If you ever need to exchange foreign currency you will know the frustration of not being able to accurately calculate how much of one currency you will need to provide to get another set amount at some point in the future, due to exchange rate fluctuations.
We certainly used to have this problem, but then found a possible way to lock in at current levels or even better, and with a better rate than we will ever be obtained from our bank. You can also know more about currency exchange credit union via Polish Bank or PSFCU or various other online sources.
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Choose your own currency – Limit and Stop orders
Let's say you want to sell US dollars to buy 2,000 Euros sometime within the next month.
While the present eur to usd purchase rate of say USD / EUR 0.70 is acceptable to you, let's say that by reading comments about the Euro exchange rate against the US dollar, or read from the graph you believe that the US dollar is likely to strengthen against the euro on next week, and you decide you would be happy to trade in USD / EUR 0.73
Ideally, you want to get a better rate of euro, so all you need to do is go to your dealer website (detailed later) and set the LIMIT order at your target level of 0.73. Just in case you're wrong assessment, you set the STOP at 0.69, which is the worst level in which you are willing to transact.