Can I exchange foreign currency with friends?

A new wave of internet-based, peer-to-peer (P2P) foreign currency exchange services is cutting banks—not to mention their fees—out of the exchange. Through an online P2P platform, individuals can find and safely exchange currency with individuals in other countries at much lower costs.

Is it legal to exchange currency privately in Singapore?

In Singapore, it is against the law to operate a money-changing or remittance business without a valid licence from the Monetary Authority of Singapore (MAS). You should not engage the services of unlicensed persons.

Is private currency legal in India?

The government had first listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for the budget session but deferred the move for wider consultations. A high-level government panel had in July 2019 mooted an outright ban on all forms of private cryptocurrencies.

Is it legal to exchange currency in other countries?

In most countries, that is perfectly legal. Some countries do have laws prohibiting unofficial currency exchanges. That usually happens in countries where the government is trying to peg the exchange rate somewhere a long way from where the market would set it.

Is it legal to exchange money between friends in China?

It depends. In the US and Hong Kong, it’s legal for private people to exchange foreign currency with each other, but if you start exchanging money as a “business” then you may have to register as a money services business. In Mainland China, exchanging money outside a bank is very illegal.

What is the foreign exchange market?

The foreign exchange (FX or FOREX) market is the market where exchange rates are determined. Exchange rates are the mechanisms by which world currencies are tied together in the global marketplace, providing the price of one currency in terms of another. An exchange rate is a price, specifically the relative price of two currencies.

How much does it cost to exchange foreign currency P2P?

According to P2P foreign currency exchange platform CurrencyFair, a typical bank would transfer £2,000 for a fee of £100 or about 5\% of the exchange—£40 for international transfer fee plus £60 for the exchange rate margin.