When it comes to sending money internationally, there is nothing that stresses an expat than losing the money while exchanging it. This is because many expats usually overlook the exchange rate to find a considerable deduction from their funds later.
However, grabbing the best deal at the exchange rate can be daunting, especially when you’re sending back a large amount of money.
If you want to save money and get the best conversion rate, here are some expert tips that can help you with it. Read on to explore in detail!
1. Compare Currency Exchange Rates
When it comes to getting the best exchange rate for your funds, the first thing that you need to do is compare all the available options. There are a number of online platforms that allow you to compare exchange rates offered by banks and money transfer platforms.
Therefore, take some time to compare the exchange rates. This way, you can save yourself from overlooking the best deal and get a suitable exchange rate for your funds.
For example, you can compare the exchange rate for USD to YEN offered by Western Union and other money-transferring companies at the same time to get the best deal.
2. Look For Low Fees
When sending money back home, the exchange rate isn’t the only thing you need to be worried about. Even if you find the best deal for money exchange, there is also the service fee that may offset your savings.
Therefore, you need to look for professional money transfer services that offer low to no money for the exchange. This way, you can get more control over your account to save and send money securely without chopping off a significant chunk.
3. Use a Specialist Provider
To send money internationally, banks aren’t the only medium for it. There are many money transfer specialists that offer the best exchange rate and lower fees than traditional banks.
So, look for the best money transfer service provider that is operative in your hometown as well. Compare their services and exchange rates to ensure you’re making the most out of your global transactions.
4. Choose the Right Time
Exchange rates are also affected by the time of day, week, and year. There are a number of factors that influence the exchange rate, such as global events, holidays, and economic factors.
While you’re planning to transfer your money, you can check the discount rate on the special dates to save money on it. However, when grabbing this type of discount, you need to prepare yourself for the delay in the process as well.
5. Avoid Using Credit Card
Many expats consider using a credit card to send money internationally as it’s convenient. But, not many are aware of how costly it can be for them later.
Credit card companies often charge high fees and poor exchange rates on international money transfers. So, say no to credit cards and consider using the best money transfer services to save money by getting a beneficial exchange rate.
