Years ago before the advent of the Internet, Telephone Banking, EFT's, Wires, ACH and other Electronic Funds Transfer methods, the average person had to find a bank or retail money changer to exchange currency.
Unless you were willing to go from location to location to find the best rate you were subject a wide range or rates and service levels.
How things have changed in the Currency Exchange Business in the last 15 years.
There are now many ways to buy and sell almost any currency, any time, from anywhere. Not only has retail cash exchange become more secure, professional and convienient but digital media has allowed for unpresidented speed and convienience to move money around the world.
Retail Foreign Exchange Services
Just like it has been for hundreds, if not thousands of years, someone looking to exchange foreign cash could always find a financial institution or money exchanger willing to exchange it. Retail Foreign Exchange comes in many forms like Airport Kiosks, Retail Mall Locations, Banks, Cheque Cashing Stores, and even some Pawn Shops.
So what are the pros and cons of using a retail location or bank to do your foreign exchange?
Pros of Retail Currency Exchange:
- Your entire transaction can be completed in one visit with all paperwork checked and funds tranfered immediately
- No need for a computer or Internet Access
- You can exchange cash for cash directly
Cons of Retail Currency Exchange:
- Getting to a retail location with associated expenses can be time consuming or have assocaited costs like parking
- You are subject to the location hours of operations
- Line Ups and Tellers who might not understand the process of doing international money transfers and exchange
- Some banks charge higher fees when transacting in person than online.
For many people, visiting a professional and secure retail location like one of the many Calforex Retail Locations is a great choice.
Online Currency Exchange Services
 While most major banks are still a bit behind on allowing their clients to do online foreign exchange there are many options that allow the average person or business to book their own trades and do their own exchange online.
So what are the pros and cons of online foreign exchange?
Pros of Online Currency Exchange:
- Book your trade 24/7
- No need to see anyone face to face
- Funds transfer can happen faster than waiting for a retail agent or branch to process the trade
- Often a wider selection of available currencies than what a retail location or bank might have
Cons of Online Currency Exchange
- You may need to provide additional information when not doing a face to face transaction
- Possible Internet Issues
- No live person to talk to if you run into problems.
While there are pros and cons for using both retail and online currency exchange the growing trend is definately with online user booked transactions via a software tool like Calforex Edge.
With online booking of trades in Calforex Edge users can:
- See live market rates and book when it is convienient for them
- Specify one of many forms of money in and payment out (ie. fund account via certified check and pay out via international bank wire to one or multiple payees)
For more information about the Calforex's Online Trading Platform for Business and Private Clients please visit the Calforex Edge Website.
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