How Currency Exchange Rates are Determined

Foreign Currency Exchange
How Currency Exchange Rates are Determined

How Currency Exchange Rates are Determined

Traveling for work or for fun includes a range of tasks to be completed! Beyond packing and having your passport updated, you need to have the correct currency to spend wherever you are going. It can be easier to have your funds on hand before you go with our foreign currency exchange services at Cash2Go Financial. Our team can help you exchange your U.S. dollars for the currency of your destination and exchange it back once you return.

The Lowdown on Exchange Rates

The rates are literally the amount that you can exchange one currency for another. They are always fluctuating and changing depending on a variety of factors if they are a floating exchange rate. If they are pegged or fixed to another currency rate, they can still float. Understanding the exchange rate while traveling is important to helping you have the best travel budget and ensure that you are able to do everything you want and not be left without the funds to fully have the best time. 

Floating exchange rates are impacted by the supply and demand principle. The rates shift as the two currencies supply, demand and value shift. Additional factors that impact rates include if the country is facing any specific challenges related to politics, war, inflation, GDP, trade, the banking industry and public debt. The majority of exchange rates are allowed to float and are determined by the ongoing financial and trade activity that occurs throughout the world as part of the currency market. Unfortunately, there can be short-term issues that also affect a country’s currency exchange rate, such as a natural disaster or if there are rumors or speculation about the political climate of a country. Government leaders and central banks will intervene in a floating rate that is not favorable to help keep their country’s exchange rate and financial climate on a favorable track.

Connect With Us for the Exchange

You do not need to know the exact exchange rates before you stop in to see us! We will talk through what you are receiving in exchange for your U.S. dollars before you travel and vice versa. We have many locations throughout the Chicagoland area where you can walk in at your convenience and quickly receive the foreign currency that you need before you travel. You can also take care of additional financial services before you head out of town on your world adventure. You might want to pick up a prepaid debit card if you do not have a credit card on-hand. Our Cash2Go team can help with a copy of your birth certificate before you receive your passport. We also can help you obtain a marriage certificate or death certificates.

Visit us for assistance today. If you have any questions, we are also available to help you today through our online contact form.   

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