It’s useful to compare exchange rates when you are living abroad and you need to send money abroad. The most important is obvious: compare the exchange rate provided by your bank with the exchange rates you can find elsewhere. You will find 90% less expensive by simply going online. Here are the main tips if you need to compare exchange rates online.
TIPS: The 3 essential criteria when you compare exchange rates
There are 3 criteria which you should take into account when you compare exchange rates:
- Hidden fees: it is said that there is no fee. Let’s take a look at the difference between the mid-market exchange rate on Google and the exchange rate that the operator offers.
- Speed: it’s good to book an exchange rate but when you compare exchange rates sometimes you need to have send money asap. Sometimes you can’t get the exchange rate before a few days. That’s a pity.
- Promotion: there are special offers when you make a money transfer for the first time. Take a look at what it is because next time if you keep using the same service it’s going to cost much more.
TIPS: the 3 different types of comparison services. Choose the best one
There are 3 different types of comparison services, helping you to compare the best exchange rates:
- Comparison of services but no mention of rates: this comparator is the most easy to find but it’s usually biased because the services are not sorted by cost.
- Comparison of services with mention of rates which don’t evolve: as brokers and money transfer operators have prices which are ever-changing, comparing the rates is not useful as the rates you’re going to find on the comparison is not the same as the one you will find on the service you choose.
- Real-time comparison of money transfer services’ rates: this is the best one. Money transfer comparisons which compare in real-time are the most helpful.
So you just found out about the 6 best advices when you need to send money abroad. Use a money transfer comparison service is the most useful.