Forecast the best exchange rates Dec 11, 2018 | finder.com

How to get the best exchange rate on international money transfers

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Save on the exchange rate when you send funds overseas with a money transfer service.

Finding a great rate is essential to getting the best value for money — so that more of your cash ends up in your recipient’s pocket, rather than in the hands of the service handling your transaction.

Find the best provider for your transfer

Answer three quick questions and we’ll give you an instant recommendation for a money transfer service based on your needs.

Question 1 of 3

How much do you plan to send?

Question 2 of 3

Does your recipient have a bank account?

Question 3 of 3

When can they receive the money?

Based on your answers, check out:

WorldRemit International Money Transfers

WorldRemit International Money Transfers

Send money to 110+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.Your first transfer is free with the code FINDER.

  • Low upfront fees and exchange rates.
  • Easy to use with round-the-clock help.
  • Get cash to family and friends in minutes.
    TransferWise

    TransferWise International Money Transfers

    When you need to send money overseas, benefit from competitive exchange rates and low transfer fees with TransferWise.

    • Fair service fees and mid-market rates — a major market differentiator.
    • Next-day delivery to your loved ones and businesses.
    • Trusted the world over, with five-star ratings on Trustpilot.
      World First

      Why we like: World First

      Pay $0 fees to transfer money in more than 140 currencies to more than 45 countries overseas.

      Convenient money transfers with excellent customer service and no transfer fee every day:

      • Enjoy competitive exchange rates.
      • Lock in low rates with forward contracts and limit orders.
      • Get weekly updates on the market.

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        Compare exchange rates of money transfer services

        I want to send

        to

        Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
        USD 0 3 - 5 days USD 0.00 0.871 EUR 4,355 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
        USD 1,000 1 day USD 0.00 0.871 EUR 4,353 No maximum limit, no fees and competitive exchange rates for 100+ currencies. Go to site Show details
        USD 1 1 - 2 days USD 50.00 0.879 EUR
        4,349
        Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
        USD 1 Within an hour USD 3.99 0.87 EUR 4,345 Use promo code FINDER to send your first transfer with no fee.
        Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.
        Go to site Show details
        1 - 2 days USD 0.00 0.869 EUR 4,344 Get live quotes on exchange rates and take advantage of no transaction fees with no limits on transfers. Go to site Show details

        Compare up to 4 providers

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        How important is an exchange rate?

        An exchange rate shows the value of one currency for the purpose of converting it into another. Exchange rates fluctuate due to a wide range of factors that include interest rates, consumer confidence, inflation and political stability. For instance, when interest rates in a particular country rise, investors are able to achieve better returns in that country, increasing the demand for that country’s currency. This increase in demand then drives the value of that currency upward.

        Exchange rates affect our everyday lives in two ways. The first way is in the cost of everyday goods you buy. If these goods were purchased from an overseas retailer, or constructed using foreign materials, then the exchange rate for those goods or materials will obviously affect how much they cost you.

        The second way is much more direct: when you travel out of the US, send money overseas or purchase goods directly from other countries, exchange rates affect how much your US dollars are worth.

        How can I get the best exchange rate?

        For international money transfers, finding the best exchange rate is crucial.

        Here are a few tips:

        Know the mid-market rate for your currency
        Also called the interbank rate, this rate is the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves. They make money by skewing exchange rates to make a profit. Use the mid-market rate as a baseline to compare against the rates they’re offering to learn who’s offering the better deal.

        Get quotes from many services
        Compare the quotes from a range of money transfer companies to see which offers a better deal. Many offer a quick and easy way to get a quote online, and it should include transfer fees to give you a better idea of how much your total transaction will cost.

        Don’t send a transfer through your bank
        Banks can offer secure and convenient international transfers, but they don’t offer value for your money. In fact, they offer some of the weakest exchange rates you’ll find when comparing money transfer providers.

        Peer-to-peer vs. bank

        Lauren needs to send $1,000 to her mother in the UK. To find the best deal, she compares the services offered by her bank with a peer-to-peer money transfer service like TransferWise.

        US bankPeer-to-peer transfer service
        Amount transferred$1,000$1,000
        Exchange rate1 USD = 0.52 GBP1 USD = 0.55 GBP
        Transfer fee
        $25$2
        Pounds received
        507 GBP548.90 GBP

        Considering the exchange rates and fees, Lauren’s mother would receive an extra £41.90 when transferred through a peer-to-peer service.

        Consider your transfer options
        If you’re sending recurring payments, look into setting up regular transfers to take advantage of fluctuating exchange rates and save more on fees over the long term. With a forward contract, you can lock in the current exchange rate for a transfer that will be placed days, weeks, or even months into the future. Another option is a limit order, which allows you to set up a transfer request that will only be executed when specified market conditions are met — such as the exchange rate reaching a certain level.

