The currency exchange rate is mostly the result of the supply and demand market. Some currencies don’t follow this simple rule because their government applies a fix rate. I am going to share my 2 simple steps to slways get the best exchange rate. Firstly the providers are going to be analyzed. Governments are providers for example, money transfer comparison websites as well. Sometimes for much better rates. Then the question of where to find it has a big interest. I hope you will enjoy my answer.
Who provides exchange rate on the market?
The mid market exchange rate is officially managed by the central bank of the country ~ governments in this case. There are also currency converters in cities and airports ~ probably the most expensive ones, I hate them because they have advertisements about supposed free exchanges but they charge up to 15% hidden fees. And finally there are online money transfer services, or online trading services. The last ones are very efficient because being online allows them to drive the costs down and provides interesting rates. The best way to get excellent ones is to compare all the actors in real time. It’s quite hard. It might take hours or days. By chance there is a trustable solution. By the way the service doesn’t charge fees to the individuals. I suggest to give it a try because people pay around 6% usually whereas the lowest fees provided are around 1.5%, according to their last study.
Where can i find the most interesting exchange rate?
As stated above there are ways online and offline to find good exchange rates:
- Western Union, Money Gram and Ria are good ways online
- Moneytis is a excellent way to compare all online providers in real time.
Last but not least. On a comparison website there is a service called “alerts”. You receive notifications when the mid-market exchange rate has significantly changed.
More tips for your travel money at telegraph website