January 19, 2022 — 4 min read
Are you looking to send money abroad? These days, there are plenty of online foreign exchange services available to transfer money. The difficulty lies in choosing one that works best for you. Finding a reliable and low-priced provider can be a challenge but could easily save you time and money in the long run.
When deciding on a foreign exchange provider to send money online with, consider the following factors.
Get quotes from different providers and compare their exchange rates. Keep in mind rates constantly fluctuate, so quotes are usually only valid for a minute or two, but this will give you an idea of which companies are overcharging and which are competitive. Some offer the option to lock-in quotes for a period of time, guaranteeing the rates.
A great tool to compare exchange rates is the XE Rate Advisor, available on the XE Currency App. You can compare your provider’s price to the mid-market rate with this easy-to-use and free tool.
There is little advantage to a service that offers good exchange rates but charges high transaction costs. Find out how much they charge in commission or transfer fees before you transfer money. Consolidating smaller international payments into one may also help lower the costs. Plus, some providers offer better rates, and even waive fees, for larger payments.
Some companies offer quick, easy sign-up while others can be time consuming. Often, online providers will offer foreign exchange services 24/7. Check to see what payment and delivery methods are available and whether they meet your needs. You should also check to see what features they have such as mobile money transfer options.
Not all foreign exchange companies offer every currency or operate in all countries. If you’re sending money to remote areas, or transferring to less popular currencies, keep in mind that there may be longer transaction times or delays. Before choosing a provider, make sure to check that the currencies you need are offered.
When choosing a provider, consider their reliability. How long have they been in business? Are you familiar with the brand? How much money have they transferred in the past? What do customers say about their services? Do they have a secure platform? These are all questions to ask to help put your mind at ease.
Some providers offer transaction tracking and email updates on the status of your order. Email updates can even be sent to recipients, which is especially useful for businesses. Tracking your transaction can also help lower the risk of fraud.
If you are concerned about currency fluctuations, check out XE Rate Alerts. This feature allows you to create an alert for the currency you want to trade. We will monitor when your currency pair reaches your desired rate and send you an email alert. Or, you can download XE Currency to receive alerts on your phone.
Customer service can often make or break businesses, and this is no exception for foreign exchange providers. If you or your recipients have questions, it is important that a customer service representative is available to help. Before choosing a provider, check to see whether they offer 24-hour support and read some customer reviews.
Finding the right online foreign exchange provider depends entirely on your needs. By doing your research ahead of time and understanding your options, you can save time and money on your money transfers. Choose a provider that can deliver value, transparency, support, and the right tools for your foreign exchange transactions.
Currency Exchange 101 - This easy-to-read infographic includes information on the foreign exchange market, currency pairs, buy and sell rates, as well as foreign exchange costs.
Why Do Currencies Fluctuate? - Find out what factors cause currency rates to fluctuate. This article covers monetary policies, inflation rates, and political and economic conditions.