Want to know how much euros, dollars, or pounds cost before you travel abroad or make an international transfer? You do not need to visit a bank branch or call customer service. You can check the exchange rate in just a few steps, right in your bank's app. A banking app is a program on your phone that lets you manage your account without leaving home. This guide will show you, step by step, how to find the current exchange rate for the currency you need. Do not worry - you cannot break anything by checking a rate. It is just a way to view information, not a financial transaction.
How to check the exchange rate, step by step
- Unlock your phone screen the way you normally do (with a code, pattern, or fingerprint).
- Find the icon for your bank's app on your screen. An icon is a small colorful picture, usually showing your bank's logo, for example on a blue or red background.
- Tap that icon once with your finger to open the app.
- Log in to the app. Depending on your bank, you may do this with a PIN (a four-digit code), your fingerprint, or a face scan.
- Wait a few seconds for the home screen to load - this is the first screen you see after logging in, usually showing your account balance.
- Look on the home screen or in the bottom menu for wording like "Exchange Rates," "Currency Exchange," or "FX." Sometimes you need to tap "More" first (often shown as three dots or three lines).
- Tap that section to open it.
- Find the currency you want to check on the list. Currencies are shown as three-letter codes, for example EUR for the euro, USD for the US dollar, and GBP for the British pound.
- Look at the two numbers next to your chosen currency: the buy rate and the sell rate. The buy rate is the price the bank will pay you for your foreign currency. The sell rate is the price the bank will charge you for that currency.
- If you want to remember the rate later, write it down or take a screenshot (a photo of what is shown on your phone screen).
If you would rather save money in your local currency instead of holding foreign currency, you can also check the ranking of the best savings deposits.
What to do if something goes wrong
Cannot find the exchange rate section? Not every bank places it in the same spot. Look for words like "Exchange," "FX," or an icon with two arrows. If you still cannot find it, call the customer service number printed on the back of your payment card and ask where this feature is located.
Does the rate in the app differ from the rate at a currency exchange office? That is normal. Every bank and exchange office sets its own rate and its own margin (a small difference added to the price). Rates also change several times a day.
Watch out for fake messages. If you receive a text message or email about an "exceptionally good exchange rate" with a link to click, do not click it. A real bank does not send links like that. Always check exchange rates only through the official app you installed yourself, or through your bank's website typed in manually.
If you have any doubts about the safety of your account, call the number on the back of your card. Never tell anyone your SMS code or online banking password over the phone - a real bank employee will never ask for it.