If you ever thought of the amount of savings you made by lowering the fees by making the right choice when sending money, you might not have noticed the exchange rate amounts. The savings that you may have games included a reduction of time and effort, yet overall, the currency conversion that might not be within your control. Most of us who do transfer funds do choose to just accept the exchange rate as there is no choice anyway. But, there is a way around it, too.
Be on top of the situation. The best way to avoid higher fees on the exchange rates for your money transfers, you have to know the prevailing rate. If you are aware of how much the exchange rate is for the currency that you will be transacting with, then it is less likely for you to fall into the trap of higher rates. Be sure to check with your bank or through online currency converters to know the current rate of exchange before you make a payment transaction. This way, you will know whether the amount being charged to you will be fair or not.
Know the fees. With the different methods of money transfers, there will be different exchange rates and fees involved with every transaction. The best way to make or receive funds is to know the different fees with every method for the different services. There are online payment options that are more transparent than others and can give you a clearer idea of exactly how much it will cost you to send your money. These online payment services also offer you free currency converters so that you will find out the exchange rate at the moment that you need to make a transaction.
Get a state-backed currency account. If you have a virtual US or EU account to keep your funds in, then you will be able to avoid the higher exchange rates that other money transaction services have. This is because the rate of the currencies you will be transacting with will be at the base rates. Using this method may take a bit longer for the transactions to go through than other online money transfer methods but it can be more affordable in the long run.
Set your funds to a specific currency. If you are transacting more often in a specific currency like EUR or USD that is different from the currency of your country, then it is best to instantly convert the funds in your online payment solution to that currency already. This way, you won’t have to deal with the exchange rates until unless you are planning to cash in a payout. This will also minimize the fees that you will be needing to pay since online payment services usually don’t charge you for every transaction that you make. Not only will this be a simpler way for you to send and receive money in the currency of your choice, but it will also help save you time on having to research the conversion rates and having to check them every time you make or receive a payment.