Government central banks also have the ability to set a currency at a constant price through a method called pegging, which essentially tethers the value of one currency to another. The volumes of currencies traded are increased and decreased depending on the attractiveness of any particular currency, which depends on a multitude of factors such as political stability, economic strength, government debt and fiscal policy among others. One currency can be purchased by another currency through banking institutions or on the open market. Currencies are traded (bought and sold) daily around the world. For example, if you want to exchange Australian Dollars into US Dollars.Ĭommission – This is a common fee that foreign exchange providers charge for exchanging one currency with another.Įxchange rates are influenced by banks and trading institutions and the volume of currency they are buying and selling at any given time. Spread – This is the difference between the buy and sell rates offered by a foreign exchange provider such as us.Ĭross rate – This is the rate we give to customers who want to exchange currencies that do not involve the local currency. In the business, this is sometimes referred to as a ‘spot rate’. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. Spot rate – This is known more formally as the ‘interbank’ rate. Holiday money rate or tourist rate – This is another term for a sell rate. For example, if you were returning from America, we would exchange your US Dollars back into British Pounds at the buy rate of the day. For example, if you were heading to Europe, you would exchange British Pounds for Euros at the sell rate.īuy rate – This is the rate at which we buy foreign currency back from you into your local currency. Sell rate – This is the rate at which we sell foreign currency in exchange for local currency. And the more you use Citex club card the more you get back.Foreign exchange can be confusing, so to help break through the confusion, here are some common terms associated with currency: You will also benefit from unique City Exchange offers. More PRIVILEGE CLUBĬustomer card to join City exchange customer clubīeing a member of Citex Gold club or Citex Silver club, You will immediately start earning great rewards from City Exchange. Please find below some of the major correspondent banks that we have tie up with. We have tie up with major banks across the globe and are working towards increasing this list. We realize that sending money is just much more than the value of the money when it reaches safely at speed of just seconds to your loved ones using our technologically advanced platforms. Sending & receiving money is an act as old as money itself, over the years the means and ways of money transfer has changed, but what has not changed is the emotion behind sending money.
Established in 1975 as Sherif Exchange, we have continued our operations in money transfer and currency exchange market with the new name City Exchange from 1992. One of the leading money exchange companies in Qatar, City Exchange is synonymous with customer satisfaction providing safe, secure and speedy remittance of money to all over the world.
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