Foreign Exchange - Frequently Asked Questions - Buying and Selling - FAQ

What is a currency exchange ?

A currency exchange is an agency or business that trades currencies, i.e. buys and sells foreign currencies. A currency exchange where you used to buy your travelers cheques, which are no longer available.
They are located in busy areas, especially tourist areas, such as tourist districts, airports or train stations.

How to recognize a currency exchange ?

In French, the term "currency exchange" is widely used throughout Europe and in French-speaking Canada, where it is common to find a sign indicating "exchange" or "change". Since the adoption of the euro, many currency exchange offices display the logo prominently on their signage. Abroad, in addition to the local language, bureaux de change are described as "currency exchange" and sometimes "money exchange" depending on the country. This description is sometimes followed by terms such as "foreign", "desk", "office", "counter", "service". Foreign currency exchange offices may be described as "foreign currency exchange office".

What is an exchange rate?

In finance, an exchange rate is the rate at which one currency will be exchanged for another. It is also considered to be the value of one country's currency against another. For example, an interbank exchange rate of 1.16 US dollars to the euro means that 1.16 dollars will be exchanged for 1 €, or that 1 US dollar will be exchanged for 1 euro. In this case, we say that the price of one euro to the dollar is $1.16, or equivalently that the price of one dollar to the euro is $1/1.16.

Each country determines the exchange rate regime that will apply to its local currency. For example, a currency may be floating, pegged to a foreign currency or hybrid (pegged to a basket of currencies). Governments may also impose certain limits and controls on exchange rates.

How is the exchange rate determined?

Each country determines the exchange rate regime that will apply to its currency. As we have seen, currencies can be floating, indexed (fixed) or hybrid. If a currency is floating, its exchange rate can vary in relation to other currencies, and is determined by supply and demand on the foreign exchange market. The exchange rates of these currencies are likely to change almost constantly as they are quoted on financial markets, mainly by banks, around the world. A floating or adjustable peg is a system of fixed exchange rates, but with provision for the revaluation (usually devaluation) of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the US dollar at 8.2768 RMB to the dollar.

How to read an exchange rate chart

It's important to know that on the exchange rate tables found in currency exchange offices, the terms "buy" and "sell" are always from their point of view. In other words, "buy" is when the currency exchange buys the currency, and "sell" is when the currency exchange sells the currency. You also need to pay attention to any taxes, fees or commissions that some bureaus charge, which Abacor does not. The easiest way is to ask explicitly, for example "how many dollars do I get if I give you 1 euro?

When you're in France and in the euro zone, the pivot or reference currency is the euro. As a general rule, if you have euros, look at the column with the lowest rates, and vice versa.

Here are a few examples:

• I have euros that I want to change into US dollars. I need to look at the "sale" column to find out the exchange rate. If it says 1.13, I'll get 1.13 US dollars for each euro.
• I have pounds that I want to convert into euros, I need to look at the "purchase" column to find out how many pounds I need to give to receive one euro.

When you are outside the euro zone, the pivot or reference currency is the local currency.

Here are a few examples:

• I have euros that I want to change into local currency, I need to look at the "buy" column because the currency exchange will buy your euros.
• I have local currency that I want to convert into euros, I have to look at the "sale" column, because the office sells you euros against local currency.

Once again, if you have trouble understanding how exchange rate tables work, the easiest way is to ask the dealer directly: "If I give you [amount and currency], how much will you give me in [currency]".

Why buy currency from a currency exchange in France?

The first reason for changing euros into foreign currency is the difficulty of finding ATMs or payment systems compatible with ours. Where possible, you have several options for paying when traveling in a country outside the euro zone.

But beware of the fees and commissions charged:

1. By credit card, if there are electronic payment terminals, you'll be charged exchange rates and/or commissions by your bank, i.e. the same fees and commissions but by the receiving bank. Sometimes you'll be charged fees and commissions by both banks!
2. In cash, having withdrawn money from an ATM (automated teller machine), but once again, this works in the same way as payment via the TPE (electronic payment terminal).

As many of our customers have given us rather negative feedback, you'll have understood that it's better to change your euros into foreign currency before you leave.

Which currency exchange to choose?

Especially not in airports, train stations or tourist areas! According to our customers' experience, fees and commissions can be as high as 20% for the US dollar, which is the most common currency, and up to 50% for exotic currencies!
We therefore advise you to change your euros into foreign currency in exchange offices located outside airports, train stations or tourist areas, and of course to compare exchange rates.
For your information, Abacor does not charge commission, and rates are net. We offer the best currency exchange rates. For example, if the US dollar is between 1.15 and 1.159 on the stock market, we sell it at 1.14 net, with no additional fees, commissions or taxes.

