Find the Best Foreign Currency Rates: Tips and Techniques

  • Posted by Jason on March 3, 2015 in Exchanging Money Insight

It’s important to remember that every currency exchange provider is unique, from the fees they charge, to the exchange rates that they offer. But how do you find the provider with the best foreign currency rates for your needs? Let’s take a look.

Compare Forex Providers

Finding the Best Foreign Currency Rates is Just a Matter of Research

Looking into different providers is the place to start – use the calculators and other tools offered on their website to compare the amount you’re sending, and the amount that will be received at the other end. To test each provider, we’ll look to convert 1000 NZ Dollars into Indian Rupees and 1000 GPB into USD. Keep in mind that these exchange rates are correct at the time of writing.

foreign-currency-rate-comparison

PayPal and MoneyGram tend to offer slightly lower exchange rates and charge high fees. In return, they offer customers a faster transfer (within minutes). Essentially, you pay extra for convenience – although usually waiting 1-2 working days (as with WesternUnion and OrbitRemit) for the transfer to take place is no great issue.

The Small Print of the Best Currency Exchange Rates – Read the Contract

As you can see, there is significant variation when comparing currencies. It is also important to consider fees too. Western Union, while having a good USD/GBP exchange rate, charges a hefty fee of $25 per transaction and takes up to two days for the money to reach its destination.

Comparatively, OrbitRemit offers consistently reasonably exchange rates, with a small fee of around 5GBP maximum (in fact, the USD/GBP exchange is currently free).

It is very important to factor in all costs when choosing a provider – after all, there’s no benefit in getting the best currency exchange rates, just to pay the difference in fees. Many providers hide their fees in their exchange rate and vice-versa, so watch out.

OrbitRemit’s currency calculator

With our calculator you’re seeing the exact amount you’ll actually receive from a real-world currency conversion. You can send a transfer immediately, and this is the real amount you’ll get at the other end.

OrbitRemit is able to offer better rates of exchange due to the fact that it is an online-only business. Unlike many banks or competitors, OrbitRemit is not burdened by large rental or marketing costs. As a result of this lower operating cost, the savings can be passed on to you. So give it a try! Check out our calculator on the top right hand side of the screen!



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