Exchanging money across borders has become easier than ever thanks to digital banking platforms that facilitate international banking currency transactions. But with many options available, deciding how best to exchange your currency can seem daunting.
This comprehensive guide will walk you through the various methods for exchanging money with international banking and help you choose the right approach.
How to Do International Banking by Exchanging Money?
One of the most convenient ways to exchange currency when doing international banking is through a digital banking platform like Jetonbank.
Many modern digital banks allow you to hold balances in multiple currencies and convert between them with just a few taps in their mobile app.
When you need to exchange money with Jetonbank, the process is straightforward. Log in to your online account and select the "Currency exchange" feature.
Enter the amount you want to convert and choose the currencies. Jetonbank will show you the current exchange rate and estimated exchange fee. If you accept the rate, the funds will be converted instantly between your currency balances.
Digital banks like Jetonbank can offer highly competitive exchange rates since they deal directly in currency markets without large overhead costs.
Exchange rates are based on real-time market prices, so you're likely to get a better deal than at a traditional brick-and-mortar bank. And with no physical branches, digital banks pass the savings on to customers in the form of lower fees.
How Do I Exchange Money Using an International Bank Account?
Opening an international bank account with a provider like Jetonbank allows you to directly exchange funds between currencies held in your account balances.
Here are the basic steps:
- Sign up for an account and complete the online verification process, which usually takes 1-3 business days.
- Deposit money into your new account by wire transfer or debit/credit card payment. The funds will be credited in your home currency initially.
- Log into the banking platform and navigate to the currency exchange page or section.
- Select the currencies you wish to trade - for example exchanging euros to US dollars. Enter the exact amounts or use a currency calculator to estimate exchange rates first.
- Review the transaction details showing the amounts in both currencies post-exchange. Accept and confirm the trade.
- The exchanged funds will immediately become available in the new selected currency in your account balance to use as needed. No waiting at a branch required.
It's a straightforward solution for most international banking needs involving different monetary units. Just be mindful of any exchange rate markups, which tend to be low with reputable digital banks.
What are the Common Methods for Exchanging Currency with an International Bank?
Aside from direct account trades, the major ways to exchange foreign currency through an established international bank like Jetonbank include:
- Wire transfers - As mentioned earlier, this refers to electronic funds transfers between bank accounts located in different countries. Great for large business payments, property purchases abroad, or transferring savings internationally. Fees are usually charged as a small percentage of the total amount sent.
- International checks - Some banks facilitate currency exchanges by issuing or cashing checks in various world currencies. However, exchanges through checks usually involve multiple intermediary banks which can complicate the audit trail and delay arrival by 7-10 days.
- Prepaid travel cards - Prepay these debit cards in the currency needed for travel expenses. Cards can be loaded instantly online and funds withdrawn from compatible ATMs globally. Any leftover balance gets refunded post-trip at the initial exchange rate. Low cost and safer than carrying wads of foreign bills.
- Currency exchange at a branch - A few traditional banks still offer over-the-counter exchanges, but that limits you to the business hours of the physical location. Digital banks provide 24/7 access from any internet-capable device for exchange convenience at any hour.
Always compare exchange rates, timing, and fees to pick the most cost-effective method for each currency transaction needed.
Jetonbank delivers competitive options and digital ease across international settlement solutions.
How Long Does It Take to Complete an International Currency Exchange?
The processing time for an international money exchange depends on the method used.
With an enabling service like Jetonbank:
- Direct exchange between accounts is instantaneous once accepted on the platform. No waiting time.
- Prepaid travel cards can load funds instantly online, though physical cards may take up to 5 business days to deliver depending on the recipient's location.
- Wire transfers from one bank to another generally arrive in 1-5 business days internationally. Some economic regions like Europe and North America clear wires within only 1-2 days between institutions due to tighter regulations.
- International checks usually take 7-10 business days or even longer to clear since multiple domestic banks act as intermediaries during the conversion and settlement.
In contrast, traditional "over-the-counter" exchanges at physical bank branches are only as fast as the tellers can process them during business hours on weekdays.
Hours vary per location but on average this method may take 30+ minutes.
Digital banking solutions streamline cross-border exchanges for rapid completion, giving users more currency options and financial flexibility on demand.
What Should I Consider When Choosing a Bank for International Currency Exchange?
When deciding where to conduct international money exchanges, focus on these key factors:
- Regulation and trust - Ensure the bank is properly licensed in relevant jurisdictions to avoid unauthorized operators. Look for trusted names with a history of safeguarding customer funds.
- Exchange rates - Compare spreads from published sources like XE.com to evaluate which banks offer rates closest to mid-market pricing. Tighter margins mean you exchange more value for your dollars.
- Fees and costs - Note any percentages taken on transfers or flat charges for transactions. Also compare extra fees for rapid deadlines versus standard processing times.
- Convenience - Consider needs like 24/7 online access, deposit/withdrawal flexibility, branch/ATM networks, support options, and platforms for various devices.
- Capabilities - Confirm they exchange your targeted currencies and serve your region. Also check transfer limits and options like cards, wires or drafts suit your payment types.
Weighing these factors led a reviewer to select Jetonbank for its trust as an established fintech, great rates and flexibility, negligible fees, and convenience of anywhere banking on desktop and mobile. Our broad capabilities serve business and personal requirements internationally.
Whether sending funds abroad or traveling overseas with foreign currencies, securely conducting borderless banking requires the right provider.
A digital bank like Jetonbank streamlines the international money exchange process through anytime online access, fast processing, competitive rates and transparent costs.
Take a few minutes to explore Jetonbank's available services by visiting our website. You may be surprised at how easy managing finances globally can be with the tools offered.
After opening an account, you'll be set up to capitalize on opportunities worldwide through convenient currency exchange backed by leading fintech security and support.
