How to Get the Best Exchange Rate on International Money Transfers

Introduction to the Best Exchange Rates

If you need to send money internationally, one of the most important factors to consider is the exchange rate. Getting a good exchange rate can save you a lot of money, especially if you are sending a large amount. Here are some tips to help you get the best exchange rate on international money transfers.
 
 

Compare currency exchange rates

The first step to getting the best exchange rate is to compare rates offered by different providers. There are many online platforms that allow you to compare exchange rates offered by various banks and money transfer companies. Some of the popular platforms include Veem, TransferWise, Remitly, XE, and OFX. By comparing rates, you can find the best deal that suits your needs.
 
 

Look for low fees

Exchange rates are not the only factor to consider when sending money internationally. Some providers may charge high fees, which can offset any savings you make on the exchange rate. Look for providers that offer low or no fees to ensure you get the best value for your money. Veem offers competitive and transparent fee options so that you have total control over your account and the speed of your payments.
 
 

Choose the right time to transfer

Exchange rates can vary depending on the time of day, day of the week, and even the time of year. It is important to choose the right time to transfer to get the best rate. You can check out online for tools like Veems currency converters to see the current exchange rate at any given time.
 
 

Consider using a forward contract

If you want to secure a good exchange rate but don’t need to transfer money immediately, you can consider using a forward contract. A forward contract allows you to lock in a favorable exchange rate for a future date. This can be particularly useful if you are worried about exchange rate fluctuations.

Alternatively, Veem also offers the Veem Wallet. Which allows you to send USD payments to clients anywhere we support, free of charge. Your clients can then hold the funds in their wallet and exchange the funds to their bank accounts, wherever they see fit, or use those funds to also send free USD payments.
 
 

Use a specialist provider

Banks are not the only providers of international money transfer services. There are many specialist providers that offer better exchange rates and lower fees than traditional banks. Specialist providers include companies such as Veem, XE, and OFX. These providers typically have lower overhead costs and can pass on the savings to their customers.

Benefits of sending foreign exchange payments with Veem:

• Competitive foreign exchange rates: Veem is recognized for our competitive foreign exchange rates. You can use Veem’s FX Calculator to secure your rate, and make sure you’re getting the most out of your global payments. You can also view this in your account settings, so that you know at the moment of payment creation what your rate is going to be.
• Payment control: Send your payments at the pace that works best for your business. With options like traditional bank wire, or faster options like the Veem wallet, or payments via card.
• Locked in rates: The rate you see in your account is secured for 24 hours from the time you begin initiating your payment. Giving you the peace of mind you need that your rate won’t change while creating your payment!
• Free international payment options: Try using the Veem wallet to send free USD payments and eliminate the complexity of foreign exchange all together.

Using credit cards for money transfers

Using a credit card to send money internationally may seem convenient, but it can be expensive. Credit card companies typically charge high fees and offer poor exchange rates. It is better to use a specialist money transfer service or a bank transfer to get a better deal. Considering using credit cards, at lower fees, for domestic payments, and a specialist money transfer service for international payments.
 
 

Conclusion

In conclusion, getting the best exchange rate on international money transfers requires some research and planning. By comparing rates, looking for low fees, choosing the right time to transfer, using a forward contract, and using a specialist provider, you can save money and get a better deal. With these tips in mind, you can ensure that you get the best value for your money when sending money abroad. Ready to get great foreign exchange rates with Veem? Sign up today!