You could say that exchange rates are the price you pay to buy the currency of another country. The exchange rate never stays the same, and factors such as inflation, recession, and political stability can affect the balance between two currencies.
You need to find the best exchange rates during international transfers because you’ll get more out of your money. Whether you’re sending a large sum or a series of small amounts, a slight exchange rate fluctuation will make a lot of difference. Therefore, to help you find the best exchange rates, we’ll provide some tips right here in this article.
Check Rates Early
Predicting foreign exchange rates is indeed a challenging task. In addition to everyday fluctuations, each remittance provider offers its own rate, which may not be close to the mid-market level. However, it’s wiser to check the rates at least four weeks before the transfer. In such an event, you can transfer the funds whenever your currency is the strongest, and you won’t deal with last-minute surprises.
Don’t Use Banks
Banks are an excellent choice for people who put security above all else. However, if you’re looking to find the best exchange rates, you need to look somewhere else because they usually offer the lowest rates compared to online remittance providers. Plus, they charge exorbitant fees on every single transfer.
Know Mid-Market Rate
The mid-market rate is the interbank rate lots of transfer services and banks use to make international transactions. When you’ve narrowed down your search to a handful of providers, you need to compare their rates based on the mid-market level to find the best exchange rates.
Bottom Line
Constant fluctuations, political turmoil, and economic instability are among the factors making finding the best exchange rates confusing for beginners. While there’s no definite way to make the exchange rate go in your favour, you can always find some remittance providers that consistently offer rates close to the mid-market level. Lycaremit is among the rare remittance providers offering sensible exchange rates for major countries and exotic destinations. Accordingly, our suggestion is to stop looking and register. We can make this so much easier for you.
