How to Save on International Bank Transaction Fees
It costs money to move money and when you add the complication of changing money to another currency, the costs can easily get out of hand. Whether you are making your first big transfer for a major buy or you are a regular, the transaction fees i.e. transfer fees and exchange rates can make a huge difference to the amount of money that ends up in your account.
A freely convertible currency, or fully convertible currency, doesn't have any government restrictions on trading the currency for another currency. Obvious examples of fully convertible currencies are the US dollar and the Euro. In total there are around 17 fully convertible currencies.