Category: best exchange rate

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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.

 

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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!

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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..

 

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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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Today’s best exchange rates – send money abroad now

Today’s exchange rates are a reason to send money now. I can’t explain the whole situation in just one article but I’m going to explain what is the process to be sure that today’s rate is among the best exchange rates and how to profit from it by sending money abroad now.

How to know whether today’s rate is among the best exchange rates?

The best way to know if today’s rate is the best one is to follow exchange rate notifications. However we have to be aware about the fact that exchange rates in the future are evolving in such a way that we are not able to predict the future exchange rates. The future depends on politics and economics and we are not able to predict all decisions. For example the Brexit was a good example of an opportunistic event. We should have been alerted by an exchange rate notification service.

So. To be clear. The exchange rates are evolving because of:

  1. Politics
  2. Economics
  3. Events such as the Brexit.

Anyway it’s useful to use exchange rate notifications. There are plenty of services on the web.

How to profit from the best exchange rates and transfer money abroad now?

Once you’ve been alerted or once you’ve made an analysis about exchange rates evolution and you think today’s rate is one of the best exchange rates ever, you need to profit from this opportunity by sending money abroad. Transferring big or small amounts is easy if you use an online money transfer comparison service.

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Today’s rate is a good one if there has been significant changes over the last few minutes/hours/days. It’s easy to find out without watching the exchange rates closely. Indeed using exchange rate notifications is efficient. Once we know this is a good exchange rate there is an opportunity to take. Sending money abroad now is quite opportunistic and can make us save hundreds of dollars.

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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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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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