There are a few things that you need to consider when sending money overseas in order to ensure a hassle-free remittance experience. The currency market is one of the most liquid markets in the world. Major currencies, including Pounds and Dollars are traded on the foreign exchange 24/7. In order to ensure that your recipient gets maximum of what you are sending, you need to get good FX rates.
Here are a few tips that you can consider to get the best foreign exchange rates UK:
Here are a few tips that you can consider to get the best foreign exchange rates UK:
- Exchange rates are everything when sending money from one country to another. You get to see the wholesale or inter-bank rates that are reported in the news but they are not the exact rates that you will be getting in international remittance.
- Suppliers of currencies make their profit through the margin that is added to the wholesale rate. This margin can vary between suppliers. Some suppliers will be giving you less for your exchange but they will charge you more for buying it. Therefore, ignoring FX rates is not a good idea when sending money internationally.
- The best way of getting competitive rates is to compare different service providers. There are several websites on the internet through which you can compare FX rates offered by different remittance agencies.
- If you are not in a hurry, waiting for the right FX rates is also a good way of getting the best rates. You can pre-set or pre-order a money transfer to be sent when the FX rate hits the pre-determined amount that you have selected.