Working in several currencies

Choice of currency and denominations for transfers

The US dollar is the most common choice for cash transfers, but the Euro may now be better in some countries.

For bank transfers, much will depend on the local foreign currency regulations.

For cash transfers, large denomination notes are easier to carry but you will need some smaller denominations e.g. paying for a taxi on arrival, before you have changed any money.

Banks and money changers may refuse notes of certain denominations, series or print dates, torn or worn notes, or notes that have any markings on them even if the marks were made by other banks. Case study

When funds are held and used in more than one currency e.g. the US$ or Euro plus the local currency, some simple steps should be taken to:

Simplifying the accounting. More
Avoid exchange rate losses and gains. More