreign currency exchange to the long list of activities that technology’s made incredibly convenient. Enjoy the future!
There’s no reason why you should avoid exchanging money online. If you’re worried about safety, you should know that buying or selling currencies online is the safest option.
And don’t get us started on amazing rates, fast delivery, and a variety of practical functions online currency brokers offer. It’s time to add foreign currency exchange to the extensive list of online services.