Understanding Currency Exchange: A Guide for Interchange Clients
If you’ve ever traveled abroad, shopped online from international retailers, or needed to send money overseas, you’ve encountered the world of currency exchange. But what exactly does this process involve, and how can you get the best value for your money? Let’s break it down in simple terms and see how Interchange Financial makes the process easy and cost-effective for Canadians. What is Currency Exchange ? At its core, currency exchange is the process of converting one country’s money into another’s. For example, if you’re heading from Canada to Europe, you’ll need to swap your Canadian dollars (CAD) for euros (EUR). The rate at which you exchange one currency for another is called the exchange rate. This rate constantly fluctuates due to a variety of factors, including global economic trends, political events, and market speculation. Why Do Exchange Rates Matter? Exchange rates determine how much foreign currency you get for your money. Even a small difference in rates can have...