Do you plan to travel abroad? If you do this, learn the current currency exchange rates. So that you can plan your financial needs. The value of your money in different countries differs from the country in which you live. Know your dollar value before you leave. You must hand it over for exchange when you arrive at your destination.
You don’t want to be surprised when you get there and realize a tremendous difference in currency value. Your money is not worth its value in your own country. It may surprise you. Find your money is twice or three times more valuable in the country you visit than in other countries.
An excellent source of information about foreign exchange rates and other international financial services is www.currencysource.com. They provide information and services that meet business needs. Such as buying foreign currency, transferring funds to bank accounts abroad, or paying bills from international sellers. At the personal level, you can send international bank transfers to family or friends abroad. Pay for university tuition abroad, or deposit a deposit in a vacation rental abroad. Another prominent feature they provide is the currency converter on their homepage. You can understand the value of your money in almost any country in the world in a few seconds!
Another reason to understand currency exchange rates is to buy stocks abroad. For example, when you buy stocks in another country/region but are in your own country/region (e.g. online trading). Their dollar value may differ from the country/region where you invest. Want to see the exact currency exchange rates so that you appreciate how much you paid for these stocks. This seems to be a good price until you exchange USD. The fees you pay may be much higher than the value of the stock. Thus defeating the entire purpose of the investment.
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Photo by Ibrahim Boran on Unsplash
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