FX rates are down?

  • Posted by Blair Pedersen on February 18, 2019 in Global Economies Global Money Transfer

forex rates are down

Foreign exchange rates, like all cyclical things in life go up and down

As a general rule, a currency’s valuation generally trends in line with the fortunes of the respective country but there are many other influences, the health of the global financial markets, the monetary policies of foreign central banks, natural disasters and so on. Due to these many factors country’s economic cycle cannot be predicted with absolute certainty and consequently trading currencies is a very difficult thing to do. Nobody has control over the direction of a currency, but everybody has control over their personal finances and so it is incumbent upon everybody remitting money overseas to ensure they are getting the most out of their money transfers.

The Australian and New Zealand dollar is currently performing quite poorly compared to a basket of other currencies. To the US dollar, the Australian dollar is down 31.25% since highs seen in 2013 and the Australian dollar is predicted to fall further to 65c. The New Zealand dollar is down 17.28%. This is because the Australian (and kiwi) economy is looking pretty shaky as a result of the slowing Chinese commercial activity. The forces that are pushing the Aussie and kiwi down are beyond the control of the RBA and Australians are virtually powerless in the face of the economic Chinese behemoth. If the pacific economies are to slow, remitters will be forced to send less and some will be inevitably forced to pause their regular payments if unemployment goes up.

fx rates are down

For remitters, there is one thing that can be done to soften the blow and that’s to shop around. You can increase the amount received by 2.5% simply by using an independent remitter instead of a bank. Furthermore, OrbtiRemit offers some of the best rates around. Please have a look to see how we perform compared to our competitors on transfers of $1000 AUD.

Company 1000 AUD to PHP   Company 1000 AUD to INR
Interbank Rate                    37,749   Interbank Rate             51,654.00
Banks                    36,616   Banks             49,995.00
OrbitRemit                    37,531   OrbitRemit             51,245.00
Transferwise                    37,406   Transferwise             51,226.00
OFX                    36,548   OFX             50,219.00
WorldRemit                    36,195   WorldRemit             50,466.00

If you’re thinking about making a transfer and being disheartened by the poor rates offered by the market, consider using OrbtiRemit to make your next transfer and we’ll cheer you up. Use the code FIRSTFREE to obtain your first transfer for free.

 

Josh Brown, Financial Writer



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