Money transfer rates
When sending money internationally, there are a multitude of different options to consider. However, finding the money transfer rates that will save you the most money will require some careful thought and comparison. Currency exchange specialists offer some cost-effective services to its customers, which include the ability to transfer money on the spot; at a predetermined time in the future with a more attractive exchange rate; or in regular payments spread out over a set time frame. These options are all in place to save you both time and money.
For people who may need to make regular payments on tuition, mortgages or to transfer salary, several time-saving and cost effective options are available. You benefit from a forex agent’s low overhead fees, little to no transfer rates and minimal costs for regular payments. You can save significantly on monthly currency transfer fees, not to mention exchange rates. As a matter of fact, you can set-up fixed regular payments and agree to a fixed transfer rate to save even more.
Another option of making the exchange rate work for you is by agreeing to a forward contract. In this aspect you can benefit from a current exchange rate for a future transaction. For example, if you know that you will be covering tuition costs within the next few months and are obviously unsure of which way the currencies will strengthen or weaken, you can agree on a current rate and have the money transferred at the specified date at the rate you chose.
If you are not in a great hurry to send money, you may be interested in what is called a limit order. This type of transaction is getting more and more popular as it allows you to set an exchange rate of your own choosing. As soon as this rate becomes available on the market, your fx broker will let you know and you then have the option of making an exchange.
For quick money transfers you can opt for the regular or immediate rate at which the forex agency carries out currency transfers. Your transaction can be complete from within a few minutes to a few days. This exchange will be much better than what you would get from your bank because fx firms make it their business to study the foreign exchange markets to give you the best possible deals.
Whatever your particular foreign currency transfer need, you can find an option that suits it by using the services of a forex broker. The money transfer rate you pay will be determined by the particular service you select. Doing a currency transfer rates comparison will help you to select the agency that will save you the most money. Some may offer special transfer deals as a perk if you are sending a large sum of money such as values greater than £5000 or £10000. There are many reputable comparison sites online that have done most of the legwork for you. All you need to do is select the amount of money you would like to transfer and to which currency and you will be given a list of services along with their various rates. From there you can make your choice.