If you have a high volume foreign currency transfer to make and want to be assured of the best exchange rate, there are a few techniques you can employ to achieve this. Whether it is a one off payment or you make more regular foreign currency transfers, in order to achieve the best exchange rate it is important firstly to be dealing with the right people. A specialist foreign exchange broker will be able to guide you through the process, they will have lower transaction costs than the bank, they also provide a quick and safe transfer of your funds.
It is important first to look at the timescale of your foreign exchange transfer, having time to play with is always a good thing but it’s what you do with that time that makes the difference between achieving the best exchange rate and the worst exchange rate. The foreign exchange markets are very volatile, they trade 24 hours a day, 6 days a week and any financial data globally can create fluctuations in the rate of exchange.
With so much information available on the internet it can sometimes get quite confusing but a few basic points can help anyone to achieve better exchange rates for money transfers abroad.
Firstly it is important to identify the current trend of the currency you are looking to convert, the easiest way to achieve this is to look at a chart tracking the previous exchange rate movements. There are usually a few different trends, a long term trend (yearly) medium term trend (monthly) and short term trend (daily)
It depends how quickly to require your foreign exchange transfer as to which timescale you should be looking at. If you need to make a transfer in the next few days, look at the daily trend, if it's moving in your favor then its worth hanging on for a bit but as soon as you see the rate of exchange start to fall away, give your currency broker a call and book the rate. You could also put an automatic buy order known as a 'limit' order with your broker so they watch the market for you. This will save you time and effort.
For more information and if you are need assistant for a good exchange rates, please contact our live chat support or e-mail us at ferry.corry@mbmoneychanger.com