Skip to content
Home » How to get the best exchange rates

How to get the best exchange rates

International money transfers can be reduced by thousands of pounds if you understand how to obtain the best exchange rates.
It doesn’t matter if you are looking for the best place in which to exchange money. When it comes to currency exchange, there are two main options: high-street banks or foreign exchange specialists (also known as brokers).

Your high-street bank might seem like a good place to start. However, they may not always have the best exchange rates. They can also charge transfer fees as high as £30 per transaction. This is a significant expense if you make a lot of transfers.

Dedicated foreign exchange services offer better exchange rates with lower or no transaction fees. There are significant savings to be made if you send large sums of money or make frequent overseas payments.

Where can I exchange my money the most efficiently?

If you have a large amount of money to change, even small variations in the foreign currency exchange rate can make a huge difference.

It is worth looking at different rates. International transfer specialists are usually the best places to change money. They deal in large volumes each day and have the economies of scale that allows them to offer the lowest FX rates. They also offer online money transfers, which are available 24 hours a day and can be accessed quickly.

What day is the best rate of exchange?

There is no one day, week, or month that is better than another for exchanging currency. This is because many variables, including political and economic factors and noteworthy events, can impact how currency markets move.

Due to the unpredictable nature foreign exchange markets, currency experts have developed a range of tools that enable you track, target, and even lock down an exchange rate for future payments. You won’t be left out of the market when it moves unexpectedly or unfavourably.

Top tips for getting the best Taxa de Cambio

1. Plan ahead

Avoid changing your money at airports while on holiday. This will cause you to pay more than if they have planned ahead. Pre-order your travel money to be collected at the airport if you cannot avoid it.

2. Do not rely on your debit or credit cards

If you use your regular UK credit card abroad, your bank may charge you a non-sterling fee and additional fees for cash withdrawals from ATMs. Make sure you have plenty of foreign currency on hand and make large purchases with specialist travel credit cards.

3. Local currency: Pay

Always pay in the local currency when you use your credit cards abroad. If you don’t, the retailer will often choose the currency exchange rates which are usually more expensive than your card provider’s.

4. Take a look at a forward contract

A currency forward contract is a way to exchange money if you plan on buying property abroad. This contract allows you to lock into a favorable exchange rate for as long as two years. You won’t be affected by changes in FX markets and can also guarantee the amount you will pay when you settle. This is useful in other situations, such as when you need to budget for a foreign business or a wedding abroad. You may need to deposit a deposit for forward contracts.

5. Time frames are important to remember

It is important to allow ample time for currency exchanges if you need it by a particular date. It is more expensive to transfer your currency immediately than it takes for a few days. A good organization will help you avoid extra charges and get the best foreign rate. Currency specialists moneycorp make it easy to send money electronically and automate regular payments. This will ensure that your transfer arrives in time. You can also make payments online 24/7 through their secure platform. This gives you total autonomy.
6. Market order: Wait for the right rate

A market order can be used to ensure that you receive the rate you are looking for. Market orders let customers specify the currency rate they would like to use in their transaction. They will then execute when that rate is reached. This eliminates the need to constantly monitor the markets. It also gives you confidence that you won’t miss your target rate. You can then get on with your day without missing any opportunities.