Every year, hundreds of billions of dollars are transferred worldwide, and the figures continue to increase. As a result, the number of money transfer and currency exchange services in the market is growing. This may come as good news for you if you frequently use these services, but it only means that choosing the most suitable service provider gets even more daunting.
This article offers some tips on how best to get the maximum value when choosing a service provider through which to exchange currency and transfer money across borders.
Interbank and Mid-Market Rates
Before using money transfer and currency exchange services, some research is warranted. As a savvy customer, it is imperative that you are always up to date with the current interbank and mid-market rates. Sources of this information are plentiful online. A quick Google search will generate a list of prospective companies for you to quickly review.
Comparing Service Providers
Naturally, you need to compare the rates offered by various money transfer and currency exchange service providers before choosing one. Reviewing the prices on the websites of these companies is effective. However, you can go a step further and visit websites that compare the exchange rates offered by various service providers. exchangerateiq.com is an example of a suitable platform.
Some currency exchange and money transfer companies will offer you superior rates when you carry out transactions online. Others may be in partnership with banking institutions and offer you better rates when you carry out transactions using your debit card. Ultimately, you’re looking for companies that offer rates that are as close as possible to the mid-market rates.
Loyalty Doesn’t Always Pay
It’s important that you’re always on the lookout for currency exchange and money transfer services that offer better rates than your current one. The sheer number of current and upcoming service providers in the market makes the money transfer and currency exchange a very competitive business, meaning there’s usually a slightly better deal somewhere else.
Do however remember not to be too quick to jump ship. When you come across a seemingly better deal from a different service provider, it is always a good idea to read customer reviews to get an idea of how good the service is in order to make an informed decision. Trusted reviews are there to help you find out which companies and reliable and safe to deal with.
Conclusion
Like any other online or offline financial service, you need to do your homework before choosing a service provider. Currency exchange and money transfer is a highly competitive business so you need to carefully review all the options in order for you to get the most value out of your transactions.
