Making the most out of your hard-earned money includes paying attention to every step in the process. For migrant workers who send a great deal of their earnings home, money transfer procedures and exchange rates mean the world. You want every Euro or Pound you make to be worth as much as possible back home, knowing fully well that what may seem like a small amount of money to others will change the everyday lives of your loved ones. Here are three valuable tips to help you find and keep the best exchange rate.
How to find the best exchange rate
Timing is money
Research the exchange rates you’re interested in on the day of the transfer. If you check the data too early in advance, it might be irrelevant when it’s time to make the actual transfer. Especially now, when volatile markets shift drastically over a relatively short period, make sure that the information you have is updated.
Follow the news
Online financial service providers and banks offer different promotions from time to time that could affect the exchange rate you’re interested in. Some special offers will include lower fees across the board, while others will target specific currencies.
For example, Rewire’s exchange rates include a special promotion for new customers interested in wiring money to Nigeria. More special promotions are published once in a while on dedicated Facebook communities and are available for community members only. Such groups include Indians in Europe discussing money matters, Filipino Expats and Migrants in the EU, Thai in Europe – Finance and Life, Nigerians in Europe talk about Finance & Life, and more.
Take it easy
The best exchange rate should come as part of a general currency exchange experience that includes everything you would expect from a reliable financial services provider. You want your chosen banking solution to offer a comfortable and user-friendly flow. This would affect the transfer speed if it takes you too long to complete the process. In addition, your time is valuable and a complex app might take up a lot of it and end up costing you more.
When you send out Euros or Pounds with Rewire, your loved ones back home will receive the money in the local currency without any work required on your end. The app handles both the transfer and the conversion process automatically to make your life easier. You can check the different rates using Rewire’s currency calculator, which is available in the app and on the website.
Saving is in the details, and you deserve to save every cent you worked hard to earn. Choose the tools and services that take your money seriously and handle it with care, down to the last detail. After all, when you find the best money transfer solution, you wouldn’t exchange it for the world.