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.
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