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Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency. You may be able to order currency at a branch location, by phone, or online to have it delivered to you or to pick up at a branch.

Using a currency broker can get you the best rates for large foreign exchange conversions. This is because a currency broker provides much better exchange rates than most high street banks, advice on market timing and also offers currency forwards.

One tactic companies use to work around currency controls, and to hedge currency exposures, is to use what are known as forward contracts. With these arrangements, the hedger arranges to buy or sell a given amount of an un-tradable currency on a given forward date, at an agreed rate against a major currency.

Where can you exchange currency without paying large fees? Use airport kiosks prior to leaving the US. Buy traveler's checks or foreign currency cash from your bank or credit union. Choose an online exchange bureau. Buy currency on arrival at your hotel or in popular tourist areas.

Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees.

Application to lease accounting Since a lessee's lease liability is a monetary item, the liability is translated using a current exchange rate at the end of each reporting period and foreign exchange differences are recognised in profit or loss.

Banks, credit unions, and online currency exchange bureaus and converters provide convenient and often inexpensive currency exchange services.

Local banks and credit unions usually offer the best rates.