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Naira strengthens against dollar ahead of CBN FX sales to BDCs - Parallel Market Rate Aug 29, 2020: $1 to N471 Aug 30, 2020: $1 to N465 Aug 31, 2020: $1 to N450 Sept 1, 2020: $1 to N430 Sept 2, 2020: $1 to N420 The Naira has gained N51 in 5 days. The naira has strengthened at the parallel market to N420 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators. Before the announcement, the naira had been trading as low as N480 against the dollar. Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users. The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced. The CBN also said deposit money banks shall continue to sell forex for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.
Central bank freezes 38 firms’ accounts over forex infractions, others
This is the best tl;dr I could make, original reduced by 49%. (I'm a bot)
The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies. The affected accounts belong to betting companies, bureau de change companies and some logistics companies, according to a report on Saturday. The report stated that the companies were being accused of forex infractions, moving forex abroad without the required authorisation and "Economic sabotage." In a September 4 memo signed by the Director of Banking Supervision, Bello Hassan, read, "You are hereby required to place the under listed accounts on post-no-debit with immediate effect and revert with the account names, numbers, currencies and balances of all accounts placed on PND.". A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts have been blocked but money can be deposited into the accounts. The apex bank said only the listed companies should be placed on PND adding that all related accounts be excluded.
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Nigeria Central Bank freezes 38 firms' accounts over forex breaches
This is the best tl;dr I could make, original reduced by 55%. (I'm a bot)
The Central Bank of Nigeria has directed all banks to initiate a post-no-debit on the bank accounts of 38 companies over alleged forex infractions among other violations. The affected bank accounts are mainly for bureau de change, betting and logistics companies, The Cable reports. "You are hereby required to place the under listed accounts on post-no-debit with immediate effect and revert with the account names, numbers, currencies, and balances of all accounts placed on PND.". As per the directive, CNB ordered banks to submit names, addresses, and Bank Verification Numbers of all the exporters who have failed to repatriate their export proceeds. Nigeria ranks as one of the major hubs for forex trading in Africa. A Post-No-Debit is a direction where banks do not allow any withdrawals or transfers from the bank account of account owners.
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Hi People, I have no background in trading but have formal training in PE my Family own a bureau de change / currency exchange in an emerging market so can someone explain to me how I can hedge that business by trading forex or how it would work thanks in advance ? Africa and Asia to be specific
Hi People, I have no background in trading but have formal training in PE my Family own a bureau de change / currency exchange in an emerging market so can someone explain to me how I can hedge that business by trading forex or how it would work thanks in advance ? Africa and Asia
-Pakistan to host ‘AdAsia – Asian Advertising Congress’ this year In a logo unveiling ceremony held at Faletti’s Hotel Lahore, on Sunday, it was revealed that AdAsia 2019 —Asian Advertising Congress is going to be held in Pakistan this year. AdAsia is the largest and most prestigious advertising congress in Asia, organized bi-annually by the Asian Federation of Advertising Associations (AFAA). The AdAsia 2019 Congress will be held in Lahore at the Lahore International Expo Centre from December 3 to 5. The theme for the Congress is ‘Celebrasian: Celebration of Advertising and Creativity in Asia’. -IDB to lend Pakistan oil worth $4.5 bn The spokesperson for the Ministry of Finance on Saturday claimed that the Saudi-backed Islamic Development Bank (IsDB) will lend Pakistan oil worth $4.5 billion. “The IsDB will lend Pakistan oil worth $4.5 billion over three years. The oil will be lent in three installments of $1.5 billion each every year,” the spokesperson added. The Ministry of Finance spokesperson further said that in the first phase they have received oil worth $100 million and oil worth $270 million will be lent in the second phase. “We are also in talks with the IsDB regarding lending of liquefied natural gas (LNG),” the spokesperson added. -Economic revival: PTI government relief package earns Rs 125 billion immediately The federal government’s relief package for the stock market in the ‘Mini-budget’ on January 23 has brought positive impact. KSE-100 index settled at 40,254 points with