Is exchanging US dollars into the local currency usually a practical option? [closed]
This question is almost the flip side of Is it possible to get Mongolian currency in Sydney?
Is it usually practical (though perhaps not always optimal, related questions: Should I change most of my money in my home country or in the destination country? and When traveling to a country with a different currency, how should you take your money?) to transfer US dollars into the local currency either while entering, or after entering, the country? Assume you're flying by plane into a major airport for the country, rather than doing a land crossing into the middle (or edge) of nowhere.
I wondered whether some countries would oppose the US dollar for political reasons, but even North Korea and Iran allow you to either use or exchange US dollars. (Are there any countries which outright ban US dollars?)
I assume the main provisos are that you should have some local currency as soon as you're in the country to buy accommodation, food and transportation in most but not all countries, and that some methods of money exchange can have very long queues and only operate during business hours.
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What is the rule for currency exchange?
You can bring into India foreign exchange without any limit. If, however, the value of foreign currency in cash exceeds US$ 5,000 and/or the cash plus TCs exceed US$ 10,000 it should be declared to the customs authorities at the airport in the currency declaration form (CDF), on arrival in India.Is it better to transfer money in local currency or USD?
When your payment arrives, the receiving bank will also apply a fee to convert your dollars into local currency. Sending payments in the foreign currency directly can help avoid associated fees, reduce payment costs and deliver more money to your beneficiary.Can you trade US currency?
Investors can trade almost any currency in the world through foreign exchange (forex). In order to make money in forex, you should be aware that you are taking on a speculative risk. In essence, you are betting that the value of one currency will increase relative to another.When foreign exchange transaction is settled at spot exchange rate the transaction is usually closed?
Spot Exchange Rate Transactions For most spot foreign exchange transactions, the settlement date is two business days after the transaction date.Euro falls to near parity with U.S. dollar
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