Why should you exchange money online (rather than in person)?

If you live abroad, or you’re traveling there, it’s important to know where to exchange currency. Save on fees and keep more of your money by handling it online instead of in person.

Xe Consumer

January 27, 20216 min read

Exchanging money online

Living and working in another country is an exciting experience. It gives you the opportunity to look at life through someone else's eyes and adapt to things that are unfamiliar to you. You also have lots of interesting stories to tell people back home.

However, one big part of living an international life is that you may need to exchange your currency or send money to another country. You could just do this in person at the bank or exchange provider, right? Well, yes, but that’s not the only way you can handle it.

The good news is you can quickly exchange money online instead of visiting a bank branch or a financial institution. If you often travel to other countries, you can also exchange money online and free up your schedule—you won’t have to visit a physical foreign exchange outlet. But the real bonus is that you can often save money by taking your transfers digital.

The internet has simplified life in so many ways, and exchanging money online is now easier than ever. And when you use services like Xe, you can trust that you’ll get great rates and service.

Here are some of the benefits of exchanging money online.

You get to keep more of your money

Before exchanging and sending your money, do a little research. If you decide to rush things and use a bank or wire provider, you’ll get less money because many of these providers add a large markup to the exchange rate. 

In-person exchange providers are known for adding a much higher markup, and even cash pickup transfers that you can initiate online often come with higher transfer fees.

If you’d like to get more money after the exchange, use an online currency exchange service like Xe. We offer competitive exchange rates so you can keep more of your cash. 

It saves time 

The best thing about exchanging money online is how much time you save. You don’t have to wait in line to be served at a bank or financial institution. If you’re a busy person, time is precious, because time equals money. 

In case you have an emergency or need to travel quickly, exchange your money online. It’s the fastest and easiest way to get money in another currency. All you need is an internet connection and an electronic device.

It’s convenient 

Exchanging money online is convenient because you only need a good internet connection. You can take time to compare different money exchange services to find the best deal, all from the comfort of your couch. 

If you're used to banking online, you’ll find exchanging money online easy. You can check live mid-market rates and decide whether to exchange money at that time or wait till rates get better.  If you’re happy with the current rate, it’s a quick process to sign in and get your quote for a money transfer.

When you exchange money online, there is no paperwork to fill out or paper receipts issued after the transaction is complete—the process is easy. 

It’s secure

Exchanging money in person is risky. There is always the possibility of the money getting stolen, especially if you carry lots of it. Using an ATM to exchange money is also unsafe because hackers can steal your personal information. You may also be uncomfortable walking around with huge amounts of cash. 

Exchanging money online is safer because the agencies are certified by international financial bodies. It’s not easy to come across dishonest dealers or companies with questionable money sources. What's more, any time you transact, you get a confirmation email or text, giving you virtual records you can always refer to. 

At Xe, our security is bank-grade and we adhere to security regulations in every country that we do business in. Keeping our customers’ money and personal information safe is our priority, and you can trust us to handle your transfers.

It’s readily available

Online foreign exchange providers operate around the clock. Customer support is available throughout via phone or chat. Whenever you have challenges with your transaction or issues that need to be resolved by a real person, you can quickly get help. 

The same cannot be said of physical foreign exchange providers. You can only make transactions at set times or talk to customer support during official working hours.

When you exchange money online, you get to use a payment method that’s convenient for you. Some sites offer reasonable minimum and maximum limits (with Xe, you can exchange up to $500,000 USD, and more). 

There are multiple currencies to choose from, and depending on the site or app, you may be able to exchange currency and send it to a bank account—cash isn’t the only way to get paid.

Where to exchange currency online

On Xe.com

Xe is a money transfer service and one of the most popular online currency exchange providers, mainly because of our affordable services. You can use Xe when you want to send money to someone in another currency. 

For example, if you live abroad, you can use Xe to send money to your family or business partner in your home currency. Xe allows you to send money to over 130 countries in over 60 currencies. And the best thing is you can make a transaction at any time from the comfort of your home.

Xe offers competitive rates compared to banks and in-person providers for sending and receiving money. The recipient will likely receive more money than they would if you had used your bank’s wire transfer service, and you won’t be surprised by any hidden charges.

Try Xe, the best online money exchange provider

Exchanging money online shouldn’t be complicated or expensive. With Xe, it isn’t.

Enjoy the benefits of online money exchange by opening a free Xe account. Use our platform to compare exchange rates and exchange money only when you’re happy with the rates.

Exchange rates fluctuate a lot, but when you use the Xe Currency Converter, you’ll know the live mid-market rates upfront. And as soon as you open an account, you can start exchanging more than 60 currencies. Our currency charts let you see how volatile a currency pair is, so you know the lowest and highest exchange rate, as well as the average.

Try Xe today. It’s affordable, convenient, and reliable. Can you say the same for those other providers?