best-foreign-exchange-rate-today

The best foreign exchange rate today

Nowadays there is this difficulty to find the best foreign exchange rate. Millenials think it is very hard whereas it has never been so easy. Indeed there are many new services such as fintech services. They provide the best exchange rates online.

 

Today, we can get the best foreign exchange rate safely

Because we can’t get them using our banks, the question about the other providers is about safety. Now that regulators all over the world have acted in a way that prevents frauds in fintech companies, there are many new ways online which are secure and we can use them by simply checking on a money transfer comparison service.

 

They are also cheap

Using a comparison service is going to help expatriates or retired persons abroad to easily compare the best options, leading to the cheapest option if it’s what you are looking for when you need to use a good foreign exchange rate.

 

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And the foreign exchange rate is fast

Then the question is about applying the best foreign exchange rate to the amount you currently have, for a money transfer which is going to be cross-border. Foreign exchange rates have always been hard to find and long to use. Not anymore. You can find them. And you can use them in a couple of hours. With brokers that you find on comparison services you can even book the best foreign exchange rate and then make your transfer using it.

 

Even though the easiness of the best foreign exchange rate is not always excellent

The only bad point about the best foreign exchange rate is usually the fact that the money transfer service providing it to customers is not the easiest to use. It will mean that we have to make a certain investment in time in order to get the cheapest and fastest exchange rate for sending money abroad.

 

The best foreign exchange rate have never been so popular. We can get safe ones but also fast ones, quite easily. The cheapest exchange rate is also quite easy to find but using the service which provides us with the best foreign exchange rate is usually more complex than using another service. Just one point to improve before having a perfect foreign exchange rate to use to send money abroad frequently in the best comfort.

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The ultimate expert interview explaining why we should compare exchange rates

Here is the first episode of our expert interviews about financial subjects. The idea is to speak about exchange rates. As there are more than 220 million people living abroad there is potentially a big interest for this boring subject. However we might find refreshing points so that it doesn’t remain boring anymore. Here is Heather Weaver’s interview, she is managing director at Finance Money Transfer Experts Ltd.

 

The information source of exchange rates: to be compared?

YES. There are many different sources of exchange rates. We know about Google exchange rates and there is also Yahoo (Yahoo Finance), Xe, Oanda, Reuters, neomy, openexchangerates, etc… All of them are good exchange rate sources. However they all differ slightly. Xe has just been acquired by a money transfer website so there are opportunistic reasons for them to feature a non-official exchange rate so that people might not know that there are being screwed because of the amount of hidden fees applied…

Anyway, the reason why we have to compare exchange rates is because whichever currency we take a look at such as EUR, USD, CNY, RUB, GBP or SAR, there are always differences between sources of information.
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The provider of exchange rates: to be compared?

YES. Definitely. It’s probably the most important by the way. There are hidden fees applied by the money transfer operators. The hidden fees are fees that we don’t see obviously because there are hidden in the exchange rates. That’s why it’s good to compare the exchange rates offered by providers. Especially money transfer providers.

 

The graphs of exchange rates: to be compared?

YES. You need to compare the graphs because you know in finance it’s possible to make the financial KPIs talk even when there is nothing to say. Indeed an exchange rate graph based on 3 months is going to be different than one based on 2 years. Same for 3 days. People or organizations showing exchange rate graphs have to be considered liars before you trust them. So be careful cuz sometimes they want you to do something.

 

Yes we should compare exchange rates sources, yes we should compare exchange rates providers, and yes we should compare exchange rates graphs. Those comparisons are needed because there is a lot of money at stake.