Travel App of the Week: XE Currency

XE Currency Converter App
The XE Mobile Currency Site has rates and charts just like their website; but it’s made smaller for phones. If you aren’t familiar with XE it’s a useful tool for converting money from all over the world. It gives users a better understanding of how much cash they should expect to receive when exchanging (before fees).

Note: None of these currency exchanges are completely accurate – that’s according to Bank of America. I learned that the hard way a few weeks ago when I did an international money transfer.

I ended up spending 30 minutes trying to find out why Bank of America took $200 out of a $7500 direct deposit from Canada especially when the bank in Canada said I would be getting $7,505 because the exchange rate was in my favor. I now know that you should always call the bank you are transferring to first to find out what exchange rate they are offering. The B of A agent told me that the currency converters online, in the newspapers and on TV are wholesaler rates geared towards banks who transfer millions of dollars of money at a time. He said on the day I transferred the rate for they were offering was $0.97 on the dollar. Also good to know is that both banks charge a transaction fee ($30 for B of A and $40 for the Canadian Bank). If I had known all of this beforehand I wouldn’t have made the transfer.

Johnny Jet

About the Author

Johnny Jet
I used to be afraid to fly and at times even leave the house! I conquered my fear (long story) and now I travel to 20+ countries a year sharing my firsthand knowledge, tips and deals with friends, family and readers. Please sign up to our free newsletters and tell your friends!

Be the first to comment on "Travel App of the Week: XE Currency"

Leave a comment

Your email address will not be published.