Month: February 2017

best-euro-exchange-rate-breakdown

Breakdown of costs to find the best euro exchange rate

We need some transparency in money transfers. Rates are changing every day, every hour, every minute. Getting the best exchange rates depend on:

  • The payment option you choose
  • The reception option you use
  • The amount (more or less large)
  • The speed

Here we are going to focus on bank to bank money transfers (through wire) but we will split the analysis between small and medium amounts and bigger amounts. This is according to us the most important parameter that we have to consider to get the best USD, GBP and EUR exchange rates.

 

Small & medium amounts: the breakdown of costs for the best EURO exchange rate vs USD & GBP

 

1000 euros for GBP-EUR, the 18.12.2016 at 8pm (source: moneytis website):

  • CurrencyFair: 3 euros
  • Xendpay: 4 euros
  • Transferwise: 5 euros
  • Azimo: 11 euros
  • Worldremit:12 euros

 

1000 euros for USD-EUR, the 18.12.2016 at 8pm (source: moneytis website):

  • Xendpay: 6 euros
  • Transferwise: 7 euros
  • CurrencyFair: 11 euros
  • Azimo: 12 euros
  • Worldremit: 15 euros

 

Whatever we say, we have to remember that costs change every minute and while other solutions are on average the most cost-effective, for 1000 euros there are 5 very competitive operators.

 

best-euro-exchange-rate-breakdown

Big and large amounts: the breakdown of costs for the best euro exchange rate vs USD & GBP

 

20’000 euros for GBP-EUR, the 18.12.2016 at 8pm (source: moneytis website):

CurrencyFair: 88 GBP

CurrencySolutions: 95 GBP

TransferGo: 102 GBP

TorFX: 103 GBP

Transferwise: 108 GBP

 

20’000 euros for GBP-USD, the 18.12.2016 at 8pm (source: moneytis website):

CurrencySolutions: 106 euros

TorFX: 126 euros

TransferGo: 131 euros

Transferwise: 140 euros

CurrencyFair: 148 euros

 

While there were some cost-effective actors for small and medium amounts, the operators providing clients with the best euro exchange rate for big amounts are different.
We have to be aware and get knowledge about the behavior of online services. There is a need for transparency that we can solve only if there are services here to bring transparency, like money transfer comparison service!