How to Get the Best Foreign Exchange Rates

04 April 2011 - Which Way To Pay

How to Get the Best Foreign Exchange Rates

Moving money from A to B is so easy you can do it in your sleep – if A and B are both within Canada.  But what happens if you want to send money to another country? 

Getting the best foreign exchange rates is vital when sending money to an overseas bank account – which is why it is important to know where to get them from!  Many people automatically go downtown to their regular bank, but this is by no means the most cost-effective way to go! 

Traditional banks charge terrible exchange rates (a widely accepted fact), the transfer speeds are often slow, and you may be charged fees and commission in addition to the transfer. 

To get the best rates, start by figuring out the following essentials:

- How much do I need to send?
- Which country am I sending to?

If you need to send several thousand dollars, a foreign exchange broker is the cheapest and best way to go.  They can offer a far better service than the regular bank, including:

- Unbeatably good exchange rates
- One-to-one service (your own broker on call or email)
- NO commission and NO fees
- Instant transfers available
- Bank-to-bank transfers to almost anywhere in the world

Need to send a smaller transfer amount?  Then head for the Money Transfers section on our site.  The companies listed here are also able to offer exceedingly good exchange rates and an overall high quality service for free.