Most seasonal travelers recommend exchanging Naira for foreign currency before you travel outside the country. Exchange as much as you need or can afford to, because it’s way more difficult to exchange Naira for foreign currency once you’re abroad.
Whether you’re traveling outside the country or you just want to exchange currency for any number of reasons, you will find this article extremely useful. Listed below are places you can exchange currency at the best rates without huge fees. They are listed in the order of preference:
Bureau De Change Offices
Before you go on your international trip, visit a registered Bureau De Change company for their currency exchange services and rates. Bureau De Change operators offer up to date currency exchange rates than you can get from any other financial institution.
Rates are never constant and vary among different Bureau De Change operators. Some operators provide rates largely dependent on the volume of currency you want to exchange. For example, the higher the amount you want to exchange, the better the rates.
Bureau De Change provides fast service turnaround. These days you can exchange money within 5 minutes and get hard currency.
Online Bureau De Change
Exchanging currency online is gradually becoming a thing in Nigeria and Respected FX is at the frontier of this revolution in the industry. Exchanging currency online works best when you have a domiciliary account for this reason:
It makes it easier to receive funds and here’s the best part – you won’t have to move around with a huge pile of hard currency.
Whether you’re looking for a currency exchange business in Kano, or you need the services of a Bureau de Change in Aba – you can use your phone to easily exchange currency with Respected FX online.
Exchanging currency at local banks is still the oldest form of currency exchange. It has both its advantages and disadvantages. One of its advantages is the security that comes with transacting at the bank – but again a lot of Bureau de Change services now have bank standard security.
The main disadvantage of using banks aside from the queue and tedious process you might encounter at the banking hall, is that you get to exchange at official exchange rates which depending on your needs might not be so bad.
Where you should not exchange foreign currency
- Airports or travel kiosks
The one place where you don’t want to exchange foreign currency anywhere in the world is the Airport. Why is that so you may ask…The answer is simple. They take advantage of your helplessness because you are about to board. They know your alternatives are limited, if you even have one at all. So, they charge unreasonable fees at the worst rates you can ever get. So, make sure you exchange your currency before you start going to the airport. You should only keep this option as a last resort.
- Local Market
If you think the airport exchangers are bad, there is the local market where you find many unauthorized dealers who are worse. You can mostly find them near the airport trying to look for an unaware victim. No matter how much you bargain in the local market, you always end up at a loss. Or even worse, where you’ve been dealt fake currency. This goes without saying, beware of these unauthorized dealers who try to cheat you when exchanging currency
Where to exchange currency today?
Respected FX is a Bureau de Change that’s revolutionizing the currency exchange market in a way that’s never been done before. You can literally exchange currency in minutes and get paid fast. Respected FX is a Tech-forward company that is leveraging the best technology in finance to speed up and ensure the security of transactions. You can rest assured you get the best service and rates with Respected FX.