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Currency Exchange and Travel Money
Buy and exchange over 50 currencies from our Hatton Garden office.
Prices updated 2 minutes ago
What Is Currency?
Colloquially, the term currency often refers to the monetary unit of another country. Economically, however, the concept is broader. To better understand it, let us look at its definition, key characteristics, including exchange rates, and why the euro is considered a currency.
Definition of Currency
Currency is the legal tender and monetary unit of a given country, meaning its banknotes and coins in circulation.
The word currency derives from the Latin word valere, meaning “to have value.” After the Renaissance, when the Italian city-states dominated European trade, the term spread through the Latin languages of Europe and later into Slavic languages.
Exchange Rate
To understand how much one fiat currency is worth relative to another, we use exchange rates. An exchange rate shows how many units of one currency can be exchanged for a certain number of units of another.
Currency Name and Code
In addition to an exchange rate, every currency has a name and a unique three-letter international code.
These codes are essential because monetary systems may change over time while the currency name remains the same.
A good example is the euro (EUR). Introduced in 1999 as the official currency of the eurozone, it replaced several national currencies, including the German mark, the French franc, and the Italian lira. Despite their different historical backgrounds, they were unified under a single currency name, the euro, and one international code, EUR.
The EUR code is used consistently across all eurozone countries and ensures clarity in international payments, regardless of where the transaction takes place. This consistency has made the euro one of the most recognisable and widely used currencies in the global financial system.
The Travel Money and Currency Market
The value of currencies does not change just once per day, it fluctuates continuously throughout global trading hours.
These fluctuations can benefit or disadvantage different participants in the foreign exchange (forex) market. Individuals, central banks, companies, investment funds, and professional forex traders constantly exchange currencies.
Their goals may include:
- Speculation
- Lending and borrowing
- Project financing
- Building foreign currency reserves
The foreign exchange market therefore plays a vital role in the functioning of global trade and the international economy.
Since the US dollar is the world’s primary reserve currency among financial institutions, it is also the most heavily traded currency, most commonly in the following pairs:
- USD/EUR – the US dollar against the euro. This is one of the most traded pairs globally, reflecting the economic importance of both the United States and the eurozone. It is heavily influenced by interest rate decisions from central banks such as the Federal Reserve and the European Central Bank.
- USD/JPY – the US dollar against the Japanese yen. This pair is known for its liquidity and is often used in carry trades due to Japan’s historically low interest rates.
- USD/GBP – the US dollar against the British pound sterling. This pair reflects economic relations between the US and the United Kingdom and can be sensitive to political developments, monetary policy changes, and economic data from both countries.
- USD/CHF – the US dollar against the Swiss franc. The Swiss franc is often considered a “safe-haven” currency, meaning investors tend to buy it during times of global uncertainty, which can cause this pair to move in response to geopolitical events.
- USD/CAD – the US dollar against the Canadian dollar. This pair is strongly influenced by commodity prices, particularly oil, as Canada is a major energy exporter.
These currency pairs are widely traded because they involve large, stable economies with well-developed financial markets.
High trading volumes mean that transactions can be executed quickly and at relatively low cost, making them attractive to both institutional and retail traders.
The dominance of the US dollar in these pairs highlights its continued importance in the global financial system and global economy, serving not only as a medium of exchange but also as a store of value and a unit of account for international trade in the long term.
Popular questions
How will my currency(s) be delivered?
1. Delivery
1.1. After we have received your payment and verification, if necessary, we will despatch your order within 24-48 hours on weekdays, depending of the purchased currency. Delivery time is usually within 24 hours from the point of despatch. We are not liable for exceptions to this service or delays caused by industrial action or unforeseen circumstance, e.g., severe weather conditions.
1.2 For all domestic orders below £2,500 the delivery guarantees we will ship your item(s) using Royal Mail Special Delivery by 1pm. We will be offering free delivery for all orders.
1.3 For all domestic orders over £2,500 please select ‘self-pick-up from office’ when checking out and this will allow you to click and collect your currency from our Hatton Garden office.
2. Pick-up
2.1 You are welcome to come and claim your goods in person once you have paid. Please bring a valid photograph ID so that we can verify your identity.
2.2 Please take into consideration that the client, the payer and the recipient must be the same person.
3. Insurance
3.1 The package is always fully insured, and in the extremely unlikely case that the package is lost during delivery, we will re-ship the items or refund your money.
3.2 Please be advised that if you believe your items to have been damaged, we will require photographic evidence in order to submit a claim to the courier. The investigation can take up to 2 months, depending on the circumstances.
4. Packaging
4.1 The products are encased in protective wrapping and placed in a discreet, unbranded padded envelope.
5. Shipment Tracking
5.1 Once the products have been packaged you will receive a tracking number to the email you enter during the purchase process. If you placed your order by 3pm and have not received your tracking number by 6pm the same day, please get in contact with our customer support. The quickest way to reach us is to write to us on instant messenger or ring us on +44 (0)20 4541 4145.
6. Delays
6.1 Should a delivery delay occur or if the ordered product is out of stock, we will always contact you by email or phone to provide an update.
Do you sell currencies that are not in stock?
Our goal is to dispatch orders as quickly as possible once payment is received, so we generally only sell currencies that are in stock.
Exceptions may be made for large quantities or special orders. For enquiries, please contact us directly.
Pre-orders may be available and will be listed under a separate category where applicable.
Can someone else pay for my currency order?
No, the client, payer, and recipient must all be the same person, regardless of the payment method.
Power of Attorney arrangements may be accepted, please contact us in advance to confirm.
Can I sell currency back to you?
Yes, you can sell currency back to us in person at our shop.
TAVEX
