Month: January 2017

best-pound-exchange-rate-today

The best pound exchange rate today is not at your bank

People living abroad, people working abroad, retired ones, migrants, expatriates and international students all need to send money abroad. While sending money from UK to other countries there are 2 important points:

  • What is the current pound exchange rate
  • What is the cost of money transfer providers

The best pound exchange rate in a certain period is going to be rare so it’s wise to take a look closely at exchange rates graph or to subscribe to exchange rate notifications.

Banks are not going to provide the best rates and the best pound exchange rate now belong to the past. We are going to go deeper about these subjects here.

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Banks use so old systems that they can’t provide us with the best pound exchange rate

European banks, Asian banks, African banks and American banks, but also Australian banks are all in the same systems. The systems they currently use to send money from one country to another is based on trust between banks. So not all of them are in a trust network, so the efficiency is not total. And using a network to transfer money is typically the same as using intermediaries. Unfortunately we all know that using intermediaries increase the risk and decrease the speed. It also increases the cost because all intermediaries take their own margin. It results in simply the slowest and most expensive money transfers for which banks cannot even predict the cost of one international money transfer. As a result, no bank can tell us which amount I’m going to receive if I send USD to GBP or GBP to EUR, for example, even though banks know about the best pound exchange rate at this very moment.

 

The best pound exchange rates belong to the past

With the recent Brexit and the article 50 from Theresa May, the best pound exchange rate now belongs to the past. Indeed it has been very clear that the currency markets reaction to those events have been a fear for UK more than for Europe. It appears to be a bad news for Great Britain and a good news for the exportations though.

Do not use your bank to transfer amounts of money abroad because it’s not going to provide you with the best pound exchange rate. You should know that there are many money transmitters able to make the job and that anyway the best pound exchange rate belongs to the past since the Brexit and the article 50 from Theresa May..

 

How Best Exchange Rates Can Help You Survive a Filibuster

A filibuster is like a pirate. It’s horribly unfair. Horribly long. And you get stolen at the end. Getting the best exchange rates is really useful to survive a filibuster. Here are 3 reasons why: money transfer players are filibusters, best exchange rates exist, and there is a way to get them.

Money transfer players are filibusters with exchange rates

Who said filibusters are pirates? Money transfer services are. The reason is that they are very tricky with users. Indeed they hide many fees. Up to 8% of the total amount we send. The hidden fees are included inside the exchange rate so that we don’t see they are here. Actually applying hidden fees is kind of authorized by the industry standards. This is unfair.

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The best exchange rates are possible

Even though banks are the best filibusters, there is a way to avoid them. The 2 options we can use to avoid bank fees are:

  • Use an online money transfer operator for small and medium amounts
  • Use a currency broker for big amounts

Using one of these options is one of the best ways to get the best exchange rates.

Here is the best way to get the best exchange rates

Now that we know what kind of operators we have to use it’s essential to find the good one. Indeed many of them charge hidden fees, same as banks. To find the best ones you have to regularly compare their rates. On Google Trend there is a real increase of researches for best exchange rates and for comparing money transfer services as well.

Money transfer players are filibusters, they play with the best exchange rates and hide fees inside. However we can get the best exchange rates and there are 2 kind of services useful for this purpose. The best way to get them is to compare the online operators as regularly as you need to transfer money.

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