Useful Tips for Currency Exchange

The exchange rate is one of the most important indicators that determines the state of the currency market in the country. The price of the US dollar or euro to the local currency is tracked in all banks, and everyone wants to find the best rate for today. But the search for a favorable exchange rate is more than just looking at data from commercial banks and the national bank, with a competent approach, it is also a good way to make money from the fluctuations of the currency market. That is why it is so important to react in time to changes in the exchange rate and to be able to predict the best moment for currency exchange.

When is it better to exchange money, and when should you wait? How to minimize losses from rate jumps? How to choose an exchange point with the most favorable exchange rate? We have collected the most relevant tips for you and if you are looking for money exchange – Rates is your choice!

Where can you exchange money besides banks?

Banks and exchange offices have two signs on the signs. The first is the currency buying rate, the second is the selling rate. Usually, banks buy currencies at a lower rate and sell at a higher rate, this difference is the bank’s profit.

Moreover, exchangers are special authorized institutions where you can buy or sell currency, they have a license. But there is a problem with money changers – it is the inconsistency of rates with the bank rate. There are certain requirements for such exchange points: complete information must be displayed on the stand (availability of a license, the current exchange rate, a list of all transactions).

In addition, you can exchange currency on the Internet. The number of such online exchangers is huge, and they work with all types of currencies. They offer a profitable rate, but charge a commission for their services, as well as a percentage that is paid directly by the client. But on the Internet, you can come across fraudsters who create special sites, attract customers with a good rate, and after transferring money to their account, simply disappear. Therefore, we advise you to use the Rates service, where only authorized exchangers are listed.

So, when exchanging currency, you must follow certain safety techniques, which consist of the following recommendations:


  • you need to choose an appropriate exchange rate;
  • you must know the amount you will receive after the exchange;
  • after receiving the amount, you must transfer it, it must match the settlement amount.

Is it better to exchange currency on weekdays or on weekends?

Of course, it is more convenient for all of us to deal with such matters on your day off, when you have the most free time. But it is absolutely not profitable. The best time to exchange is on weekdays. Banks form a rate taking into account the quotations of trades on the currency exchange, and the exchange, as you know, is closed on Saturdays and Sundays. Therefore, on weekends, all companies set the least favorable exchange rate to eliminate risks.

Best time to exchange: morning or evening?

The same theory applies to exchange time. All trading on the stock exchange, for example in the USA, is carried out in the morning. Therefore, banks set a narrow spread (difference) between their exchange rate and the exchange rate. In this regard, it is better to exchange currencies in the morning.

How is currency exchange during holidays?

Holidays, even if they fall on working days, are the worst time to exchange currencies. If you do not want to lose a decent amount of your savings, then it is better to wait. Every day, the national bank sets the official exchange rate of the dollar to the local currency, and other banks based on it set their figures, adding approximately 2%. But on holidays, the difference can be 3-4% or even more.

Does the season affect the course?

If you are considering currency exchange for the purpose of long-term savings, then it is best to choose the beginning of the year (from February to March) or autumn (October) for the exchange, it is at this time that a stable and favorable exchange rate of the hryvnia against foreign currencies is most often fixed. August and the end of the year are considered to be the worst time for the exchange, in which the strong growth of the dollar is recorded.

Is it more profitable to exchange large sums?

After seeing favorable numbers on the scoreboard of one of the exchange points, do not rush to rejoice. This does not mean that you will be able to convert the currency at the specified price. Such a preferential rate of purchase/sale of foreign currency can be applied only to large amounts. First of all, check with the cashier at what price the transaction will take place for your amount. Most often, exchange offices set such attractive numbers only for transactions from $5,000. And for operations through bank accounts, for example, with VISA cards accepted in 150 countries, there may be other conditions.

Is there a relationship between the exchange rate and stock market fluctuations?

Yes, stock exchange fluctuations affect currency rates around the world. Therefore, traders always closely monitor news and analytics. Exchange quotes close on Friday night. The opening of the new trading week begins on Monday at 00:00. But this does not mean that traders do not earn during this period. Exchange of currencies at the interbank level takes place around the clock and allows you to earn additional income, this is the peculiarity of the stock market.

If over the weekend there is a strong jump in the direction of buying or selling a currency, then on Monday the price will be significantly different from what it was on Friday. Therefore, it is very important to monitor the prices of currency pairs and take the necessary measures quickly.


Summarizing all of the above, we can advise you to always monitor the state of the currency market and consider all possible price fluctuations in your region. Only by being knowledgeable will you be able to get a good bargain!