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What is a Currency Exchange
Money Exchange process deals with trillions of dollars everyday in the foreign exchange market. Foreign Exchange or FOREX market is the largest market compared with any other trading markets. In the money exchange market, you can get foreign currencies by exchanging the equal amount in your local currency.
Your currency is denoted as Base Currency and the exchange currency is called as the Counter Currency. Exchanging your money depends on the foreign exchange rates. Because, the money exchange rates differ from one country to another country.
If you are newly visiting a country and don’t know how to exchange your cash, then there are a lot of money exchange brokers available to assist you when buying and selling foreign currencies. They will collect some fee for your money exchange process.
Banks, ATMs, Airports, Train Stations, Travel Agency and Hotels, their transaction fee should be higher than the FOREX companies. Apart from these exchange brokers and other money exchange places, Foreign Exchange Companies will offer some additional services and also charging low commission fees only to their customers. They are providing the best rates on services.