Their website walks account holders each step of the way through the foreign currency process. Let’s look at Bank of America as an example for foreign currency exchange. This will help you better understand the additional fees you’ll be paying and get the best deal. However, Shannon Raisor, customer advocate at Wise, recommends comparing rates at different banks to the mid-market exchange rate. Those who decide to exchange currency in a bank, Seuthe said, will receive competitive rates. Take Our Poll: Are You in Favor of More Inflation Relief in 2023? Competitive Rates “This makes trading fast, reliable and hassle-free for those needing to quickly manage their international finance needs.” “Many banks have online tools which allow customers to access their accounts from anywhere and exchange currency easily at their convenience,” said Seuthe. Can you still receive the same type of attentive service in a virtual setting? Seuthe said yes. Some banks, especially online-only banks and neobanks, don’t have physical branch locations. Their knowledgeable team can answer any questions you may have to ensure you get exactly what you need. Not sure what you need or if you have questions about the exchange process? Carter Seuthe, CEO of Credit Summit Debt Consolidation, said working with a bank’s counter staff can provide guidance in navigating various currency options. If you have never exchanged currency before, you can certainly head to a bank where you will receive these benefits. Let’s take a look at some of the currency exchange options available to international travelers to determine if banks should be the top choice. Related: GOBankingRates’ Best Online Banks of 2023 Learn More: GOBankingRates’ Best Neobanks of 2023 See the List: GOBankingRates’ Best Banks of 2023 But is it the very best option, or could you go somewhere else just as easily to swap money? When it comes to exchanging currency, banks are generally cited as one of the best places to do so.
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