Traditional Currency Exchange vs Online Currency Exchange

By Remitbee - Mar 12, 2021

Currency -- money in the form of paper or coins that is issued by the country’s government and used as a medium of exchange for goods and services. It is an inevitable part of our daily lives wherever we are in the world. It is where we get our buying power for tangible goods that we are to purchase. However, for the purpose of travel, business, and sales the need to exchange currency arises. It is done by executing buy and sell transactions. So for example, if you have U.S. Dollars and you want to exchange them for Canadian Dollars, you would bring your USD and use that to buy CAD. Currency exchange businesses that operate such transactions can be found in a variety of forms and venues. Want to try an online currency exchange?

Traditional Currency Exchange

The most commonplace for currency exchange in the airport. It is where travellers purchase the currency of their travel destination or exchange any excess money back to their local currency upon their return. There is also one in every corner of popular tourist spots around the world. It may be a stand-alone, small business operating out of a single office, or it may be a larger chain of small exchange-service booths at airports, or it may be a large international bank offering currency exchange services at its teller stations. Thus, traditional currency exchange happens in physical locations. You have to personally visit a money changer booth to be able to exchange your cash to another currency and will be given to you in cash as well. This method is good for occasional money exchanges because you have to personally go to the physical location of the money changer in order to exchange your currency.

Online Currency Exchange

As the name suggests, currency exchange services can also be found through businesses that offer these services online. This may be offered as part of the services provided by a bank, forex broker, or other financial business. In just a few clicks, you can pull out your local currency and exchange it for a foreign one or vice-versa -- straight into your bank account or a digital wallet. Very convenient for people who regularly need to exchange currencies such as remote workers, international students, and investors. Who has the time to regularly pay a visit to a physical money changer anyway? Life is demanding as it is and so this is where the convenience of online currency exchange comes in. Wherever you are, straight into your bank account.

Remitbee offers you a fast and easy way to exchange your money. The perfect solutions for conducting business overseas, or paying international tuition. Best of all, there are no fees at all when you use Remitbee Currency Exchange. Banks may charge you up to 4% to convert USD to CAD. So imagine if you earn 50,000 USD annually, the difference between using your banks and Remitbee is almost $1750 USD in savings.

Remitbee is on a mission to keep our fees and exchange rate transparent so that you can transfer money internationally while feeling safe and assured that you’re truly getting the best value for your hard-earned money. Sign up now so you can exchange up to $50,000 a day with no hidden fees!

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