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Conversion fees: When exchanging non-local currency for another foreign currency (e.g., exchanging USD for EUR in a non-EU country), fees can often be higher due to double conversion charges ...
Key takeaways. There are multiple fees associated with currency conversion, but some facilities charge significantly more than others. Planning ahead is the best way to save money by exchanging ...
Speculation: If speculators expect a certain currency to appreciate, they will buy a large amount of that currency, which will cause the exchange rate of that currency to rise. Conversely, if speculators expect a certain currency to depreciate, they will sell off a large amount of the currency causing the exchange rate to fall.
However, excluding the pegged (fixed exchange rate) currencies, there are only 130 currencies that are independent or pegged to a currency basket. Dependencies and unrecognized states are listed here only if another currency is used on their territory that is different from the one of the state that administers them or has jurisdiction over them.
If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread. The levels of access that make up the foreign exchange market are determined by the size of the "line" (the amount of money with which they are trading).
While there is “no general prohibition against handling large amounts of currency,” according to FinCEN, banks are still required to report all currency transactions (deposits, withdrawals ...