Understanding Currency Exchange: What It Means to Change Money from One Currency to Another
Changing money from one currency to another refers to the process of currency exchange, where you convert the money, you hold in one country's currency into the currency of another country. This process typically happens when you're sending or receiving money internationally or when you're traveling to or from a foreign country, and you or the recipient need the local currency.
Currency exchange ensures that the money being transferred or received is in the form that is usable in the recipient's country. It's an essential part of international transactions, whether you're sending money abroad, receiving funds from another country, or traveling to a foreign destination.
Can I send money in one currency and have the recipient collect in a different currency?
When you send money across borders, the recipient can only receive funds in the official currency of their country. For example, if you are sending money to someone in Kenya, they will need to receive it in Kenyan Shillings (KES), even if you are sending it in US Dollars (USD) or Euros (EUR).