You are expatriate and you need to send money abroad? I am too. I always search for the best foreign exchange rate. There are different ways to get it every time and there is a specific method to follow.
How to get the best foreign exchange rate?
If you want to get the best foreign exchange rate you need to know what are the rates of the different money transfer providers. Among money transfer providers there are brokers, online money transfer operators and banks. And guess what? Banks are the most expensive. Banks are the slowest too. New online money transfer operators and online brokers are the most useful solutions to get the best foreign exchange rate.
I would name CurrencyFair, Transferwise, Azimo, Xendpay, Covercy, HIFX, TorFX, CurrencySolutions, CurrencyUK, and many others. The best way to access to a sorted list of them is to use a money transfer comparison website.
Why is it necessary to compare each time you send money abroad?
So using a comparison service is useful to get the best foreign exchange rate, and what about the frequency of using such a service?
The first thing to know is very important. The rates which are offered by the different online operators are changing every minute because they are connected in real time to the official mid-market exchange rate. And the service adds a fee, mostly hidden, which makes the rate less advantageous than the official one. Let’s say you found one solution one day and you are happy with it because it was the cheapest. What prevents the operator from changing the fees it is charging? Nothing. That’s why it’s important to compare again. Most services offer the best foreign exchange rate for new customers and then charge much more.
Getting the best foreign exchange rate means using a comparison which is connected in real-time. Then it’s necessary to compare each time otherwise the operator is going to charge more.