a rise of 958 points within one week. The business-friendly concessions including abolition of the advance tax of 0.02pc on share trading under Presumptive Tax Regime and super tax in the mini-budget have been welcomed by the stockbrokers and industrialists altogether. -69 women constables complete elite commando training in K-P Over 7,000 personnel of the Khyber-Pakhtunkhwa (K-P) police, including 69 women constables, have successfully completed a grueling Elite Commando Training Course. As per a statement issued by K-P police’s public relations, the police personnel completed training in 15 basic courses conducted at different training centres. Most policemen, including the women constables, voluntarily opted for the tough four-month long course. The communique also said another batch of women commandos is currently being trained and shall soon be elevated to the rank of elite commandos. -Karachi police chief makes surprise visits, suspends four police officials In a surprise move, Additional Inspector General Police Dr Amir Shaikh on Saturday visited different areas of the city, disguising himself as a common citizen to witness the performance the police force. A police spokesperson said that the Karachi police chief suspended four police officials, including two ASIs over violation of duty rules and harassing public. He said that the police officials were found harassing people instead of controlling traffic at MT Khan Road in Sultanabad. The officials were from Jackson and Sultanabad police stations, said the spokesperson and added that the police chief had directed SP Traffic city and DSP to submit report over the issue. In-charges of Jackson and Sultanabad police stations along with record keepers were also summoned by the AIG Dr Amir Shaikh, said the spokesperson. -In a historical move, Pakistan elected as Vice Chair of Asia Pacific Ministerial Forum Pakistan was elected as the vice chair at the third UN Environment’s Forum of Ministers and Environment Authorities of Asia Pacific that was held in Singapore from January 23 till January 25. The newswas revealed in a tweet by Adviser to Prime Minister on Climate Change Malik Amin Aslam. He said Pakistan got elected to the position owing to the country’s ‘sincere and dedicated’ environment preservation endeavours. -Pakistan Army achieves historic milestone on Pakistan Afghanistan border fencing Director General of Inter-Services Public Relations (ISPR) Major General Asif Ghafoor Sunday said work on about 900 kilometer fence along the Pakistan-Afghanistan border had been completed. Briefing a team of journalists and anchor-persons at Ghulam Khan, a bordering village in North Waziristan Agency,he said the work on erection of about 1200 km chunk, the most sensitive portion out of the total 2600 km long border with the neighbouring country, had commenced last year. Zero Point is the entry and exit point of Pakistan from Afghanistan where a formal border post was constructed last year Major Gen Asif Ghafoor said the project would cost about Rs 70 billion, which also included the cost of gadgets and surveillance equipment to keep strict vigil on the illicit movement from across the border. He said the fence had amply helped check the movement of terrorists from across the border and it would further assist after completion of the project which was expected to culminate next year. The visit of media-persons was conducted for the first time in the country's history as no such activity could have happened as all the area had been “no go area” for the civilians or even by the security forces themselves. -Foreign Media representatives visit North Waziristan, stunned with Pakistan Army successes against terrorism Local and foreign media representatives on Sunday visited Peshawar, Miranshah, and Ghulam Khan Border terminals along with Director General ISPR Major General Asif Ghafoor for the first time after military operations. It was the first direct interaction of the media with local people, who while standing in Miranshah Bazar, talked to reporters about improved peace situation and administrative issues in the area. They lauded Pakistan Army for its efforts in restoring peace and development. -Pakistan Cement Exports register significant rise in first half of FY 2018 - 19 The export of cement from the country witnessed increase of 32.4 percent during first half of current fiscal year as compared to same period of last year. The export of the commodity increased to $157 million in July-December (2018-19) against the export worth of $118.586 million in sameperiod of last year, a latest data released by Pakistan Bureau of Statistics (PBS) said. In term of quantity, the cement export recorded 55.52 percent increase to 3.671 million Metric Ton (MT) during the period under review as compared to export of 2.36 million MT cement during same period of previous year. On year-on-year basis, the cement export jumped by 78.02 percent to $25.89 