Where to buy dollars: The 6 best places to acquire them online

Before buying out dollars or even investing in this currency, it is essential to verify the quotation and look for the best rates in the market. Follow our tips to do it efficiently.

It is common for the demand for dollars to increase during holiday periods or when market movements prompt investors to diversify their portfolios. Even with the dollar on the rise, it is possible to acquire this currency from Spain.

The US currency has reached record values in recent months, so to buy out dollars it is necessary to be attentive to the best quotes to avoid the high commissions that can diminish your savings.

Although it is a simple and practical activity, evaluating the exchange rate and acquiring foreign currency can be a challenge for beginners. However, there are some tips on the best places to buy out dollars that will make the purchasing process easier. To make sure you don't miss anything, keep reading this article.

Where to buy dollars online

To acquire dollars in Spain, the consumer can choose traditional banks, exchange houses, brokerage firms, or fintechs. Each establishment has its own rules and fees for selling and trading foreign currencies.

Therefore, it is worth knowing all the details of the buy out and sale of dollars or any other foreign currency you wish to acquire to avoid unexpected expenses or discounts.

It is important to highlight that when buying dollars you will pay a variable spread between 4% and 7%, in addition to possible selling commissions, which can make a big difference in the conversion. Therefore, stay alert and check below the best places to buy dollars online.

The 6 best places to buy out dollars online

Although some traditional banks have slightly higher fees, they offer good options for buying out dollars. Fintechs and brokerage firms are another excellent alternative and offer attractive rates. Take a look at our list.

The 3 best banks to buy out dollars

• Banco Santander

Santander Bank is one of the largest banks in Spain and is recognized for its facilities for the buy out and sale of foreign currencies, such as the dollar and the euro. As with any cash purchase of dollars, the customer will have to pay a commission that varies according to the amount of the transaction.

However, if you prefer to buy out dollars with a credit card or prepaid card, the operation could be more expensive, with an additional fee.

• BBVA

BBVA is a very popular bank among Spaniards and also offers the option to buy out dollars online, through its website/app or directly at its branch.

At the time of the buy out, you will be able to know the conversion and what rate will be charged, as this may vary depending on the value of the acquisition of the foreign currency.

• N26

N26 is a digital bank/fintech that offers one of the best exchange rates in Spain, as well as an easy and accessible service. Whether for travel or for investing in dollars, it is possible to use the N26 app and receive the dollar quote online.

The account can be opened for free and it is possible to request an international debit card.

The 3 best exchanges to buy out dollars

• Gate

Gate is among the best exchange platforms to buy dollars for investment. In addition to an intuitive interface, Gate has won several international awards for its security and credibility.

To open your free account, you just need to access the website and complete a quick registration that takes less than 5 minutes. Another great advantage is the fees, with a yield among the lowest in the market.

• Wise

Wise is an online exchange and fintech that operates in several countries and is well-known among Spaniards. It offers the option to convert euros to dollars or other foreign currencies, with transfer fees that can be known in real time.

It is also possible to request a free international debit card.

• Ria Money Transfer

For the more traditional, we can choose Ria Money Transfer. This platform offers the quotes from various exchange houses near the consumer and presents its rates in real time.

Ria Money Transfer directs the customer to the establishment of their choice and does not charge commissions for it. However, each house may have its own commission on the sale of dollars, so it is worth researching before buying out foreign currency.

How to buy out dollars cheaper?

It is impossible to escape the rise of the dollar against the value of the euro, but with some useful tips, you can buy dollars cheaper and gain advantages when acquiring the currency.

Define your objectives - The first step is to define your goal, whether it is an international trip or an investment. Each purpose should have its own strategy. It is essential to define the value you want to achieve that purpose.

Don't wait until the last moment to buy out - Leaving the buy out for the last minute can be risky, as it is impossible to predict the value of the day and you could find yourself in a situation of increase. For this reason, always plan ahead!

Stay alert to the quote - The quote can vary greatly in a few days, depending on several factors. Avoid buying dollars in large amounts and buy little by little to take advantage of the best opportunities and not suffer from market increases.

Follow the market - Some events can directly influence the rise or fall of foreign currency. Read the news and observe how the exchange rate varies to avoid losing money in the conversion, acting at the right time. Elections, political tensions, and socioeconomic issues can be a good hint of what is going to happen.

Evaluate the fees - Always know the fees and compare the values before buying foreign currency. Also, pay attention to taxes and possible deductions included. Every detail counts.

Choose trusted platforms - Don't take risks with unknown platforms or offers from individuals. Stay alert to potential scams and always opt for trusted financial institutions.

What is the difference between buying dollars and investing in dollars?

There is a difference between buying dollars for travel and buying foreign currency for investments.

When traveling, the buy out is usually timely and must be planned in advance to avoid significant increases and surprises with the rate applied by the chosen exchange house or bank.

Those who buy out dollars to invest have the advantage of time and the market. It is possible to acquire dollars gradually and follow the trends of the stock market and the international scenario, achieving more benefits in this type of investment.

When buying dollars to invest, there is also the possibility of investing in digital currencies pegged to the US dollar, that is, with a fixed value of 1:1 at all times.

In addition, to invest in dollars, one can use the strategy of U.S. stocks or dollar-denominated income funds, which makes the scenario more favorable for the investor and enhances their profit potential.

Remember that before investing it is necessary to know your investor profile and assess the best opportunities for your case.

The best way to buy out dollars is the one that best suits your end goal, whether it's a trip or a financial investment. Following the exchange rate of the currency and knowing the most reliable platforms for it are also crucial in this process.

Whatever your interest, study the market and stay alert for news.