The foreign exchange rate or forex rate is the value between two currencies at the price they're exchanged. It's also considered the value of one country's currency in terms of another currency. What's a competitive exchange rate? It's a small fee attached for transactions, like paying and receiving money. Be aware—not all banks or financial institutions offer convenience and low rates.
You'll get competitive exchange rates and avoid high fees for wire transfer services. You can also send payments online, check the status of payments, and see the latest exchange rates.