million in December 2018 from $14.54 million of cement export during December 2017, the data revealed. The overall export of goods during first half of current fiscal year recorded an increase of 2.19 percent to $11.216 billion against the exports of $10.976 billion recorded during same period of last year. -KP Tourism. Potential stuns audience at International Tourism Fair in Europe A large number of visitors, tourists and investors thronged the stall of Tourism Corporation Khyber Pakhtunkhwa (TCKP) at the tourism trade fair at Feria de Madrid, Spain, and showed keen interest in the KP’s tourism potential. The TCKP team highlighted salient features of the cultural and tourist resorts through video documentaries, pictures, brochures and posters. The visitors were informed that 70 percent of tourist resorts were located in KP and the foreign tourists can now visit any place without any restriction and obtaining Non-Objection Certificate. The KP participation in fair encouraged the international tour operators to bring cultural and mountaineering expeditions to the province, which will highlight Pakistan as one of the best tourist destinations for international tourists. -Foundation stone laid for $200 million knowledge city in Pakistan, first ever in County's history Prime Minister Imran Khan Sunday inaugurated the first academic block of the NAMAL Knowledge City. The vision behind Namal Knowledge City is to create a hub of knowledge exchange and research in Mianwali. The Knowledge City will include academic blocks, a knowledge center, a sports complex, sports grounds, a hospital, technology parks, business centers, shopping malls, a dairy farm, a resort, software houses, hotels, a primary school, and a housing colony for the faculty. A total of US$ 200 million will be spent on the construction of the Knowledge City which will be built on the concept of a zero carbon foot print and completed by the year 2027. It will have a population of 11,000 with construction spread over 4 million square feet. It will accommodate 7,000 students with 600 faculty members. -E Rozgar Programme launched, Click for Registration The Punjab IT Board and Ministry of Youth Affairs has jointly launched a three-month free E-Rozgar Training Programe for the youth, aimed at imparting vocational training to the jobless, enabling them to earn their livelihood honourably. In this regard, the admission has started for enrollment in these technical courses and the last date for the on-line registration is the 9th of the next month. The requisites of getting admission include that the applicant should have an NCIC, his minimum age 16, maximum age 35 and should be jobless. -Pakistan China ink deal worth billions of dollars today: Report A Chinese company will invest billion of dollars in mineral exploration and processing projects in Khyber Pakhtunkhwa. A Memorandum of Understanding in this regard has been signed in China today. According to Khyber Pakhtunkhwa Minister for Mineral Development Dr. Amjad Ali, the Chinese company will setup mineral industrial park in Rashakai Special Economic Zone. -Pakistan's NESPAK completes 3,900 mega projects in Pakistan and across 37 countries of World worth Rs 19,000 billions National Engineering Services Pakistan (NESPAK) has successfully completed 3,900 development projects within Pakistan and 37 in other countries with an accumulative cost of Rs 19,000 billion since its establishment, 45 years ago. NESPAK Managing Director Dr. Tahir Masood told media here Saturday that foreign countries where NESPAK has extended engineering consultancy services were mostly located in the Middle East, Far East, Central Asia and Africa. In this way, he added, NESPAK had placed the country on the export map of the world and was committed to provide multi-disciplinary engineering consultancy services with the highest level of professionalism and dedication. -Government launches Dominted Bank bond PTI government is launching yet another economic initiative for overseas Pakistanis to attract billions of dollars for balance of payment and enhancing reserves. PTI government is launching dollar-denominated diaspora bond named Pakistan Banao Certificate (PBC) on January 31st. The diaspora bond is being launched to take advantage of international savings of overseas Pakistani’s and bolstering its foreign exchange reserves. According to details shared by the Finance Minister Asad Umar , the certificates would be of two types, one of three years offering 6.25% return and the other with five-year maturity offering 6.75% return. Mr Umar said four banks had been selected to complete the transactions. -Rupee hits seven-week high at 138.78 Pakistani currency has recovered to a seven-week high at Rs138.78 against the US dollar in inter-bank market on Friday, according to the State Bank of Pakistan, after the country successfully mitigated the risk of default following receipt of $2 billion from friendly