For migrants looking to get the most out of their money and ensure speedy transactions, timing is key. So what is the best time to make an international money transfer? While there’s no one-size-fits-all solution, we’ve got some practical tips to help you navigate the process.
In this article, we’ll go through factors to consider when choosing the best time to make a transfer, and why some times are better than others.
Considerations for choosing when to send money
Exchange rates
Exchange rates dictate the value of your money in the destination country. As they’re constantly changing, it’s important to keep an eye on them and choose a time when the rates are favourable to make your transfer. Sending money when the exchange rate is good allows you to maximise the value of your transfer and get more out of your money.
OrbitRemit’s currency calculator provides real-time, accurate exchange rate information, ensuring you stay up to date. This means you can make informed decisions about when to send money and increase the amount your recipient receives. Not to mention, our exchange rates are highly competitive!
Time of the day, week and month
When you send with OrbitRemit, you can be confident that the payment will be swift and efficient no matter when it’s made. However, there are a few tactics that might still come in handy.
As a rule of thumb, making your payment in the morning increases the likelihood of it being processed on the same day. If you start a transfer outside of normal banking hours, you may need to wait until the banks reopen for the funds to keep moving.
The majority of us receive our pay at the end of the week, or month. As a result there tends to be higher transfer traffic at these times. If you’re able to, avoiding these busier times could help to speed your transfer along. If it’s not possible to transfer outside of peak times, don’t worry – OrbitRemit can move your money quickly at any time!
Bank holidays
It goes without saying that being aware of any bank holidays in your country or the destination country is good practice. On these days, banks and payment systems may be closed which can cause delays in processing your transfer. Plan your transfer around these days to minimise potential delays.
Service provider
Exchange rates and timing aren’t the only key factors in making transfers. It’s also important to choose an efficient money transfer platform that you can trust.
At OrbitRemit, we offer great exchange rates, low fixed fees and have a dedicated customer support team that’s always ready to help. Check out the exchange rates on OrbitRemit’s currency calculator and sign up today to start moving money quickly and easily!