A currency exchange accepts the currency of one nation for conversion to the money of another country. Currency traders work on the same principle as a bank with transactions handled by a teller. The charge for a currency exchange’s services can take the form of a fee and or a lower exchange rate.
Finding a Currency Exchange
Currency exchanges can be individual storefronts, found in airports, train stations, and banks. Some department stores convert currency. Cash exchanges tend to be near tourist attractions.
When to Use an Exchange
In a foreign country, you exchange your nation’s bills and coins for those of the hosting government. If you receive foreign money, as a gift or payment, you will use a currency exchange in Hoffman Estates.
Advantages of Investing in Currency
Currency is not a fully recession-proof investment, but money is less profoundly affected by global economic downturns than other investments. Even during a recession, there are relatively few limitations on currency trades, and the demand for currency is high. Currency exchanges take place 24 hours a day, five days a week.
Other Currency Exchange Services
Some currency exchanges cash checks, sell prepaid credit/debit cards, and provide money orders. In Illinois, currency exchanges serve as satellite DMV offices providing the services of a state-run DMV office. Western Union wire transfer services are available.
Find an Exchange Near You
West Suburban Currency Exchanges has 25 offices in suburban Chicago, including a currency exchange in Hoffman Estates offering the services described above.