What is currency exchange?

When we talk about currency exchange, we are talking about the act of buying and selling foreign banknotes. For example, if I go to Great Britain on holiday, I will exchange euro banknotes for pounds, thus exchanging currency from one country to another.

But can it be done with banknotes alone? The answer is no. There are many forms of currency exchange and it can also be carried out with cheques, deposits, loans, means of payment or financial instruments.

So what is the difference between “currency” and “currency”? When we talk about currency, we are talking about the monetary unit used within the same country. Conversely, when we speak of currency, we refer to the same currency when it symbolises a monetary function in another country.

In reality, banknotes are considered coins and not currencies because physical money is not used for transactions and transfers, as money is moved and processed by electronic transfers and processes.

How can Shasta help you change currencies without headaches?

Thanks to Shasta’s multicurrency account you can receive euros and dollars, which means that if you have received a transfer in euros it will be credited to your Shasta account in the corresponding currency. However, if you need to exchange the amount received in euros, you simply need to do so:

  • Enter the Shasta App and select the icon on the right hand side of the screen.
  • Choose the currency in which you want to make the exchange (euros or dollars).
  • Enter the desired amount of money and click the Continue button.
Sending euros or dollars with Shasta to Shasta transactions

If you need to send euros or dollars to a family member or friend in Europe who has Shasta, you simply need to:

– Select the euro or dollar account.

– Enter the amount you wish to send.

– Choose the contact you want to send the money to.

Send euros or dollars by bank transfer

To send by bank transfer you need to register with a valid passport or extension.

SEPA bank transfers are those that encompass the Eurozone (mostly European Union countries) within the SEPA zone, have a usual delay time of between 2 or 3 working days and do not have any associated fees.

SWIFT bank transfers refer to transfers that do not belong to the SEPA area, i.e. they are international transfers (e.g. to the United States), can take more than 2 to 5 working days and have a fee that usually depends on the bank.

Commissions and fees depend on the affiliate membership in the App. Lite is free, while Lite+, Premium and VIP have monthly fees and offer more features.

You can check all the benefits of our memberships in the App, go to your Profile and click on Personal and then on Membership.

f you liked this article, you may also be interested in Shasta: send money abroad in euros and dollars. 

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