Using these tools, you can assess the current mid-market rate and also see whether your currency has been trending upwards or downwards in value over time. If you don’t need to send money straight away and can hold off for a better exchange rate, that could lead to significant savings.įXcompared has a number of tools to help you monitor exchange rates between currencies, including our currency converter. Planning ahead: Sending money abroad on the day/instantly could cost you more in the long run if the exchange rate moves in your favour. It’s a good idea to load up the mid-market rate when comparing providers so you can see the difference between the markups being added. It’s better to send money using a money transfer specialist with lower fees and competitive exchange rates on international money transfers.Ĭompare providers: With FXcompared, it takes one click to compare exchange rates and fees being offered by money transfer providers so that you can pick the best option for your transfer.īear the mid-market rate in mind: Many money transfer providers add a markup on the exchange rate, based on the amount being transferred, but aren’t always transparent about how much this markup is. In order to find the best exchange rates, it’s worth doing the following:Īvoid the high street banks: Banks will almost never have the best exchange rates. This is why you need to consider both exchange rate and fees together when you are evaluating money transfer providers to ensure you are getting the best possible price for your transfer. On the other hand, money transfer providers that do charge a fee will often have better exchange rates. Money transfer providers that have low/no fees will usually have a markup on the mid-market exchange rate. Transaction fees: the amount that some money transfer companies will charge to help you send money abroad.
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The exchange rate: the value that one nation’s currency has when described in terms of another nation’s currency, plus the markup added by the money transfer company. How does the exchange rate affect your international money transfer?Īs we explain in our money transfer guide, the cost of sending money abroad depends on two factors: However, as we’ll soon find out, money transfer providers will often add an additional markup fee on top of this rate when you use them to send money abroad.
This is the rate that banks use to exchange money between each other. The standard, baseline exchange rate for currency pairs is known as the mid-market rate. The quotation of one different currency against another is known as a currency pair, with some of the most popular pairs including the pound, the euro, the British pound, the US dollar and the Japanese yen. Put simply, currency exchange rates refer to the value that one nation’s currency has when described in terms of another nation's currency.
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