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When it comes to the foreign exchange market, The dollar always comes up in conversation. This is not surprising, since in addition to being a major reserve currency, it has also earned the title of the world’s reference currency for trade.
(Read more: Global wealth grew 4.3% last year after a decline in 2022: Switzerland tops the list)
The strength of the US dollar also makes it one of the most profitable alternatives For those who want to start saving. However, given the volatility of its price and the different factors that can affect its value, it is not always clear when is the right time to start buying dollars.
“The dollar is an important pillar of the economy. Higher prices generally benefit those who receive remittances from abroad, exporters and the oil sector, as they will earn more by converting the dollars they receive into Colombian pesos. However, for travelers, importers and businesses with dollar debt, they will face financial challenges due to higher costs.”Rodrigo Lama, Chief Commercial Officer of Global66 Colombia, explains.
That is why, Take more strategic action And take care of your wallet, FinTech offers some advice to consider.
(See: The story of how the real saved the Brazilian economy 30 years ago)
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There are currently a variety of options for currency exchange. At this point, it is important to evaluate the advantages and disadvantages they offer in order to choose the one that best suits your goals.
– Clearing House: This is the most traditional method and has the advantage of getting cash directly without much documentation. However, you must consider the risks you may face, such as receiving counterfeit money or being robbed on the street.
In addition, these houses do not adjust their prices based on the day’s Representative Market Rate (TRM), which causes prices to increase depending on the supply and demand of the currency. To date, the range for buying a dollar is between $3,800 and $4,220.
– bank: Some banks in the country offer services for buying and selling currency. These products are often not competitively priced due to high costs, and they also tend to require more documentation and purchase requirements.
In this case, the sales value does not take into account the TRM of the day, but depends on the exchange rate, daily market conditions, or in some cases, set by the Ministry of Finance.
– Digital Platforms: These digital tools allow you to buy dollars instantly from anywhere and exchange them at the current price. But there are also risks in terms of security, so it is recommended to choose a guaranteed official platform.
(See: What explains the rise in inflation in June and why the country is cheaper)
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According to Global66, there are three things you can do to determine the correct period. These are:
1. Stay informed: Understanding market trends and the global economy can help you predict where the dollar price will go, so you can make the most of your currency.
2. Compare Prices and Offers: Make sure you understand all fees and commissions associated with currency conversions, as these values will impact your wallet.
3. Planning: If you need dollars, one suggestion is to buy them when interest rates are low and save them for the future.
(More news: How can Colombians save more when traveling?)
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