Wise (TransferWise) - Ireland
- Government regulated
- Supports 45+ currencies
- Uses the mid-market rate
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The value you receive from an international money transfer mostly relies on the exchange rates and fees. If you use specialist international money transfer services, you’re likely already getting the best possible exchange rate. However, if you’re still using your bank, then you may be getting ripped off.
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*The offers compared on this page are chosen from a range of products finder Ireland has access to and are not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms “best” and “top” are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.
Definition: Best exchange rate
There is no single best exchange rate, and the best exchange rate for you may not be the best for someone else. There are other factors besides the exchange rate to consider when sending an international money transfer, including the transfer fees, the payment method, the speed of delivery and the level of customer service. One person may need to transfer money within 24 hours, while others may have no time frame, which may affect the exchange rate.
Exchange rates are also affected by wider economic factors. Previous performance isn’t an indication of future performance. You should consider a range of products when deciding which provider is best suited to your personal money transfer needs.
Here are some tips to ensure you get the best deal on fees and exchange rates when transferring money:
If you’re travelling to a country and looking for tips on receiving the best exchange rate, here are some things to consider:
An exchange rate is a way of showing the value of one currency compared to another.
Exchange rates are affected by the supply and demand of a currency, a country’s inflation, the trade between two countries and more, so rates can fluctuate throughout the course of a day. Indirectly, exchange rates dictate the costs of many day-to-day items you buy that are purchased from overseas or made using materials that come from foreign countries. Directly, you’ll come across exchange rates when travelling overseas, purchasing goods from overseas or sending funds overseas.
This guide will explain how to get the best exchange rate available when sending money overseas.
The answer to this question depends on the reason for your exchange. If you’re looking to convert money to send it overseas, some of these providers won’t be the best option for you.
You can check sites such as XE or Oanda to find up-to-date exchange rates. Also, remember that banks and money transfer companies will publish their own exchange rates.
Money transfer companies specialise in foreign currency transactions and deal in large amounts, giving them savings that they can in turn pass on to customers.
These services will profit from your transaction in two ways. One is through adding a margin to your exchange rate, and the other is by charging you a transfer fee. Some services will do both.
This article discusses how to get the best exchange rates when sending money overseas. The use of the term “best” does not refer to product ratings and are subject to our disclaimer. Exchange rates mentioned in this article are valid at the time of publishing and may vary with time.
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