Wandering around the city with a pocketful of foreign currencies you want to exchange is never a good idea.
Too many times do people find themselves in risky situations while looking for the least exorbitant exchange office, only to settle for a rate that’s far below what you should accept.
There’s no reason to go through all of that now that online currency brokers such as the US First Exchange offer better deals than most other financial institutions.
Read on to find out why online foreign currency exchange is the best and safest path to take.
Why Exchange Foreign Currencies Online?
Let’s say you really do end up in the situation we described. You find yourself with spare cash in a foreign currency that you need to exchange.
You don’t need us to tell you how unsafe that is, especially if you’re visiting a new city for the first time. It’s simply never a good idea to walk around with too much money on you, no matter the currency. Going from one exchange office to another can mark you as a potential target for the watchful, malicious eyes.
Even disregarding security risks, you’re probably going to get abysmal exchange rates for your currency. It just won’t be worth your time.
Finally, depending on the foreign currency you’re trying to exchange, you might end up wasting hours, days even before you find an exchange office that accepts your money. That’s too much time spent (and money lost) on brick-and-mortar businesses that just don’t cut it anymore.
You can alleviate all of the above by doing business with an online currency broker. It’s secure, the rates are more competitive, and you can exchange most foreign currencies. And you can do all of that from the safety of your home.
How to Buy or Sell Foreign Currencies Online?
Once you find an online exchange with favorable rates and secure shipping methods, it’s usually quite simple to get the service you need.
For Buyers
If you’re buying, all you need to do is select the currency you’d like to purchase and enter an amount. Every high-quality exchange service will at this point show you the rate and how much you need to pay to get the currency you need.
After that, it’s time to choose a payment method. The rule here is — the more, the merrier. It’s just good business practice to provide clients with multiple payment methods. For most customers, credit card, bank draft, and wire transfer options will suffice.
Before you enter the shipping details, however, the currency brokers will want to verify your identity. That way, they’re providing an additional security layer to protect you, the customer, from wrongdoers.
If a currency broker performs identity verification, you’re in good hands. It just shows dedication to providing safe and secure transactions.
Once all is done and dusted, all that’s left for you is to choose a shipping method and give delivery information. And then you wait a period depending on your chosen shipping method.
You’re not just getting better rates than banks or exchange offices would give you. By exchanging money online, you get the safest delivery to your very doorstep. It’s certainly more secure than carrying the cash on you.
If You’re Selling…
For sellers, the situation is a bit more complicated, but still beats the disadvantages of traditional exchange offices.
The initial process is largely the same. You select the currency you’d like to sell, set the amount, and check the exchange rate. Then you’ll choose how to get paid, provide an address, and verify your identity. Verification is just as relevant during the selling process as it is when you’re buying.
What’s different about the selling process is you have to follow certain procedures and practices to ensure the safe arrival of the money you’re selling.
A common practice is to require shipping kits from currency brokers. They’ll provide you with instructions on how to properly package your currency and then send it. It’s crucial you follow the detailed instruction to secure your shipment. Your broker of choice will lay out all the relevant information, and it’s up to you to follow them to the letter.
After completing the sell order, you will need to provide proper packaging. First of all, avoid transparent packaging. If you can see what’s inside of the package, so can someone with ill intentions.
Also, consider which envelope you’d like to use. Manila envelopes for transporting documents are usually a good choice, as well as the resistant Kraft ones.
Use rubber bands or paper clips to hold the banknotes together. The point is to secure notes from both theft and damage. Currency brokers will not accept damaged notes.
Now that your shipment is safe and secure, you will usually have to write an invoice number on the envelope. Then you’ll have to put the printed invoice inside the envelope with the money. This part of the process differs from one broker to another, but most of them will require invoice information both on the outside and inside the package.
And that’s it. You’re ready to send the notes to the currency broker.
Safety Is Paramount
What we mentioned above is the bare minimum your shipments should meet. But there’s more you can do to further improve your package’s safety.
A golden rule is to never disclose the contents of your package to anyone, including the shipping clerks. Don’t prepare your package in public areas — do it at home or some other sufficiently private location.
Also, always go with shipping services that offer shipment tracking, and make use of that service. Track your shipment through the company’s tracking portal, and send the same number to the currency broker so that they may track it themselves. It’s a good idea to give the broker the tracking information as soon as you have it.
Finally, make your package tamper-proof. Tape over all of the corners and edges that might provide easy access to the package’s content.
To Sum Up
Buying and selling foreign currencies online has never been easier or more secure than it is today.
The rates are better, the transactions more secure, and the entire process is simply more convenient. You get the safety of a bank transaction in the comfort of your own home.
If you have foreign currencies to exchange, don’t shy away from online brokers — it’s an all-around service that you can’t get anywhere else.
