Exchange of currency

[Sheyemanu]

Well, in reply to your question in the above post concerning how to exchange foreign currency to a local currency of your country like naira, well I personally make use of pair to pair trading on cryptocurrency to convert my currency

 

[Setho]

In the recent years, there has been nothing like that but I have recently headed of an app called moneymie that allows you to have accounts in both currencies.

 

[Shigobad2020]

Black market exchange rates are always better, however, it is risky. Those who acquire money from illegal sources use black market exchange in order to avoid being a caught bu the government's financial regulatory bodies.

The dangers in the black market exchange is what scares me the most in dealing with exchange of currency , though black market have a good and manageable exchange rate and they are easy to access.

 

[Patrik]

there are lot of missed information in your question, do you mean exchange money offline? if yes, then when sending money over countries, they get auto exchanged by money transfer agencies

 

[Nomad]

The dangers in the black market exchange is what scares me the most in dealing with exchange of currency , though black market have a good and manageable exchange rate and they are easy to access.

Here in my home country people exchange currency in the black market not because they are easily available but because they get the best exchange rates

 

[Razor1911]

Here in my home country people exchange currency in the black market not because they are easily available but because they get the best exchange rates

Both are advantage actually. A better rate and a low fees needs to be paid. Where as, any government firm will charge a hefty exchange charges which will eat up a whole lot of money.

 

[Kunkun]

Currency exchange is the norm especially when traveling out to a new country or something, also there are weaker currencies and stronger ones too in fact

 

[Trexxxy]

I think what you need to do is ask around especially from people who work in Banks to be able to link up with someone who exchanges currency for black market rates.

 

[ahmedo24]

The dangers in the black market exchange is what scares me the most in dealing with exchange of currency , though black market have a good and manageable exchange rate and they are easy to access.

Black market rates are only suitable for sellers of forex or cryptocurrencies but for buying for foreign currency it is better to buy from banks at official rate.

 

[Stylex]

Wow converting uk currency to things like naira is simple and easier but first of all one needs to convert the certain currency to dollars after that he can convert it to the particular currency he wants.

 

[Niftyyem]

You need to find someone you trust who can easily make the exchange for you in the country of the local currency, then pay in the account of your choice.

 

[Nomad]

I thin you should never deal with black market. It might look like you are profiting in the beginning, but ultimately you will be on the radar of the law enforcement authorities.

 

[Ub40]

I will still stand by the advise or suggestion someone gave above, that you should go online to do through research or go to your bank for more information, even though you may not see black market rate there. And personally, I don't see anything wrong using the black market, as one should try to cut cost to be in some reasonable profits. That is just my take.

 

[GIFTMICHAEL]

Even in U.S or the United their are local marketers who deal on currency exchange or conversion, you'll give them your Fiat and they'll convert it for you the one you need.

 

[Chibson]

There are online platforms that allows you to change one country's currency to another. I think some banks also do this depending on your country.

 

[tyrim88]

The rate of exchange with the commercial bank is very low and that is why a lot of persons are using black market licence outfit to change their foreign currency.The bearue de change have some of them who are licence,you can use them.

 

[eLdavis]

I think the best place you can find an exchange rate like that of the black market is the actual black market. Tho there might be some apps or organization that offer cheaper rates that might be abit close to that of the black market.

 

[Razor1911]

The rate of exchange with the commercial bank is very low and that is why a lot of persons are using black market licence outfit to change their foreign currency.The bearue de change have some of them who are licence,you can use them.

But the commercial banks will charge huge fees. It is better to convert your it in any exchanges and then transfer it to paypal. You will have to give less fees there than banks.

 

[tyrim88]

But the commercial banks will charge huge fees. It is better to convert your it in any exchanges and then transfer it to paypal. You will have to give less fees there than banks.

That is really a good option to consider.But paypal is not accepted in most countries.And that will be the limitation.I tried opening an account with them in febuary and during the verification,they coul not verify me through my bank,because my country is restricted.

 

[Setho]

I do not think there is a way which you can do this . the options you have is to use the official CBN money wiring or you use crypto currencies to send the money.