        Think about a multi-currency bank account
        If you need to send more regular transactions using commonly traded currencies, a multi-currency bank account could offer better exchange rates and lower fees. Also referred to as foreign currency accounts, these accounts allow you to hold funds in multiple currencies, meaning you can convert them into dollars at a time when the rate suits you.

        Send a larger amount
        Some providers encourage larger transfers by offering better exchange rates and lower — or even $0 — transfer fees. With a stronger exchange rate on $10,000, you could save a lot.

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        Exchange rate comparison

        We’ve gathered today’s best rates to inform your foreign exchange decisions.

        Refreshing in: 60s | Tue, 11 Dec 09:31am GMT
        USD AUD CAD EUR CNY GBP INR MXN PHP
        1 USD = 1.0000 1.3893 Inverse: 0.7198 1.3415 Inverse: 0.7454 0.878532 Inverse: 1.1383 6.9023 Inverse: 0.1449 0.792065 Inverse: 1.2625 71.782775 Inverse: 0.0139 20.3428 Inverse: 0.0492 52.811 Inverse: 0.0189
        1 AUD = 0.7198 Inverse: 1.3893 1.0000 0.9656 Inverse: 1.0356 0.6323 Inverse: 1.5814 4.9681 Inverse: 0.2013 0.5701 Inverse: 1.7541 51.6671 Inverse: 0.0194 14.6421 Inverse: 0.0683 38.0118 Inverse: 0.0263
        1 EUR = 1.1383 Inverse: 0.8785 1.5814 Inverse: 0.6323 1.5270 Inverse: 0.6549 1.0000 7.8567 Inverse: 0.1273 0.901577 Inverse: 1.1092 81.707617 Inverse: 0.0122 23.1554 Inverse: 0.0432 60.1128 Inverse: 0.0166
        1 GBP = 1.2625 Inverse: 0.7921 1.7541 Inverse: 0.5701 1.6937 Inverse: 0.5904 1.1092 Inverse: 0.9016 8.7144 Inverse: 0.1148 1.0000 90.627402 Inverse: 0.0110 25.6832 Inverse: 0.0389 66.6751 Inverse: 0.0150

        As you can see, some companies offer better exchange rates for popular currencies. For example, WorldRemit’s rates for euros, pounds, and pesos are higher than the others. You’ll also want to take into account transfer fees and the exchange rate for your method of transfer — here, MoneyGram’s and Ria’s rates are for cash pickup only.

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        Learn more

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        What are some companies that send international money transfers?

        If you want the best exchange rates, you’ll typically get them from an online money transfer company. Providers like WorldRemit, Xoom, XE, and OFX offer higher exchange rates than you’ll find elsewhere. Some have other features to help you save money — for example, OFX charges $0 fees.

        Western Union, MoneyGram and Ria all offer money transfers that your recipient can collect as cash at hundreds of thousands of agent locations worldwide.

        If you’re sending money to one of the countries on its long list, PayPal might be an option. But with transfer fees calculated based on the amount you send, it’s better for small transfers only.

        Compare the fees among six providers:

        RiaMoneyGramWorld FirstWells FargoOFXXoom money transfer
        Fees$0$4.99 from a bank account; $10 from a credit or debit card$10$0 for transfers of $500 or more$5$0 for transfers of $1,000 or more
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        Frequently asked questions

        Was this content helpful to you? No  Yes

        US International Money Transfers Offers

        Important Information*
        XE Money Transfer

        Transfer up to $500,000 with no minimums and no fees.

        WorldRemit International Money Transfers

        Use promo code FINDER to send your first transfer with no fee.
        Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

        World First

        No maximum limit, no fees and competitive exchange rates for 100+ currencies.

        TransferWise

        Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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        2 Responses

        1. Default Gravatar
          JuneMay 9, 2017

          What was the rate of CAD TO EURO on the 5th of may 2017?

          • finder Customer Care
            HaroldJuly 3, 2017Staff

            Hi June,

            Thank you for your inquiry.

            While we do not represent any company that we feature on our pages, we can offer you a general advice. You can check the current rates at the section “Compare exchange rates of money transfer services” for your review and comparison.

            I hope this information has helped.

            Cheers,
            Harold

        US International Money Transfers Offers

        Important Information*
        XE Money Transfer

        Transfer up to $500,000 with no minimums and no fees.

        WorldRemit International Money Transfers

        Use promo code FINDER to send your first transfer with no fee.
        Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

        World First

        No maximum limit, no fees and competitive exchange rates for 100+ currencies.

        TransferWise

        Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

        Go to site