There are several reasons to exchange foreign currency. For example, you might want to diversify your investment portfolio, take advantage of exchange rate fluctuations to acquire more liquid assets and pay lower commissions than in other investments, or prepare for an international trip to avoid high card fees.
In this article, we run through some ways to exchange foreign currencies and explain why converting currencies with Skrill could be a great option for you
How to exchange foreign currency?
In the past, foreign currency exchange was only possible in person at a bank branch that offered exchange services or in a bureau de change. Although these options are still available, they’re often inconvenient and you’re likely to be offered poor exchange rates.
Nowadays, you can exchange currency from the comfort of your own home using services such as online banking, online brokers or financial service providers and digital wallets, such as Skrill. Many of these services specialise in foreign exchange and international transfers.
Can I exchange foreign currency with Skrill?
With a Skrill account, exchanging currencies is quick, easy and secure.
To convert some or all of your balance to another currency, all you have to do is to go to the ‘Exchange’ section of your account, choose the currency you want to exchange, input the amount you want to convert and confirm the transaction.
Once you’ve completed an exchange, a separate, secondary balance is created in your account in the new currency. There’s no limit on how many secondary balances you can hold, nor the number of transactions you can make.
Advantages of exchanging foreign currency online
Competitive exchange rates
What’s the value of the pound today? It depends on where you buy it. Most banks and exchanges will charge higher fees to convert a currency than those offered by online providers.
Convenience and speed
Forget the queues: you can check the exchange rates and make a transaction at any time, anywhere.
If you want to change British pounds to US dollars, most exchange offices will have this currency in stock. But will they have the amount you’re looking to get? And what if you need to convert your funds into a rarer currency?
Carrying physical cash can make you vulnerable to theft. This way, the entire exchange is done digitally.
Start exchanging foreign currency with Skrill today:
1. Open your account here and verify your account
2. Deposit funds via bank transfer, card or an alternative payment method
3. Go to the ‘Exchange’ section in your account and start converting your balance