Reasons to Not Go to the Bank for Currency Exchange

Most people think that the only way to get currency exchange in Carol Stream is to go to their local bank. While they do offer such services, they usually require you to have an account or be a member, and they also charge higher fees. Studies show that you can spend up to 13 percent of your money on fees, which means that however much money you want, that amount is also added. While other companies charge fees, they usually charge less than the exchange rate of that day’s trading.

Ask About Inter-Bank Rates

If you still think the bank is the best place to go for foreign currency, ask them about their inter-bank rates, which is the rate they pay when they exchange money or when they trade with each other. This is the true rate, and banks put a margin on that, including their fees. They rarely disclose the fees themselves and prefer to give you the rate.

Can You Get a 0-Percent Rate?

The short answer is no; you cannot get the inter-bank rate by using any service. While there are ways to set it up that way, it is challenging to do, and it’s not recommended unless you are exchanging hundreds of thousands of dollars.

Get Lower Fees

You can choose from a variety of companies who offer lower exchange rates than banks. They do so because they want your business. They still make money, but not as much as the bank does when you go through them. Therefore, it is your best bet to exchange money into foreign currency for trips.

Currency exchange in Carol Stream is essential if you’re traveling abroad, so visit West Suburban Currency Exchanges, Inc. and find the nearest location.

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