countries. Simultaneously, the rupee revived to a four-week high at retail market to 139 against the greenback on Saturday, according to a forex website. “The $2 billion inflows from the UAE and Saudi Arabia (on Thursday and Friday) has partially eased the panic at currency markets,” said a banker on condition of anonymity. -PM Imran discusses major proposals to revive PIA As Pakistan International Airlines (PIA) struggles to rein in mounting losses, Prime Minister Imran Khan discussed major proposals presented at a high-level meeting to turn around the financially troubled national flag carrier. The prime minister chaired the meeting at the PM Office earlier this month, which was attended by top cabinet members, civil bureaucracy and military officers. The premier directed the authorities to arrange additional guarantees of Rs15 billion as interim relief for PIA. A proposal was endorsed to freeze PIA’s outstanding dues, amounting to over Rs80 billion, which were payable to the Civil Aviation Authority (CAA) along with late payment surcharge, according to minutes of the meeting available with The Express Tribune. -World Bank releases $58m for house financing The World Bank has disbursed $58 million for house financing in Pakistan and the federal cabinet has approved the transfer of the fund to Pakistan Mortgage Refinance Company (PMRC). “It ($58 million – Rs7.8 billion) is a World Bank credit line for PMRC,” PMRC Managing Director and Chief Executive Officer Mudassir Hussain Khan told The Express Tribune. “The cabinet has approved the transfer of the fund. It will take around a week to 10 days before the money reaches PMRC account.” -Talks between Pakistan, China for FTA to begin next month Federal Secretary for Trade, Younus Dagha has said that the talks between Pakistan and China for a Free Trade Agreement (FTA) will commence next month. Talking to a delegation of the Trade Development Authority’s officials in Lahore, he expressed optimism that the new trade agreement with China will help thrive national economy and would be in the best interests of both the friendly countries. “The trade deficit of Pakistan has decreased by five per cent during the incumbent government and our exports are increasing day by day.” He said the expansion of the trade volume with India depends on the decisions of the governments of both the countries. He informed that trade with Afghanistan is also improving. -Amended finance bill to reduce cost of doing business: PEW The Pakistan Economy Watch (PEW) on Sunday said the recently amended finance bill will reduce the cost of doing business which in turn, will reduce the prices of many items. The move will support businesses and help exporters regain ground in the international market as the government has reduced and abolished several taxes to lift economic activities, it said. The government will lose almost seven billion rupees in revenue but it will gain more in the shape of foreign exchange, said PEW President Dr. Murtaza Mughal. He said the recommendations will be applicable from the next fiscal term but it has already elevated business sentiments as many leading business groups are planning to boost investments. -Economic reforms help PSX gain 958 points in week The benchmark KSE-100 index accelerated by 958 points in the outgoing week and settled at 40,265 points, providing a weekly return of 2.44pc, owing to improved sentiment on account of the economic reforms package announced by the government. The Finance Supplementary (Second Amendment) Bill, 2019 was broadly focused on improving ease of doing business, incentivizing export-oriented/industrial sectors and elimination of domestic growth hampering impediments. A key demand from the stock market to abolish the advance tax of 0.02pc was accepted, while the government also allowed capital losses to be carried forward for three years, thereby impacting the investor sentiment positively. -Govt to announce medium-term economic framework in coming week: Hammad Azhar The Minister of State for Revenue Hammad Azhar on Friday said the government will announce a medium-term economic framework in the coming week. The forthcoming medium-term economic framework will bring measures that will enhance exports and investments, said Azhar while speaking at a seminar on “Economic Reforms: Way forward”, organised by the Sustainable Development Policy Institute (SDPI), reports an English daily. He shared the government is moving towards execution a direct taxation regime whilst gradually restricting indirect taxes. Mr Azhar underlined that the supplementary budget which was announced on Wednesday didn’t target fiscal and monetary measures but was an economic reforms package to resuscitate and enhance growth and investment. -Economic reforms package to help boost exports, trade and investment State Minister for Revenue Hamad Azhar on Friday said that economic reforms package announced by the PTI government will help in