The Internet has transformed the world into a small global village, enabling people all over the world to easily communicate and trade with different products. People from different races and religions have had the opportunity to buy goods and services by just a click from their living room. In the process of buying and selling, buyers have found themselves incurring losses as they are not sure of the right channel with the best rates to use when paying for the goods or services offered with most of them preferring bank transfers. Sending of cash depends majorly on the exchange rates, and you need the best rates in the market to avoid making further losses. Exchange rates fluctuate regularly depending on political stability, interest rates, inflation, and many more factors.
Apart from the bank, a number of the platform have come up with better exchange rates than the banks giving the buyer many options to consider when transferring money abroad. Here are some of the tips that may help you in finding the best exchange rate in the market before making that transfer abroad.
Check the mid-market rates for your Currency
Mid-market rates, also known as the interbank rate is the rate that the banks and money transfer services use when trading amongst themselves. This is the midpoint between the demand and supply of your currency in the market. With that knowledge, you can determine which rate and money transfer services you would like to adopt.
Open multi-currency account
If you regularly trade on a common trade currency, it would be appropriate to open a multi-currency account which will offer lower fees and better exchange rates. The account known as foreign currency accounts gives the buyer an option to hold funds in different currencies, and thus you can exchange to your preferred currency when the rates favor you.
Get quotes from different money transfer services
If it is your first time sending money abroad and you are unaware of the market rates, it is advisable to request quotes from different money transfer companies to give you a chance to compare different rates. This can be done by checking their rates online and the transaction fee thus giving you an idea of the amount you will have to spend when sending the cash.
Send large amounts of money
In many cases, companies encourage their customers to send large amounts of cash abroad by giving them lower rates. The larger the sum of money you send, the larger the discount you will be given. If you regularly send the cash abroad, you can wait and send the whole amount at one go, thus saving you lots of money.
Do not wait till the final day when you have to send the cash abroad to check for the best available rates in the market, check on regular basis different rates in the market to know, which is the best money transfer platform with the best rates. This will help you avoid last minute rush and incurring extra expenses due to a poor decision on the best exchange rates.