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Foreign Transfers

How-to Guides and tips on the best way to save money on International Bank Transfers

What makes sending money internationally so expensive?

hk-buildings-600There are a number of cost components to making and receiving international payments, most of which are far from transparent to customers: Currency fees Currency conversion rates : Banks charge huge margins for currency conversion to the majority of businesses and individuals. They tend to fix rates once a day and therefore need to incorporate enough margin to protect against intraday rate volatility. View article >

Why compare foreign currency exchange rates?

If you’re still using your bank to make money transfers or buy foreign cash chances are you’re paying excessive fees and receiving inferior exchange rates. When buying Travel Money, providers rates can vary according to the stock of different amounts of each currency on hand or available. Some places tend to sell a lot more USD or maybe a lot of places buy a lot more USD so they will me more inclined to weight their buy and sell price accordingly. View article >

Weak Pound post Brexit tempts overseas buyers to UK luxury purchases

With the Pound Sterling post Brexit falling over 9% against the USD, 7% against the Euro and over 13% against the Japanese Yen, one of the few positives of these plunges has been for the Art & Wine markets.
Weak_Pound_Post_Brexit_tempts_Luxury_Buyers
View GBP Brexit Charts
As reported in the FT, the UK’s luxury purchase market is benefiting from the benefits of a weaker pound. View article >

How I made my first big currency transfer – without the worries

Good morning, World First client Louise Plant has just bought a property in Spain. She explains why she did it, her plans for the future and how though she was nervous about the process of making a big currency transaction, there was really no need. View article >

What is the International Mid-Market Rate?

All Vendor currency exchange rates on BestExchangeRates are compared to what we call the Mid-Market Rate for each currency pair. This mid-market rate (sometimes also called the interbank rate or spot rate) is used in global financial markets and what you normally see reported on the news. It is called the “mid-rate” because it is always half-way between latest BUY and SELL rates for the currency pair. View article >

When is the Foreign Exchange Market Open around the world?

Forex Market Hours: As one major forex market closes, another one opens. Using the GMT timezone, for instance, forex trading hours move around the world like this: available in New York between 01:00 pm – 10:00 pm GMT; at 10:00 pm GMT Sydney comes online; Tokyo opens at 00:00 am and closes at 9:00 am GMT; and to complete the loop, London opens at 8:00 am and closes at 05:00 pm GMT. View article >

Why is it that when I go to a foreign currency exchange rate counter I never get the rate that I see on the news?

You may well think that you are being ripped off, but it is not always the case. In simple terms what you see on the news or in the paper or on yahoo finance is the Middle Rate or mid-rate. Some people want to buy a currency and some people want to sell a currency. There is a gap between the price at which you buy and the price at which you sell. View article >

Why do FX rates change?

Foreign exchange rates are constantly changing. Indeed the FX markets are active 24 hours a day 5 days a week. There are even some middle eastern countries that continue to trade FX on the weekends. View article >

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