Exchange rate: How to exchange my money effectively?

After the delivery of the july bonus and the proximity of national holidays, many citizens plan the best ways to use their money. 25% plan to pay their debts, another 25% will invest or save while 22% seek recreation in trips both inside and outside the country. Also, 18% will be used to buy household items and the remaining 10% will be used to pay for their studies.

Regardless of the decision that the person makes, it is important to always consider the exchange rate situation in the country in order to take better advantage of the extra money, especially the dollar, which has shown a downward trend in recent weeks.

How to change foreign currencies without losing money?

Exchange rates vary constantly and each financial institution applies its own commissions and margins. Review the advice of Marisol Quiñones, CMO Chief Marketing Office of Rextie, to be able to change money favorably.

• Compare mid-market exchange rates: Examine the interbank exchange rate, also known as the spot or real exchange rate, which acts as a benchmark for banks and large institutions. This is usually fair, with no extra margins or hidden fees.

• Avoid exchanging money at the airport: It is advisable not to leave currency exchange until the last moment, since the exchange rates there are not favorable and the commissions tend to be high. Organize your change with forecast and get a fair deal.

• Use online currency exchange services: Currently there are various online platforms for exchange, but you must take into account that they have a track record, support and that they are registered with the SBS.

• Create alerts and stay informed of the exchange rate: Do not lose sight of the value of the exchange rates and stay informed at all times to be able to make timely decisions when the exchange rate reaches your expectations or there are significant variations in the market.