You may need to make an international fund transfer at some time in your life, whether it’s because you’re a regular traveller, have friends or relatives who live in another country, or do business overseas.
Logically, you may be looking for the optimal time to make the transfer and get the best deal. When the value of the currency you’re transferring is at its highest, it may be a good time to send money overseas. Although there’s no clear “optimal time” to transfer, a little forethought and attention to a few criteria may go a long way toward ensuring your next money transfer happens at a favourable rate and arrives swiftly and simply at its destination.
Keep a Close Watch on Exchange Rates
Prices are constantly changing. There’s always something happening that might affect currency values, for example, interest rates, inflation, and political events. Something unexpected might change all your calculations.
Keep an eye on the rates; set up a rate alert if you don’t want to spend all of your time staring at your monitor. That way, you can figure out when it’s a suitable time to send money overseas.
Pay Attention to Weekends
Holidays may cause your transfer to be delayed. Although banks are closed at weekends in the UK, the weekend is not the same elsewhere. In several Middle Eastern countries, such as the United Arab Emirates and Egypt, it falls on Friday and Saturday.
If possible, request your remittance at the beginning of the working week so that it has enough time to arrive in the recipient’s country and be processed before the weekend comes and slows things down.
Pay Attention to Bank Hours
An online transfer has some advantages: you can start the transfer from any location and at any time of day. It does not matter if you are sitting at your desk or using your phone after a workout. You can start the money transfer whenever you want, as long as you have all the necessary information and a stable internet connection.
You can send money overseas from your bank account to the recipient. However, if you confirm your transfer outside of regular bank working hours, you may have to wait until banks reopen to complete the transaction.
In the UK, midday is nightfall in other parts of the world, and much of Asia’s workday begins when the UK is asleep. You may need to do some calculations to properly schedule your transfer.
When sending money overseas, finding the best options to save money and get a better bargain can make a big difference. Lycaremit is the remittance service that can meet your expectations and provide you with the best daily exchange rates. Register and make your first transaction today!