Sending money abroad can feel like an extreme sport, dodge high fees here, avoid bad exchange rates there, and somehow, by the end, you still feel like the system scammed you. But guess what? It doesn’t have to be this hard.
If you want to get the best exchange rates in money transfer (and keep your wallet happy), this guide is for you. Let’s break it down, step by step, with some real talk and tips you can actually use.
How to Get the Best Exchange Rates
- Compare Different Services:
All money service providers claim to be the best, but let’s be real, most of them add hidden fees or charges here and there to trick you somewhere in the process.
That’s why you need to always compare different service providers, and check who is providing the best rates
At first, a small difference in the rates may not seem like a lot, but as the transfer amount increases, the rate difference becomes more significant on your pocket.
Finding the best exchange rate will help you save a lot of money.
- Set Rate Alerts
Currency exchange rates can fluctuate many times during the day due different factors such as, economic policies and market dynamics.
Therefore, if you time your transfers, it can help you take advantage of the constantly changing rates when they are the most favorable.
Using apps like CurrencyXT have tools like currency rate alerts. These tools send you an alert when the currency exchange rates reach your desired rate.
This is highly effective in catching the best deal, without having to monitor the exchange market constantly, because honestly who has the time?
- Choose Your Payment Method Wisely
How you pay for your transfer can make a huge difference. Here’s the tea:
Bank transfers may be cheaper but they are very slow and will usually take 3-5 business days to process.
Debit or Credit cards are faster but they have additional charges.
Digital Wallets are convenient and are fee-free depending on the service provider
Pro tip: Go for a method that gives you speed and value. And always double-check the fees upfront.
Timing Is Everything
If you choose to send money when rates are bad it’s like buying concert tickets after they’ve sold out, you’ll always end up paying more. Here is how you can use timing to your advantage so you get the best exchange rates in money transfer.
Avoid Weekends:
- Exchange markets are closed during the weekend, so rates may include additional margins.
- Only make transfers on weekdays to get good exchange rates.
Watch the News:
- It is important that you stay updated with the current affairs, as developments like economic announcements can send rates soaring or tanking
- If something major is happening, hold off on your transfer (unless it’s urgent).
Monitor Currency Trends:
- What Are Currency Trends?
Exchange rates go up and down daily, like stock prices. These changes are influenced by events like economic reports, political news, or global markets.
- Why Should You Care?
Sending money when the rate is high means your recipient gets more cash. For example, if £1 gets you $1.25 today but $1.20 tomorrow, waiting could make a noticeable difference. - How Long Should You Wait?
If your transfer isn’t urgent, take a week or two to watch how rates are moving. Look for patterns, are they steadily climbing or dropping?
Banks vs. Money Transfer Services (Hint: The Banks Usually Lose)
Let’s not sugarcoat it, banks are not your friends when it comes to international transfers. They charge high fees, offer bad exchange rates, and take forever to process your transaction.
Instead, use a money transfer service. Why?
- Better Rates:
They beat the banks at their own game, and provide competitive exchange rates. Now you can choose what suits you best.
- No Hidden Fees:
Banks often charge you with hidden fees or other miscellaneous fees, however if you choose services like TangoPay, you only pay for what you see.
- Fast Transfers:
When sending money through a bank it may take 3-5 business days for a transaction to process. Enjoy instant or same day transfers with TangoPay, because waiting days for money is so last century.
Bottom Line
Sending money abroad doesn’t have to feel like a chore. By comparing services, using rate alerts, and timing your transfers, you can get the most bang for your buck.
Using traditional methods like banks for international money transfer is outdated, using modern money transfer services like online apps or websites is the new go-to.
And if you’re tired of the runaround, check out TangoPay. They’ll help you get the best exchange rates in money transfer while keeping things simple and stress-free.
Stop overpaying. Start saving. Your wallet will thank you.
