Currencies can fluctuate wildly, but some remain standout denominations that continue to be high year-round. The Kuwaiti dinar, for example, is considered one of the strongest global currencies. Whether making international transfers or considering trading currencies, it’s essential to have a firm grasp of the highest and lowest options, so you can determine what sort of exchange rates are competitive. So what is the highest currency in the world? Right now, the highest currencies in the world are all found in the middle east: the Kuwaiti Dinar, the Bahraini Dinar, the Omani Rial, and the Jordan Dinar.
Why Does the Strength of a Currency Change so Often?
There are many reasons a currency might increase or decrease in value against the US dollar. A lot of which depends on supply and demand, and with currencies being bought and sold against flexible exchange rates, the prices will go up and down depending on how strong demand is within the foreign exchange sector. Other factors impacting the value of a currency include:
- Interest Rates: Interest rates in the country in question, as dictated by the central bank of that nation. High-interest rates mean it costs more to borrow but usually drives up demand for the currency.
- Inflation: Inflation is an economic factor impacting the prices of goods and services. Rising prices indicate demand, and moderate inflation increases are seen as a sign of a healthily growing economy, which strengthens the currency’s value.
- Current Account Balance: Current account balances are the value of goods, services, income, and transfers of one country with its trading partners. Positive account balances indicate lending in excess of borrowing and vice versa. Strong demand for trading means that the currency will strengthen as well, and the current account balance will increase.
Given this complex scenario in which multiple factors impact a currency’s value and can change at lightning speed, it’s essential to select a multi-currency wallet provider, such as Cashero, who offers stable exchange rates and fast cross-border payments to avoid losing out due to sudden currency fluctuations.
How Much Difference Do Exchange Rates Make to My Money Transfers?
Exchange rates can make a substantial difference to the cost of an international money transfer. That’s why it’s necessary to compare the rates on offer to ensure you’re getting the best deal.
One of the most popular services for individuals looking to make personal international transfers, is a free account transfer with instant delivery. Cutting out the admin fees, processing time, and account charges can make a big difference to the overall cost of money transfers, which is exactly what you get with Cashero.
It’s always a smart move to compare reviews, exchange rates, fees, transaction processing time, and account charges. Many people concentrate solely on the offered exchange rates, and while they will undoubtedly impact your costs, a great exchange rate can easily be offset by administrative fees that far outweigh the benefits on offer, so be sure to look close for any last minute fees that may be tacked onto your transfer.
What are the Other Cost Factors in an International Cash Transfer?
Security is a primary factor. Although it doesn’t necessarily result in an immediate cost, using a cheap money transfer provider without appropriate controls can lead to disaster. This is particularly the case when transferring between multi-currency accounts or across borders, as any issues with your transaction may take a substantial amount of time to resolve — if at all.
This might mean paying double the processing charges, waiting weeks, or even months for your transfer to be reversed. In addition, your recipient or beneficiary account may experience problems with covering payments, or you may miss out on a beneficial exchange rate that should have generated a profit.
Another cost factor when using multi-currency wallets is around interest rates. If you’re holding savings in a high-yield platform, like we offer at Cashero, it’s crucial to look at account management charges along with exchange rates in order to have a clear overview as to your ongoing costs.
Which Currencies are the Strongest?
We’re often asked what is the highest currency in the world — and the answer is that it can change pretty fast! Currently, you’ll find these top ten currencies capping the list, and we’ve shown the value you get in return for one US dollar as an indication:
| Currency | Abbreviation | The purchase value of $1 |
| Kuwaiti Dinar | KWD | 0.30 KWD |
| Bahraini Dinar | BHD | 0.38 BHD |
| Omani Rial | OMR | 0.39 OMR |
| Jordan Dinar | JOD | 0.71 JOD |
| Pound Sterling | GBP | 0.72 GBP |
| Gibraltar Pound | GIP | 0.73 GIP |
| Cayman Islands Dollar | KYD | 0.83 KYD |
| Euro | EUR | 0.84 EUR |
| Swiss Franc | CHF | 0.93 CHF |
| US Dollars | USD | 1.00 USD |
If you’re transferring or trading in a high currency, it’s critical to keep an eye on the rates. Be poised to move when you stand to make the most cost-effective trade.
What are the Lowest Currencies in the World?
As you’d expect, what goes up can come down. That’s why it’s not unusual for a higher ranked currency to fall a few places if reporting a drop in economic output or a decrease in demand for the currency. Alongside the top 10 performers, there are a few currencies that sit at the bottom of the pile:
| Currency | Abbreviation | The purchase value of $1 |
| Iranian Rial | IRR | 42,105 IRR |
| Vietnamese Dong | VND | 23,082 VND |
| Indonesian Rupiah | IDR | 14,410 IDR |
| Uzbekistani Som | UZS | 10,498 UZS |
| Sierra Leonean Leone | SLL | 10,200 SLL |
| Guinean Franc | GNF | 10,055 GNF |
| Laotian Kip | LAK | 9,380 LAK |
| Paraguayan Guaraní | PYG | 6,623 PYG |
| Cambodian Riel | KHR | 4,062 KHR |
| Ugandan Shilling | UGX | 3,661 UGX |
As with the highest currencies, the lowest can also offer opportunities. If you’re making an international transfer for practical reasons, choosing an optimal time could increase the balance available in the local currency.
Should I Research Currency Rates Before Booking a Money Transfer?
It’s worth having a rough idea about what sort of rates you’re looking at for a money transfer before going ahead. You might find that rates are more competitive when making larger transfers. In this situation, however, it’s equally crucial to be aware of processing charges.
The competition between money transfer services is often fought on the front of exchange rates, with ads frequently basing their service pitch based on the rates available. The issue is that exchange rates are only one part of the puzzle. A lot depends on how urgent your transfer is, whether you’re prepared to wait for several days, how secure the service is, and what sort of admin charges you’ll be paying on top.
Processing fees can be a fixed rate or based on a percentage of the transfer value, so it’s essential you get a precise, accurate quote of all the costs involved before giving yourself the go-ahead.
When you sign up with Cashero, you’ll always see any fees up front, if any, how long your currency exchange will take (instantly), and the actual exchange rate you’ll be getting.
We make transferring money easy, because that’s how it should be.
Content Disclaimer:
As of the date of publication, the information contained on this page is deemed to be factually accurate for all terms of conditions, features, and fees. Changes made to Cashero’s terms of conditions, features, or fees after the publication of this content may not be accounted for.
App Disclaimer:
The Cashero App is now available for download in both the Apple App Store and Google Play Store, though not all features are currently functional. Cashero has not yet officially launched.
