Month: November 2016

best rate

How to get the best rate when sending money abroad

Do you need to transfer money abroad and you want to know how to get the best rate?

There are two things to consider when moving money between countries: the first is to consider the time you do it according on the exchange rate and the second is to choose the money transfer operator that could give you the best rate.

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Get the best exchange by transferring at the best moment

This is not something that we have the reflex to do as expatriates because when you receive your salary between the 25th and the 30th of the month, in most cases you convert your money at this moment. But what if you can wait for a few days for the exchange rate to be higher? Of course no one can predict what would happen with the exchange rate BUT there are definitely better days to do a transfer or not. Sometimes the rate has suddenly dropped but it does not last for a long time. Currencies value fluctuate every hour but they tend to come back to an average. It is especially the case with the currencies the most traded like US dollar, Euro, Swiss franc, British pounds, Australian dollar, Canadian dollar, Singapore dollar, Hong Kong dollar, South African Rand, Japanese Yen. These currencies are not very volatile but they vary every day, and particularly at the beginning and the end of a month. Other currencies can be very volatile and this is even more important to transfer at a good moment.

So If you send money abroad a day the rate is good you can receive much more money at the end particularly if you transfer large amount of money or in a regular basis.

Choose the money transfer operator which gives you the BEST rate of the market

There is the live market rate which means the rate at which a currency value is determined against another currency. This rate is only available for banks, brokers and companies specialized in money transfers. The rate the banks use when you do a transfer is not the real market rate. Banks transfer your money at a lower rate, that’s how they take their margin. And that’s huge. Brokers and money transfer operators gives you a better rate but there are a lot and they are not providing the same rates. It always depends on the currencies you need to trade, the amount, the speed of transfer and other criteria. This is why you need to compare and choose the one which can give you the best rate on the market !

Discover Moneytis to compare your options and get the best exchange rates

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Why best exchange rates are scarier than dating Donald Trump

Trump is so frightening. He was a joke and he is still a joke who trumped all of us. Orange is the new black. It’s the same with the supposed best exchange rates. They are a total joke. Indeed there is no best exchange rate because it doesn’t exist. There is one mid-market exchange rate which is the same for everyone. However all the actors in the money transfer industry claim to provide us with the best exchange rates… They trump us too.

1/ Best exchange rates are such a stupid joke. Trump too. More or less.

Donald Trump is considered as the scariest guy on the planet. Thanks to more or less educated American guys Trump has been elected as the next US President. Remember who he was at the very beginning. A joke. Nothing more.

The problem is that people started to be entertained by what he had to say. It made him the most well-known guy in the world of social media for a few weeks. That’s how he won the elections.

With exchange rates. Dishonest money transmitter claim to have the best exchange rates all over social media and online advertisements. People start to believe in their jokes and spread the world. At the end we have difficulties to pay our rent just because of this mistake. Why not just compare the exchange rates instead of believing in fake ads? Moneytis can help compare. This is a serious question. You will see why.

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2/ Best exchange rates have the power. Trump too. A bit less.

You idiot. Not you. Trump.

He has the power. Do you realize what it means? We gave the power to a racist xenophobist male fu#$%^&* Ba#$%^@t ! He is president of the United States of stupidity. The problem is that the United States of stupidity is the United States. We will have to react to this and let him manage carefully. We don’t need a wall between the US and Mexico. We just need some smart decisions. This guy will be able to make billion dollar decisions! My god…

You idiot. Not you. Best exchange rates.

Don’t let banks wrap you in the fur. You are not stupid. Best exchange rates are not provided by banks. They are provided by broker comparison services, by aggregation services, by money transfer comparison websites such as Moneytis (standing for “money transfer is simple”).

You know what is the cost of best exchange rates’ mistakes? 34 billion dollars per year. Indeed the cost of transferring money abroad is $34 bn yearly. It represents 7% of the total amount sent by individuals. You know who has the $34 bn now? Banks, Western Union and other cheaters such as Travelex and Moneygram. Well done. We just gave away money which could have been helpful..

