How to find the best exchange rates

24 April 2013 - Mark Maffia

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How to find the best exchange rates


Finding the best exchange rates can be very important when sending money abroad, especially when dealing with a high sum. This could be, for example, the payment for a property one has purchased or for setting up regular money transfer. The higher the sum, the more important it is to leave the job of sending money abroad to the specialists.


Why not ask a bank?

Commissioning a traditional bank is not the best option, because they can sell foreign currency only at around a five percent margin from the interbank spot rate. A foreign exchange broker can do this at around a one percent margin.


Various services

Foreign exchange brokers are specialists who also offer advice and will provide a completely personal service. Before sending funds abroad one needs to open an account with a foreign exchange broker. One can then straightaway use their services and make international payments round-the-clock

Foreign exchange brokers can take commissions for future transactions at the present rates, and one can take advantage of various transfer options like hedging service and forward contracts. This way one can protect oneself from the negative effects of changes in the international money market.   For people who have to send high amounts this is essential and helps to save a lot of money.   Especially for businesses, even the smallest differences in the exchange rate can make a big impact.

To find the foreign exchange broker who suits one's needs best one should compare different companies first. Then one just clicks on “apply” and opens one's account in just a few steps.

 

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