boosting exports, trade and investment. Talking to a private news channel, he said the economic reforms package will prove to be helpful in overcoming the trade and fiscal deficit. Mr Azhar said due to effective economic policies of the Pakistan Tehreek-e-Insaf (PTI) government, the international investors are desirous of investment in Pakistan. The government is taking many steps for the revival and betterment of the economy, he added. -Tale as old as time: Labyrinth of tunnels discovered under Lahore Fort A labyrinth of underground tunnels, as well as hidden basements, has been discovered under Lahore Fort. Immortalised in short stories, these passages have always been hidden from the naked eye. However, during excavation, the Walled City of Lahore Authority (WCLA) has discovered two underground tunnels and an arsenal which are currently under restoration. A symbol of the opulence of the Mughals, Lahore Fort has kept many a secret for hundreds of years; secrets which are now slowly being revealed. During excavation and restoration work, WCLA recently discovered a passage of underground tunnels which run underneath the fortress. This has caused tourists, hungry for information on the underground tunnels, to throng to the citadel and present their own theories on how the passages were used. -Indonesia, Pakistan ties poised for a quantum leap, says envoy Counsellor and head of cultural section Embassy of Republic of Indonesia Deny Tri Basuki has said Indonesia and Pakistan share strong socio-cultural and religious bond rooted in history. Pakistan and Indonesia stand proudly together as two of the largest Muslim populated countries and emerging economies of creative and talented people. He expressed these views on the occasion of a business gathering organised by tourism ministry of Indonesia in collaboration with the Indonesian embassy. A large number of stakeholders hailing from the travel and aviation industry of Pakistan attended the event. -Japanese aircraft take part in pre Aman-19 exercise The Pakistan Navy is hosting the 6th series of AMAN-19 – a Multinational Maritime Exercise – in February 2019 in Karachi, and two Japanese Naval P3C aircrafts of Deployed Maritime Force for Anti-Piracy Enforcement (DAPE) visited the PNS Mehran in Karachi for the pre-AMAN-19 exercise. According to a press statement issued by the navy’s Director General Public Relations (DGPR) on Saturday, the Japanese aircrew participated in various events including search and rescue (SAR) and counter piracy (CP) exercises along with the navy aircrew. The Japanese contingent also visited maritime and Pakistan Air Force (PAF) museums to learn about the historic achievements of the two forces. -‘Chinese, Russian firms keen to invest in PSM’ Adviser to Prime Minister on Commerce Abdul Razak Dawood revealed that three Chinese and three Russian firms have shown interest in investing in Pakistan Steel Mills (PSM). Addressing a ceremony held for the inauguration of International Steels Limited’s new plant, he said that the committee tasked with revival of PSM has drafted its recommendations and the Economic Coordination Committee (ECC) will make a decision by March. -China has given Pakistan additional access to its market: Dawood Prime Minister’s Adviser for Trade and Industry Abdul Razzak Dawood on Saturday said the government is working to hammer out national industrial and tariff policies, ARY News reported. Dawood while talking to industrialists in Karachi, said that China has granted Pakistan an additional access to its market. “We are working to slash unnecessary imports and increase exports”. He said unnecessary items will be removed from shelves of super markets and precious foreign exchange will not be spent on such imports. The adviser said the government has taken effective steps to facilitate business in mini budget, which will be approved in next seven day. -Pakistani Teacher Shortlisted for Cambridge’s Most Dedicated Teacher Award Cambridge University Press has shortlisted a Pakistani teacher, Ahmed Saya, for the ‘Most Dedicated Teacher’ award. Ahmed Saya, an A-level teacher from Karachi, is one of the six brilliant minds around the world to be shortlisted for the prize. The competition included entries of 3500+ teachers from over 140 countries for the prestigious award. Cambridge’s official Twitter handle said it was a tough call, but they shortlisted six teachers for this year’s Dedicated Teacher Awards. -Swiss Investor to Open A Chain of Luxury Hotels in Pakistan Swiss International Hotels & Resorts is mulling to open a chain of its luxury hotels in different cities of Khyber Pakhtunkhwa (KP). The President and CEO of Swiss International Hotels & Resorts, Henri (Hans) WR Kennedie informed this to Chief Minister KP Mahmood Khan during a meeting on Friday. During the meeting, Henri told CM Khan that they were already working on a plan to establish luxury hospitalities in various parts of the province.
