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Tips for Getting the Best in Foreign Exchange Rates


The need for foreign exchange comes when you need to take a trip abroad or send cash to a loved one or friend overseas. If you are not careful about fees and commissions, the costs could add up. For that reason, there is a need to ensure that you get the best foreign exchange rates  available.


There is a need to understand forex rates and their accompanying costs. For some reason, a number of providers include hidden charges to inflate their profits. Some of the means that they use to hike fees can easily be discovered if you are keen during the transactions.


Due to the frequent changes in foreign rates, you need to keenly monitor the market so that you can identify the best time to make an exchange. The changes might seem negligible at first, but when you want to exchange huge sums of cash, the difference becomes quite significant.


Carry out a comparison of forex exchange providers that features at least 3 such merchants. You should ensure that you get details related to all the fees that a provider charges so that the comparison can be exhaustive. If not, you may pick a currency vendor that seemingly offers the best 1 dollar to naira  rates; only to learn later on that the opposite is true. Ask a provider to match or outdo a deal that you have come across elsewhere that is more attractive.


Make few but voluminous transactions if you wish to get the best out of foreign exchange transactions . With costs being incurred every time a transaction is carried out, you can only benefit by consolidating them. Besides, you might qualify for better exchange terms when you propose to exchange large amounts of cash.


Use credit and debit cards to carry out your purchases when abroad. The same is true when you use an ATM to access foreign currency. These methods can allow you t benefit from rates that are much better than those offered by bureaus and some establishments.


Weekend cash delivery is often the most expensive, so avoid it completely. Saturday deliveries often attract additional charges.


Approach "commission free" deals with caution because currency merchants often recover the lost profits in such transactions by offering unattractive rates.


Lastly, beware of fake or counterfeit currency. That makes it essential to be familiar with the physical characteristics of the currency you wish to get such as its watermarks. You must also ensure that the currency exchange is carried out by a reputable bureau at all times.