Currency exchange – at a bank or in a bureau de change? Which offer is more beneficial?

Exchange of currencies is a daily event for businesses operating on foreign markets. Other people exchange money to repay their loans in foreign currencies, for shopping or travelling abroad, and to enjoy their holidays. Regardless of the reason for exchange of currency it is worth to do it at as favourable rate as possible, not forgetting that the client may make use of multiple options, and that the broad offer facilitates selecting the best alternative. Clients who consider exchanging currencies have the following options:

• currency exchange in banks:

People who value traditional ways of exchanging the currency will remain loyal to transaction conducted at the cash desk of their bank. However in that case we must be aware of less favourable rates and the fact that in many facilities it is possible to exchange only the most popular currencies. A huge advantage of this option is its safety. The convenience related to using payment card is obvious and unquestionable for some people, but deciding to pay abroad with this method we must remember  about costs of currency exchange operations. We can, of course, avoid these costs by using a payment card which is assigned to a foreign currency account, nowadays offered by majority of banks. However we still have to bear in mind the currency exchange rates in several banks. Purchases at the foreign bank or withdrawal from the ATM in the country of destination turn out to be less profitable as well.

 

• the currency exchange in stationary bureaux de change:

Stationary bureaux de change offer much more favourable rates. The difference can be as much as over ten Groszy. The client is sure about the exchange of currency and that the money will not vanish. A bureau de change is also easy to find. Even if it is not found in the area, it will be found in local shopping centre or at the station for sure. The exchange in the bureaux de change is easy, The exchange rate list allows us to check the right amount of exchanged money. The bid- ask spread in bureaux de change reaches 4- 5%. They work legally and have special permits and are entered in the Register of activity of bureaux de change (Pol. Rejestr Działalności Kantorowej). In addition, when exchanging larger amounts, we can negotiate more favourable rates and we do not have to do any paperwork.

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