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Christmas is that time of the year everyone is keeping an eye on their calendar. It’s a time of celebration and unity with family and friends. It’s also the time of year where foreign exchange is at its peak as this is the festive period where presents are gifted, charitable donations are made and people travel around the world. These are all reason why money transfer is extremely necessary over the holidays. But how do we cut the cost’s this Christmas so that your foreign exchange broker doesn’t charge you extortionate rates? This is a question many remitters have been asking us, so we decided to give you 5 crucial aspects to pay attention to this Christmas before looking at sending money.
Many people don’t pay attention to the frequency of money transfer and think only the size you are sending contributes to the expensive rates. Here’s a little tip to get cheaper exchange rates, if you are going to send money again later in the calendar month, send it all in one go. People worry about doing all their money transfer at once because they believe that they could get a better rate the second or third time. The truth is that you could possibly get the best rate if you reduced the frequency of sending and send larger sums. Foreign exchange brokers give a great spread on their exchange rates the larger the transfer as opposed to the frequent sender. This is due to the fact that frequent senders will probably shop around each time as opposed to the former who will give them a guaranteed transfer.
The dates we choose to send money is perhaps the biggest contributor to the exchange rates offered and yet we are surprised every time we are asked the question “why?”.
The foreign exchange market fluctuates consistently on a daily basis based on news and events around the world which is why it is the biggest contributor to a bargain money transfer or the top tier rates. Most recently, Italy’s referendum outcome contributed to a shift in the GBP/EUR exchange rate which caused many remitters to get an exchange rate which gave them far less for their money. Due to the significance of this date the market had changed directions and brokers were no longer able to give you’re a cheaper money transfer. A great rule of thumb, if this is a popular country you send to, would be to mark the key dates which may impact your transfer.
This next tip is what we at SendThatCash like to call the “obvious price tag”. The transaction fee is commonly understood as the charge that the brokers or instant money transfer such as Western Union or Xendpay put on their service and thus causes a lot of remitters to stay clear. The truth about this fee is that it is not always in your best interest to dismiss the provider on it as sometimes the fee is a small price to pay for a ridiculously cheap rate they could be offering. If a provider is showing you all their fee’s up front and can give you an exchange rate which is well below the market value, then you would be missing a really good opportunity.
Guaranteed this isn’t the most attractive factor to consider when making your decision on your quest for a cheap money transfer, however in the Christmas period the race against time is almost certain which makes this a priority. Don’t let yourself be forced into committing to a broker because the delivery of your money transfer is cutting it short on your schedule. Very often people do not realise that the reason you are getting that awful exchange rate or pricey transaction fee is because you are filtering your options on when you are guaranteed to deliver your payments. Now, obviously in retrospect the smarter decision would be to prepare sooner, but if you are in this circumstance we urge you take a moment to consider being flexible on your time.
This last one may not fit all circumstances but has been the saviour of too many to be left off the list. Many remitters send in the local currency and rightly so, but just as many also do not consider that the local currency could be just as valuable as a widely used currency such as the Euro (EUR), US Dollar (USD) or British Sterling (GBP). With a bit of research, you could easily check before sending money to see if you can get a cheaper money transfer with the local currency or the currencies listed above.
We hope these tools can help you this Christmas make better decision in getting your cheaper money transfer and get a lot more for your money.
Vorto Trading partners with SendThatCash for foreign exchange comparisonTue, 02 May 2017 - 12:32 AM