If you have ever traveled abroad, sent a money transfer to a family abroad, or made payments for international trade, you know that changing currency can be cumbersome, especially with smaller currencies or even cryptocurrencies. Finding banks, online marketers, or the streets of an unknown city to get the best prices can be time-consuming and expensive. And if you’re not careful, the cost of changes can add up.
Here are five tips to help you transfer currency safely.
- Plan in Advance
Find the current exchange rate in the middle class with and Currency Converter or the Currency exchanges App. Then compare the rates of banks, exchange offices and online providers Wirex. When you have found the best deal, exchange your money.
- Understand the foreign currency costs
Some currency costs can be transparent and others hidden. It is important to understand what you are paying for. Like any other company, forex providers need to make profits to stay in business. Suppliers earn money in three ways:
- Currency providers may charge a commission, a lump sum, a processing fee or a minimum fee.
- You can include a margin in exchange rates by buying currencies at one price and selling them to another, with a margin included.
- Foreign exchange service providers may also charge a transfer fee for transfers and other shipping methods.
You can calculate your switching costs with Currency Exchange Calculator. You can also download the Currency converter for iPhone app and use the Rate Advisor to compare your provider’s price with the average market price.
- Consolidate your transactions
Since costs are incurred for each currency transaction, fewer transactions can sometimes result in lower costs. Depending on the nature of the transaction, you can save money by combining multiple money transfers into one large transaction. Some forex providers may even offer better quotes or waive exchange rates for a certain amount.
- Watch out for forgery
Every country has its fair share of counterfeit money, some more than others. To avoid counterfeiting, you should familiarize yourself with the appearance of the room. Pay attention to watermarks and other security features. This may facilitate the detection of counterfeiting, although it is not possible to detect counterfeits at a high level. Try to use reliable Forex providers and established Forex companies.
- Bank abroad for longer stays
If you are traveling abroad, studying abroad or planning a stay longer in a foreign country, you should consider sending money and banking abroad. Opening a local bank account can cut costs and help keep your money safe. This also facilitates the consolidation of your foreign exchange transactions and helps reduce the risk of currency fluctuations.