If a currency is not competitively priced, traders may avoid buying, or even sell it, essentially driving down its value. If a currency is competitively priced, traders will buy the currency, essentially driving up its value. The value (or price) of a currency is determined by its traded volume. Government central banks also have the ability to set a currency at a constant price through a method called pegging, which essentially tethers the value of one currency to another. The volumes of currencies traded are increased and decreased depending on the attractiveness of any particular currency, which depends on a multitude of factors such as political stability, economic strength, government debt and fiscal policy among others. One currency can be purchased by another currency through banking institutions or on the open market.
Currencies are traded (bought and sold) daily around the world. For example, if you want to exchange Australian Dollars into US Dollars.Ĭommission – This is a common fee that foreign exchange providers charge for exchanging one currency with another.Įxchange rates are influenced by banks and trading institutions and the volume of currency they are buying and selling at any given time. Spread – This is the difference between the buy and sell rates offered by a foreign exchange provider such as us.Ĭross rate – This is the rate we give to customers who want to exchange currencies that do not involve the local currency. In the business, this is sometimes referred to as a ‘spot rate’. We do not buy back all currencies, and buy-back rates differ from rates for ordering cash. Purchase foreign currency online, at a branch, or at 1-80. We offer more than 70 currencies available for use in over 100 countries. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. On your return, we can often buy back unused foreign currency cash at a Wells Fargo branch.
Spot rate – This is known more formally as the ‘interbank’ rate. Holiday money rate or tourist rate – This is another term for a sell rate. For example, if you were returning from America, we would exchange your US Dollars back into British Pounds at the buy rate of the day. For example, if you were heading to Europe, you would exchange British Pounds for Euros at the sell rate.īuy rate – This is the rate at which we buy foreign currency back from you into your local currency. Sell rate – This is the rate at which we sell foreign currency in exchange for local currency. By using website you agree to the cookies policy.Foreign exchange can be confusing, so to help break through the confusion, here are some common terms associated with currency: We use cookies to improve your experience and to make your stay with us more comfortable.
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