The Worry-Free World of International Money

The world of money is complicated. And the money of the world – international currencies – is complicated, too. 

But it doesn’t have to be. We make international money easy and worry-free so you can do your thing with confidence.

At Zing, we strive to make it simple for you to understand and use your money around the world, whether you’re travelling on holiday or transferring money regularly to loved ones. 

Because we’re always talking about international money, it’s time we helped shed more light on it. This article breaks down what international money is all about, why you should care about what goes on with your money beyond the borders of your nation, and what you can do to get the most out of your international money.

What is International Money? 

International money is the same as international currencies. International money is all about the money you use to hold, send and spend between different countries. 

Money isn’t the same everywhere. Because different nations use different currencies, all of which will differ in value, people who have money from one place they want to use in another have to deal with foreign exchange to buy or sell (this article explains more about the basics behind foreign exchange, including what determines exchange rates). 

Using international money inevitably involves some kind of trade-off. You’ll have to pay a price to access another currency, usually in the form of fees or a nuanced exchange rate.

What you should care about for international money

There are a few things you should know if you want to use international money effectively (and to keep more of your money):

The exchange rate

This is how much it costs to buy or sell one currency for another. The universal exchange rate is calculated by all kinds of international forces, from banks to markets. But ultimately, you pay a rate from a provider. 

Sometimes that rate is marked up in favour of the provider, sometimes not. At Zing, we use a third-party rate that we give to you as is.

Fees

On top of paying through an exchange rate, there are other fees involved with using international money. Sometimes these fees relate to the cost to transfer money or to convert it. 

These fees can be a flat or variable amount. This can be expressed as a small percentage of the overall amount handled or as a fixed figure. 

At Zing, we currently offer conversion fees from only 0.2% across our currencies, as well as no fees for sending money. Not only is this an easier way to see what you save, but this helps your loved ones keep more of what they receive.

Your experience

If you prefer complexity, anxiety, opacity and other scary-sounding words for dealing with your international money, look elsewhere.

With Zing, we believe your experience with international money should be so smooth that it’s invisible – that you don’t even need to really think about it. So you can focus more on the things that matter, like planning your next beach holiday or wondering what street food stand to try next. 

We like to keep things simple, transparent and worry-free with an intuitive app and card that give you back the power to do your thing.

Curious? Download Zing now. 

International money and everyday living

It’s hard not to live your life without making at least a part of it international. Even if you’re not directly involved in international trade or finance through your work (or if you never leave your home country), international money has a big impact on your daily life.

Travel and tourism

An inescapable part of going abroad is exchanging home currency for your new destination’s currency. Negotiating currency abroad is all part of the experience, which can seem daunting for many. But with Zing, there are no visits to the exchange bureau or bank branches. You get the app, top up some wallets and start exchanging and spending money in no time. 

Consumer prices

Many of the everyday goods you take for granted, from supermarket food to imported cars, wine and personal technology, are all affected by international exchange rates. Prices go up or down based on the strength of currency and costs of import/export.

Remittance

This is sending money to people you know in another country such as family, friends or others needing your support. The amount of money they receive depends on the power of your currency and the value of associated rates and fees. A better rate means more money to your loved ones. At present, you can send more than 30 currencies with Zing.

Personal investments

Many people invest outside of their home country. The returns they get from their investment are affected by the changes in exchange rate (and fees). Understanding international money and the best ways to manage risks help you make better decisions on moving your money.

International money and the world economy

The power of a country’s currency affects how it is used – especially relative to other currencies around the world. 

World trade

Exchange rates influence a country’s trade balance. They affect the prices of exports and imports. A strong local (or domestic) currency makes exports costlier and imports cheaper, which can potentially lead to a trade deficit. On the other hand, a weaker domestic currency can motivate the demand of exports by making them cheaper for foreign buyers.

Inflation and interest rates

The strength of an international currency can influence a country’s rates of inflation and interest. A weakening currency can make import prices higher, leading to rampant inflation. Central banks in turn can change interest rates to bring down inflation and bring some power back to a currency. 

International investment

Foreign investments live and die by the strength of international currency. Investors typically seek countries with stable and appreciating currencies, maximizing returns on investment. Conversely, where an international currency declines, you’ll find investor confidence declines with it.

Get the most from your international money

Managing your international money just got easier with a simple app and multi-currency card to make sending, spending and converting money worry-free. 

Master your international money with Zing. Download Zing now.

Embrace the world of international money and discover how it influences your life and the broader economic environment. With this understanding, you can confidently engage in international activities and contribute to the thriving global marketplace.