Exchange rates offered by other dealers or shown at other sources by us or other dealers including online sources may be different from our exchange rates. The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying currency. We provide all-in pricing for exchange rates.
The price provided may include profit, fees, costs, charges or other mark ups as determined by us in our sole discretion. The level of the fee or markup may differ for each customer and may differ for the same customer depending on the method or venue used for transaction execution.
In connection with our market making and other activities, we may engage in hedging, including pre-hedging, to mitigate our risk, facilitate customer transactions and hedge any associated exposure. Such activities may include trading ahead of order execution.
These transactions will be designed to be reasonable in relation to the risks associated with the potential transaction with you. These transactions may affect the price of the underlying currency, and consequently, your cost or proceeds. You acknowledge that we bear no liability for these potential price movements. When our pre-hedging and hedging activity is completed at prices that are superior to the agreed upon execution price or benchmark, we will keep the positive difference as a profit in connection with the transactions.
You will have no interest in any profits. We also may take proprietary positions in certain currencies. You should assume we have an economic incentive to be a counterparty to any transaction with you. Again, you have no interest in any profit associated with this activity and those profits are solely for our account. We do not accept any liability for our exchange rates. Any and all liability for our exchange rates is disclaimed, including without limitation direct, indirect or consequential loss, and any liability if our exchange rates are different from rates offered or reported by third parties, or offered by us at a different time, at a different location, for a different transaction amount, or involving a different payment media including but not limited to bank-notes, checks, wire transfers, etc.
We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline for example, by phone, email and direct mail that's customized to meet specific interests you may have.
If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.
Search Term. Bolivian Boliviano. Brazilian Real. British Pound. Brunei Dollar. Bulgarian Lev. Burundi Franc. Canadian Dollar. Cayman Islands Dollar. Central African CFA franc. Chilean Peso. Chinese Yuan. Colombian Peso. Comoros Franc. Costa Rica Colon. Croatian Kuna. Cyprus Pound. Czech Koruna. Danish Krone. Dominican Peso. East Caribbean Dollar.
Egyptian Pound. El Salvador Colon. Estonian Kroon. Ethiopian Birr. Fiji Dollar. Gambian Dalasi. Guatemala Quetzal. Guinea Franc. Haiti Gourde. Honduras Lempira. Hong Kong Dollar. Hungarian Forint. Icelandic Krona. Indian Rupee. Indonesian Rupiah. Iran Rial. Iraqi Dinar. Israeli Sheqel. Jamaican Dollar. Japanese Yen. Jordanian Dinar. Kazakhstan Tenge. Kenyan Shilling. Kuwaiti Dinar. Latvian Lats. Lebanese Pound. Lesotho Loti. Lithuanian Litas.
Macau Pataca. Macedonian Denar. Malawi Kwacha. Malaysian Ringgit. Maldives Rufiyaa. Mauritania Ougulya. Mauritius Rupee. Mexican Peso. Moldovan Leu. Mongolian Tugrik. Moroccan Dirham. Namibian Dollar. Nepalese Rupee. Neth Antilles Guilder. New Zealand Dollar. Nicaragua Cordoba. Nigerian Naira. Norwegian Krone. Omani Rial. Pacific Franc.
Pakistani Rupee. Panamanian Balboa.
For practical reasons, Lydian currency took on the form of a round coin, which became the first ever standardized unit of currency. Paper currency, on the other hand, was invented in Asia, and was brought back to Europe by Marco Polo after his travels to Asia. Modern currency is much more uniform and regulated. Major currencies in the world today take on the physical form of paper bills or coins which are easily carried on a person, but most of a person's currency is typically stored in digital accounts.
The value of these currencies is backed by the promise of their issuing governments, which makes them fiat money currency declared by the government to be an official medium of payment but is not backed by a physical commodity. Before fiat money existed, currencies were usually backed by a commodity such as gold or silver.
While modern currency is physically represented by coins and paper bills, most large-scale currency transactions are done electronically. Modern technology utilizes sophisticated currency exchange mechanisms and systems to exchange currencies between digital accounts rather than physically.
Even the exchange of currency for everyday goods and services such as groceries or haircuts involve physical currencies less and less due to the growing popularity of debit cards, credit cards, and mobile payments. Cryptocurrencies are digital currencies, operating independently of a central bank or authority, in which encryption techniques are used to regulate the generation of units of currency as well as to verify the transfer of funds. The current technology behind cryptocurrencies is called blockchain, which is a decentralized ledger of all transactions across a peer-to-peer network.
A prominent feature of blockchain is that participants can confirm transactions without the need for a central clearing authority, such as a central bank or government. The value of a cryptocurrency fluctuates, just like a regular currency, and they can be traded in the same way as any other currency. Some experts say that there is a slight chance that cryptocurrencies become the currency of the future. For the purposes of this calculator, Bitcoin is the only cryptocurrency available for conversion at the moment.
Currencies used in different countries are rarely, if ever, exactly equal in value. As a result, exchange rates the rate at which a currency is exchanged for another exist to enable the equal exchange of currencies. Real-time exchange rates are supplied by the foreign exchange market forex , the same place where most currency transactions take place.
The forex is a global, decentralized, over-the-counter market for the trading of currencies. Each day, trillions of dollars' US worth of currency is traded. The market functions at high speeds with exchange rates changing every second. The most common forex transactions are exchanges between the U. A forex quote always consists of two currencies, a base currency and a quote currency, sometimes called the counter currency.
The following is an example of a forex quote:. The base currency always equals exactly one. In the real world, most exchange rates are given in terms of how much a U. The euro is different in that it's given in terms of how much a euro is worth in U. When buying foreign currencies, there are usually two prices listed: the buying rate and selling rate.
The volumes of currencies traded are increased and decreased depending on the attractiveness of any particular currency, which depends on a multitude of factors such as political stability, economic strength, government debt and fiscal policy among others. Government central banks also have the ability to set a currency at a constant price through a method called pegging, which essentially tethers the value of one currency to another. The value or price of a currency is determined by its traded volume.
If a currency is competitively priced, traders will buy the currency, essentially driving up its value. If a currency is not competitively priced, traders may avoid buying, or even sell it, essentially driving down its value. Want to know more about how to predict the movements of a particularly currency? Read our guide. Get a Great Deal with our Online Price Promise When you exchange with Travelex, we promise to give you the lowest online price for foreign currency in the United States.
If you find a lower online price elsewhere for your foreign currency, we promise that we'll match it. Just contact us , and we'll refund you the difference between the price you paid and the price you found. Select the amount of money you need to exchange and the country that you're visiting 2. Here we break down some of the most common terms, giving you a better understanding of all things currency. Spread: This is the difference between the buy and sell rates offered by a foreign exchange provider such as us.
Sell rate: This is the rate at which we sell foreign currency in exchange for local currency. For example, if you were headed to the UK, you would exchange your US dollars for British pounds at the sell rate. Buy rate: This is the rate at which we buy foreign currency back from you and exchange it into your local currency.
For example, if you were returning from the UK, we would exchange your British pounds back into US dollars at the buy rate of the day. Vacation money rate or tourist rate: This is another term for a sell rate. Heard of the Big Mac Index? If you're looking for an easy way to understand all about exchange rates, look no further than the Big Mac Index. The foreign exchange rate offered is influenced by banks and trading institutions and the volume of currency they are buying and selling at any given time.
Choose Your Currency Select the amount of money you need to exchange and the country that you're visiting. Pay Online Pay for your foreign currency quickly and securely with your debit card or credit card. Big Mac Index. Why do currency exchange rates fluctuate?
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