Summary
Have you ever wondered about the value of those foreign coins sitting in a jar, leftover from your last vacation? If you have, keep reading to learn about exchanging dollars for foreign currency.
Ever wonder about the value of those foreign coins sitting in a jar, leftover from your last vacation? Exchange rates change every day and can even fluctuate by the hour, making it hard to pin down just how much your money is worth. First, keep in mind it could fall into one of two categories:
- A free-floating exchange rate is tied to foreign markets.
- A fixed exchange rate will be based on the value of another currency.
Whether you’re leaving the country or just trying to bank on your unused foreign money, some key pieces of information will help you know what decision makes the most financial sense.
How Much Are Your Mexican Pesos or Canadian Dollars Worth? Head to a Foreign Currency Exchange to Find Out
The first thing someone in possession of foreign currency usually wants to know is how much the money is currently worth. Figuring that out might help you determine if exchanging it is worth the effort. Checking online at FiscalData, a U.S. government website, will give you an idea of what to expect.
Better yet, when you stop by a CFSC Currency Exchange you’ll get more information and assistance, including:
- The exchange rate for your currency
- The chance to trade in your foreign currency for U.S. dollars on the spot
- The chance to exchange U.S. dollars for foreign money
- And access to other helpful financial services while you’re there
Is it Better to Exchange Currency Shortly Before You Leave the Country?
Many travelers prefer to exchange dollars for foreign currency shortly before they leave the country. With so many other details to worry about, it’s nice to know you have some money in your pocket that can be used as soon as you cross the border or exit the plane.
Do You Have to Use Foreign Currency by a Certain Date?
The idea of money having an expiration date may seem strange, but it does happen. If you plan to use another country’s currency, don’t wait too long! In 2016 the country of India got rid of some of its older bills, and in 1999 the Euro was introduced, replacing the currencies in twenty different European countries.
Will Your Foreign Currency Lose Its Value Over Time?
The relative value of a currency can rise or fall, particularly in comparison with other currencies around the world. But the value of hard money tends to go down over time, just like the U.S. dollar.
Sudden depreciation in currency can happen for various reasons. Is the political situation unstable? If so, a form of currency can quickly lose its purchasing power. A country’s manufacturing productivity can be an indicator of strong monetary value – which means the opposite situation could also devalue those bills sitting in your drawer.
There’s another factor to consider when exchanging money, which is how strong the currency in question is compared with the U.S. dollar. Clearly, a bit of math is involved in determining which direction the value of money is headed.
It’s Easier to Exchange Paper Money Than Coins
About that jar of pesos. You may have noticed it is not so easy to exchange foreign coins. Some banks only take paper bills. Contact your nearest Currency Exchange location to ask about denominations that are accepted and any possible fees so you know just what to expect when you arrive.
Use Foreign Coins – Or Sell Them to Someone Going to That Country
Because foreign coins are harder to use once you’re back home, it’s wise to use them up at small vendors or airport shops before returning home. However, if the currency you’ve stockpiled at home has significant value, consider selling it to someone going to that country of origin. If all else fails, children and coin collectors always appreciate interesting new coins.
Get the Foreign Currency You Need at CFSC in New York, Wisconsin, Indiana & Illinois
Select CFSC Currency Exchanges in Illinois, New York, Wisconsin and Indiana can help you exchange your foreign currency. Give us a call first to make sure we can make the transaction at that location and find out everything else you need to know about getting (or getting rid of) foreign currency.