Q:

How do you buy foreign currency?

A:

Quick Answer

One way to exchange U.S. Dollars into foreign currency is through an exchange traded fund or an exchange traded note. These are similar to stocks, and gain or lose value depending on the exchange rate of the foreign currency.

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Full Answer

Another method is to open a foreign bank account and then buy foreign currencies with U.S. Dollars that have been deposited in that account. The easiest method for buying foreign currency in person is to visit a currency exchange shop or bank. Travelex and Wells Fargo are two examples of physical locations where customers can buy foreign currency based on the exchange rate.

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