Trade shares on blockchain for the first time – The cryptocurrency market has evolved extensively since its inception with the birth of Bitcoin. Bitcoin has inspired the creation of other cryptocurrencies, and the DIM (Data Interchange Module) is one such altcoin. It is available in two versions: DIMCOIN and DIM Currencies. The DIMCOIN is a speculative coin that can be exchanged against other cryptocurrencies, while the value of the respective DIM Currency is equivalent to the fiat currency that it is exchanged from. Furthermore, only the DIM Currencies can be used as a means of payment in the DIM Ecosystem. The DIM Ecosystem offers services such as cryptonisation (virtualisation) of equity, trading in cryptonised shares and assets, cryptocurrency exchanges, crypto-fiat currency exchanges, e-commerce, debit card purchases, business transactions, and commodity trading. All of these functions and services can be accessed through computers and hand-held devices. The DIM and DIM Ecosystem are created and operated by the DIMCOIN Foundation, and are based on the NEM blockchain technology. NEM offers a unique two-tier design using node reputation, spam protection, and incentivised infrastructure through supernodes – all to ensure safe and secure online trading and transactions. The access tool to the DIM Ecosystem is the personal Depotwallet which will be distributed by the DIMCOIN Foundation. WISE Consulting is intended to become the bureau de change for the DIM (DIMCOIN and DIM Currencies) within the DIM Ecosystem. Hybrid Stock Exchange (HYBSE) is the online trading platform for global issuers and investors and it provides a range of cryptonised assets like: Shares, ETC (Exchange-Traded Commodities), ETF (Exchange-Traded Fund), ETN (Exchange-Traded Note), Crypto-Forex Exchange, Index, Startups – IPO, Startups – ICO and Pirate Market. Our experienced team lend their understanding and ability in technology, financial services and compliance to developing and maintaining DIMCOIN.
