Getting the Best Foreign Online exchange rates

Posted by kazi asif mahmud on January 15th, 2021

Getting the best foreign kursy walut online for hard currency transactions may seem a simple enough task to handle. You would find out however that it could take a great deal of your time. Of course, you can always go to your bank or the nearest moneychanger near you but the question is "will you be getting the best foreign online exchange rates" every time? Remember a few cents difference can mean a big difference when making volume transactions.

You may have to shop around, ask around, and even surf around a lot before you can get the best foreign exchange rate available. Do not forget too that you always have the option to forgo the task when the current rates of exchange are too high (meaning if the rates are higher than when you bought the currency). If the rates are too high and you are not much in a hurry, then you can forgo the task until better rates are available. This is where the exchange rate calculator comes in handy because, with it, you can check on the rates now and then.

Here are some tips on how to get it for hard currency transactions:

• Get the latest interbank rates from your bank or any online bank.

• Using an online exchange rate calculator make a conversion and compare it with the inter-bank rates. There should not be much difference between the two but always choose the one with the best foreign exchange rate for your reference rate.

• Using this as your base of reference, get quotations from various moneychangers. Do not however expect to get the same rate from moneychangers. The interbank rates and spot market rates are for wholesale transactions (usually in millions of dollars) while the moneychanger rates are retail transactions. Besides, moneychangers would normally pad up the rate with a small amount of profit to cover their operational costs so they will give you different quotations. Use the interbank rate for reference only but make sure the difference it has with the moneychanger’s quotation should be in the range of 5% To 10% only.

• It is not best to make hard currency transactions online unless it is with a banking institution. But if you will be doing an online transaction with money changers make sure you will be dealing with a reputable firm. You can always check its background online or even ask around from friends. Make sure also that the transfer process of the funds are secured.

• There is also a need for you to be aware of the current levels of the online exchange rates compared to their rates in the past. Currency online exchange rates fluctuate rather rapidly. What may be high today may be lower a day or two from now. So, unless you need the cash, postpone the transaction to some other more opportune time in the future when exchange rate levels are in your favor.