Frequently asked questions about our bureaux de change

Is it possible to buy currency online?

We do not currently offer online currency exchange transactions.
However, in-branch prices are always more attractive than some online currency purchase services.
You can still make your foreign currency reservation via the contact form.

How long does it take to change currency?

We have the most common currencies in stock and can deliver them immediately, except in rare and special situations.
If your request concerns a rare exotic currency, or is for a common currency in very large quantities, we invite you to contact us by telephone or via the contact form so that our teams can inform you about availability and possible lead times.

What currencies do you exchange?

Our currency exchange offers you the opportunity tobuy and sell over 110 foreign currencies, including the major currencies as well as exotic and rare currencies. However, some currencies are not convertible or cannot be found, and are strictly reserved for the local market.
We also buy currency in out-of-date or damaged banknotes.

Can I get the denominations I want?

In most cases, you'll get the denominations you're looking for. You can give us precise details of the currencies you want, and we'll do our best to satisfy your request.

Indeed, in some countries it is necessary to provide specific denominations (date of issue, new bills, clean bills, large denominations, small denominations). It is therefore advisable to consult us when reserving your currency or when visiting our agency, indicating the country of destination so that our teams can provide you with the appropriate bills and denominations.

How often are exchange rates updated?

Exchange rates are updated twice a day. We are in constant contact with the foreign exchange market, however, and are sometimes called upon to update additional exchange rates in the event of sudden major changes.

Why do Abacor bureaux de change offer the best exchange rates?

Abacor is a currency exchange company that has been in existence for several decades. From the outset, we have endeavored to offer our customers currencies at the best exchange rates. These rates are constantly checked by our teams.

How do you calculate when you buy or sell your currencies?

On currency markets, as on all markets, there is a buying price and a selling price, which are set according to a central rate, the interbank rate. This is sometimes referred to as the spot rate. The buying exchange rate depends on supply and demand.

Are there any additional fees or commissions?

For cash settlements, there are no additional charges on foreign exchange transactions. There is no additional commission for current currencies, as we make a margin between the purchase cost and the selling price. Thanks to the expertise of our foreign exchange specialists, this difference is as small as possible, enabling us to offer particularly competitive exchange rates.

How can I pay for my currency?

You can buy foreign currency by cash, credit card or bank transfer. However, exchange rate conditions may be slightly different for credit card payments.

Can I come without an appointment to exchange my currency at Abacor?

You don't need to make an appointment to exchange currency. If you call ahead, you can find out the exchange rates. These rates are guaranteed for the day.

Is currency always cheaper in your country than in my destination country?

Our currencies are generally cheaper here than in most destination countries. However, in some developing countries, the local rate will be better for local currency. Ideally, you should contact us before your trip for reliable, destination-specific information.

What is the minimum currency purchase or sale amount?

There is no minimumpurchase or sale amount. However, we only buy banknotes, not coins. It is also advisable to consult us for any large amount to ensure availability of the currency concerned.

What are the regulations governing currency exchange?

For private customers, proof of identity is required for amounts equal to or greater than 1000 euros. However, as a precautionary measure, Abacor reserves the right to request proof of identity for amounts under 1000 euros, for example to justify the customer's age.

For a foreign exchange transaction on behalf of a company or association, the following documents are required:

1. the original or certified copy of any deed or extract from an official register recording the company's name, legal form and registered office
2. the latest up-to-date articles of association
3. copy of ID of manager(s)
4. the powers of persons acting on behalf of the legal entity.

Do I have to declare my currency at customs?

Sums (cash in local or foreign currency or cheques), securities (shares, bonds, etc.) or valuables worth 10,000 euros or more (or its equivalent in foreign currency), carried by a natural person, must be declared to the customs administration, which carries out checks in this area, in order to combat the laundering of money from illegal trafficking, particularly drugs.

What do I have to declare to customs?

You must declare bearer or endorsable negotiable instruments and cash to customs.

In particular, the following securities must be declared:

• banknotes and coins;
• bearer cheques ;
• travelers checks ;
• cheques for which the drawer is not the payee;
• non-domiciled bills of exchange ;
• non-domiciled letters of credit ;
• anonymous savings bonds ;
• mandates ;
• securities, capitalization bonds and other bearer or endorsable negotiable debt securities ;

Only when the physical transfer is from or to a European Union country:

• casino plaques, chips and tickets
• electronic money
• gold bars and coins with a quoted market value.

Which transfers are subject to the reporting obligation?

Transfers from France to :

• from a third country (outside the European Union)
• of the European Union

Transfers to France from :

• from a third country (outside the European Union)
• of the European Union

This obligation also applies to transfers to and from Monaco.