I have seen lots of posts where people talk about getting merchants to accept bitcoin. It would be a lot more effective to encourage bureau de change/currency exchange shops to exchange bitcoin. They could even use bitpay if it made them nervous losing value holding Bitcoin. Why isn't this a thing already I wonder? They stock or can get weird currencies if you want so surely Bitcoin isn't the most obscure, plus they could charge even crazier fees than usual and make money. EDIT: Did a bit of research. Forex market is 5 trillion daily. Bitcoin is about 50 million a day. So Bitcoin would need to grow 1000 times in daily volume to get as big as say 20th most traded currency, the Danish Kroner which is 1% of forex. if you take bitcoins busiest day ever it is about 10 times that volume https://blockchain.info/charts/estimated-transaction-volume-usd?showDataPoints=false&show_header=true&daysAverageString=1×pan=all&scale=0&address=
Tips for avoiding card fees and banking charges when traveling abroad long-term
I’m leaving on January 1 for open-ended travels, and I thought some of you might find it helpful to see how I am planning to use credit cards, debit cards and cash to minimize fees and currency-exchange costs while abroad. First, though, I should point out that I’m from the US and using US-based cards, so all the research I’ve done is from that perspective. And my first several destinations will definitely be in Europe, so I assume I’ll be able to use a credit card at most of the places I’ll go. On past trips, I mostly tried to spend cash everywhere. I have a Chase checking account, and at the beginning of each week I was abroad, I would take out cash for 7 days from a local ATM, for which Chase would charge a flat $5 plus a fee for converting the cash. Most months, this worked out to about $25 in charges, and I just sort of wrote that off as a necessary expense. This time, I want to be smarter about both avoiding fees and security — I was tempting fate by using a debit card exclusively for all these years. Here is my plan: The Cards I’m Bringing On My Trip First, I’m following the advice of Marcello Arrambide at Wandering Trader and setting up two accounts with my bank, still Chase. One has a debit card attached to it, and the other doesn’t. That way, I can easily control the amount of cash my debit card has access to. Second, I’ll bring a Chase Sapphire Preferred credit card, which is what I’ll use for all of my non-cash payments. That card has no fees for foreign transactions, and that’s the main reason I got it. Here are a few other American credit cards with no foreign transaction fees, courtesy of Nomadic Matt:
Capital One VentureOne Card
Chase Ink (business card)
United Mileage Plus
Some Discover cards
Barclays Arrivals Plus World Elite Mastercard
There are many more such cards, so just about anyone who qualifies for a credit card in the US can find a decent card to use abroad. Tips for Using Credit Cards
Don’t let a merchant charge you in any currency other than the local one. This dynamic currency conversion comes with a fee, which can be as much as 5%. So, you’re basically paying 105% for whatever you buy when you do this.
Rick Steves even points out that some merchants will hand you a receipt with totals in both the local currency and one in your home currency. In those cases, his advice is:
Circle or check the amount in the local currency before you sign. If your receipt shows the total in dollars only, ask that it be rung up again in the local currency.
As /protox88 pointed out in a Money Matters thread a while back, don’t use your credit card to take out cash. That’s what your debit card is for.
Ideally, you would be able to put most of your spending on your no-transaction-fee credit card and pay that off each month. That would be the cheapest way to spend money abroad — but far too many places are cash-only for that to work. So, you’ll likely have to eat a charge for taking out money. The trick is to strike a balance between going to the ATM only sporadically and not carrying around fat wads of cash. Getting Cash No matter how you pay, you’ll lose a little bit of money on exchange rates. Credit cards tend to have the smallest spreads. After that are ATM withdrawals (and worst is exchanging cash at a currency exchange / bureau de change desk). When withdrawing cash, it’s best to use an ATM inside of a bank rather than one on the street. I’ve had my debit card data stolen a couple of times by opting for convenient ATMs at a metro station (usually during a night out). The cheapest options for using an ATM are if your card is from a bank that’s a part of the Global ATM Alliance, and you’re withdrawing from an ATM that’s part of that alliance. Keeping ATM withdraws within this network mostly eliminates foreign ATM charges, though there are some exceptions. Again, protox88 has some helpful advice: Alliance members might still charge a forex spread (the cost of exchanging currencies) of 2.5% on your withdrawal. No matter what, you’ll likely get charged something for taking cash out of an ATM because it costs banks money to exchange currencies.
Open a Schwab checking account and you'll have no fees at any ATM worldwide.
Exchanging Currencies Currencies and forex are a huge topic, and one that used to make my eyes glaze over. After a few years of dealing with this stuff, I’ve learned a few things:
Don’t exchange money at an airport currency exchange kiosk. Their spreads — the difference between what they’ll buy and sell a foreign currency for — are terrible. Use an ATM at the airport before exchanging money.