 

You see, no doubt there should be someone to stop best exchange rates from having the power over the United States. Let’s imagine that Donald Trump starts dating you as a man or as a woman. I mean let’s imagine Trump disguised as Madame Doubtfire who starts dating you my friend. You might be frightened. Same here. You don’t want that. Me neither. Then don’t give him the power…hum…too late…then take it back soon!

Then the question is: how should we react to exchange rates? Please make the liars shut up before it’s too late. We all need to save money while sending it abroad.

But…but….what’s the worst? Trumping best exchange rates or dating Donald (Trump)?

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Get the best euro exchange rates

Euro is among the currencies the most traded in the world. Remittances from Europe are very important. For these reasons the solutions to transfer EUR into a foreign currency are numerous and the market is highly competitive. So how to get the best exchange rates for a EUR transfer? Here is a global overview of the options.

Choose the operator which offer the best euro exchange rates

It’s important to get the best euro exchange rates as the market is highly competitive. You will see many options and so you can feel lost among all those alternatives. The best is to compare all the options thanks to a comparison platform.

Below an exhaustive list of banks and money transfer companies which allow to send money from Europe:

Azimo
Western Union
MoneyGram
Xendpay
TransferGo
La Poste via Western Union
Atena Money Transfert
MoneyTrans
Small World FS-LCC
WorldRemit
Sigue Money Transfers
Ria
Moneypolo
Unistream
La Poste
Flouss
Moneyglobe
Transferwise
Postbank
Small World
Postbank via Western Union
Universal Money Transfer Gmbh
RemitGuru
Skrill
Poste Italiane via MoneyGram
Poste Italiane via Eurogiro
Unicredit Banca via Western Union
Valutrans
NEC
Extrabanca
Banca Intesa SanPaolo via Western Union
Metro Remittance
I-transfer
Smith & Smith
Rabobank
Unity Monetary Services BV
Suri-Change
Amal Express
Dahabshiil
Kaah Express
Maccorp Exact Change
Santander Envíos
BBVA Dinero Express
Money Exchange
Trans-Fast
Telegiros
Exact Change
Caja Madrid
Money Express

 

Transfer at the best moment

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Exchange rates between two currencies vary and fluctuate every hour. As currencies value are always changing it is important to transfer a moment when the exchange rate is high. By transferring at a good moment you’ll get the best exchange rates for a EURO transfer. This can help you to save a lot of money!

Follow the euro exchange rate thanks to XE

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How to get the best exchange rate for your transfer

When I started to send money from the USA to France I had no idea that it was important to get the best exchange rate so that I could maximize the amount that I would received. Let me give you some context about exchange rates and then I’ll give you my secret tip 😉

What does “best exchange rate” mean?

If you are familiar with the notion of exchange rate you probably know that they fluctuate a lot. Indeed a currency value cannot be defined by itself. You always define it compared to another one. For example the exchange rate USD/EUR is 1/0,95, which means that for $1 you will get 0,95€.

Exchange rates are extremely volatile as they depend on the demand on the foreign currency market. If suddenly everybody wants to buy USD its value will increase, law of supply and demand.

Therefore, the notion of best exchange rate is not absolute and changes constantly. The idea when talking about money transfer is to make sure you get the best one you can in a given period. Obviously you could wait for year to get the best exchange rate, but your transfer cannot wait that long right?

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Make sure you get the best exchange rate

As you’ve probably understood, depending on the exchange rate the amount you’ll receive for your transfer will vary. It will also vary according to the operators you’ll be using. Let’s assume you received an alert telling you that the exchange rate is in your favour today. You need to make a transfer, how do you find the operator with the best exchange rate?

First of all, forget about your bank. One of their technique to make money out of international money transfer is to apply a poorer exchange rate than the real one and keep the difference. Clever isn’t it?

High-street operators such as Western Union or Moneygram are not competitive at all regarding exchange rate. Last option, go for online operator such as World Remit but they are so many of them today that making a wise choice is not that easy.

To me, the only way to make sure you get the best exchange rate is to compare money transfer operators. Moneytis enables that, with three clicks you get a list of all operators and their conditions.

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