Getting the Best Foreign Exchange Rates

Getting the best foreign exchange rates for hard currency transactions may seem a simple enough task to handle. You’d find out however that normally it takes a great deal of your time. Of course you can always go to your bank in order to the nearest money changer in your area but he question is “will you be getting the best foreign exchange rates” every time? Remember a few cents difference can indicate a huge difference when generating volume transactions.

You may have to go around, request information from, and even surf around a lot which causes the area really get the best foreign exchange rate available. Don’t forget too that you always have the option to forgo of the task if and when the current rates of exchange are way too high (meaning if the rates are higher than when you bought the currency). If the rates are way too high and you are not much in a hurry, then you can forgo the position until better rates are available. This is where the exchange rate car loan calculator comes handy because with it, you should check on the rates every now and then. อัตราแลกเปลี่ยน

Here are some tips on how to get it for hard currency transactions:

Get the latest interbank rates from your bank or from any online bank.

Using an online exchange rate car loan calculator make a conversion and compare it with the inter-bank rates. There should not be much difference between the two but always choose the one with best foreign exchange rate for your reference rate.

Using this as your base of reference, get rates from various money changers. Do not however expect to get the same rate from money changers. The interbank rates and spot market rates are for wholesale transactions (usually in millions of dollars) while the money changer rates are retail transactions. Besides, money changers would normally pad in the rate with a small amount of profit to cover their in business costs so they really will give you different rates. Use the interbank rate for reference only but make sure the difference it has with the money changer’s quotation should be in the choice of 5% To 10% only.

It is not far better make hard currency transactions online unless it is with a banking institution. But if you will be doing an online transaction with money changers make sure you will be dealing with a professional firm. You can look for its background online or even request information from from friends. Make sure also that the transfer process of the funds are secured.

May need for you to be aware of the current numbers of the exchange rates compared to their rates in the past. Currency exchange rates go up and down rather rapidly. What may be high today may be lower a day or two from now. So, if you do not really need the money, postpone the transaction to some other more opportune time in the future when exchange rate levels are on your behalf.

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