Keep an eye on spreads as you travel. Usually, a currency exchange will set its buy price 2.5% lower than the official exchange rate and its sell price 2.5% higher. So, if the euro is trading at US$1.10, you’re getting a good deal if a currency exchange will buy your dollars at US$1.09 per euro or sell you euros for US$1.11. I spent a lot of time in the Baltic states, and some of the sketchiest little currency exchange booths had the best exchange rates you’d find in Riga or Vilnius.
Also, keep an eye on exchange rates in general. If your spending money is denominated in dollars right now, you’ve got more buying power in most countries than you would have 15 months ago. I was in the Eurozone when 1 EUR = US$1.50, and that was painful. Now, it’s just below US$1.10, which isn’t far off from some US retail prices once you factor in state sales taxes.
A Bureau De Change (BDC) is defined by the Central Bank of Nigeria (CBN) manual as a retail foreign exchange dealer carrying on the business of Personal Travel Allowance (PTA), Business Travel ... City Bureau De Change Forex Bureau Limited : Com'ty 18 Junct, Spintex Rd: Greater Accra Region : [email protected]: 0307032546: City Main Forex Bureau Limited : Adabraka, Accra: Greater Accra Region : [email protected]: 0244289282 / 0277635164: Coastal Forex Bureau Limited : Royal Lane, Cape Coast: Central Region : coastalforx ... Nairobi Bureau De Change, is a privately owned entity registered in Kenya and has been operating since 1995. The Bureau is licensed by the Central Bank of Kenya and is also a member of Kenya Forex Bureau Association. Our Vision is to become the preferred regional partner of comprehensive foreign exchange services with integrity. We acknowledge our social responsibility to our employees and the ... F X Africa Bureau De Change. Address: Cnr. Cango & Caves Rd, Oudtshoorn, 6620, South Africa, Western Cape. See full address and map. Categories: Foreign Exchange Service . American Express Foreign Exchange. American Express Foreign Exchange. Address: 56 Bird St, Stellenbosch, 7600, South Africa, Western Cape. See full address and map. Categories: Foreign Exchange Service. Rennies Foreign ... A Forex bureau or bureau de change is not a new word one might be coming across for the very fast time. It is a worldwide over the counter market for trading of currency. Forex bureaus profit is made by selling a currency at a higher price as compared to the buying price of the same currency and commissions charged per transaction. The rates of exchange at the Forex bureaus are entirely ... Open Door Bureau de’ change. Botswana's Leading forex exchange company Pula, Euro, US Dollar, Pound, Rand and Namibian Dollars. All Major Credit cards are accepted. Previous Next. Subject to prior booking we can also sell Australian dollars, and other currencies. We also offer telegraphic transfer services in any major currency, including Australian Dollars, that the client may require. We ... Trouvez le bureau de change le plus près de votre position avec le répertoire des bureaux de changes de la province de Québec. Trouvez le meilleur taux pour échangez vos devises canadiennes en devises étrangères: dollar américain, dollar canadien, euro. Répertoire des Bureaux de Change au Québec.
Money Exchange Software - How to perform cross currency transaction
Change new, uncirculated $100s to Shillings, give those Shillings to Kenyans deserving pay for their assistance. And when the traveler leaves the Forex office, move fast into the crowds, make ... exchange rate software, bureau de change software and forex online software. The software system can be use in Bureau de change Cambios, travel agents Foreign currency wholesalers Tourist shops ... exchange rate software, bureau de change software and forex online software. The software system can be use in Bureau de change Cambios, travel agents Foreign currency wholesalers Tourist shops ... The Central Bank of Nigeria says it will resume the gradual sales of forex to Bureau De Change operators from the 7th of September. Ifeoma Onyejekwe, Fixed I... 0% Commission on Foreign Currency. This video is unavailable. Watch Queue Queue exchange rate software, bureau de change software and forex online software. The software system can be use in Bureau de change Cambios, travel agents Foreign currency wholesalers Tourist shops ... This video is unavailable. Watch Queue Queue. Watch Queue Queue