The top 5 reasons to set a Rate Alert today

Tired of constantly checking the rates? Want to be sure that it's the best time for a money transfer? These are just a few reasons why you might want to set a Rate Alert.

Xe Consumer

December 21, 2020 4 min read

Setting a Rate Alert

If you’re checking exchange rates and using money transfer services on a regular basis (or even infrequently), you’ll already know that you can never predict what rate you're going to get between two currencies. The markets are constantly moving—sometimes you can make a transfer between the same currencies two times a day and get different exchange rates for each of them. 

We like surprises as much as the next person, but there are some areas of life where you don't want to deal with the unexpected, and your money is definitely one of them.

So, what’s the solution? Should you constantly leave the Currency Converter open and refresh it every few minutes? No need.

With Xe’s Rate Alerts, you can set exchange-rate notifications that bring you up-to-date information about the currencies you are interested in, so you’ll know the moment your ideal mid-market rate has been reached. This can help you stay ahead of market motion and tell you when it’s a good time to transfer, so let's have a look at how to set a Rate Alert today and the benefits of doing so.

The top 5 benefits of setting up a Rate Alert today

1. You can stay on top of market volatility

Whether you're moving large sums of money between currencies because you want to buy a property abroad, pay for tuition fees at a university in another country, relocate, or for any other reason, economic uncertainties put you at risk of exposing your cash to rates that are moving against you. This means that the wrong move can literally cost hundreds (or even thousands) of dollars, so it's essential to pay attention to daily exchange rates for the classes you are interested in.

And that brings us to…

2. You don’t need to worry about checking the markets

But this is easier said than done because you don't want to keep checking the rates multiple times a day in hopes of stumbling across a favorable rate. By setting up a Rate Alert, you won't have to spend your days refreshing your browser to keep an eye on the constantly fluctuating rates. We’ll watch the markets for you, and you’ll be notified when your target rate has been reached. All you need to do is wait.

3. You’ll always know when it’s a good time to transfer

Not all money transfers have to be for a big event or bill. Maybe you have family overseas that you like to periodically send money to, or you still have an open account back home so you can have the local currency when you come back for visits.

In those cases, when you don’t have a specific date for your transfer, it can be tough to know when it’s a good time and when it’s not. But if you have a rate in mind, you can set it as your target rate and get a reminder when it’s live. This will ensure that you can give the most to your loved ones or to yourself.

4. They’re easy to set up, with no obligation to transfer

Don’t be mistaken: setting a Rate Alert doesn’t mean you need to transfer when the rates are right.

A Rate Alert does exactly what it says on the tin —it alerts you when your ideal rate has been reached. We won’t initiate transfers for you; it’s up to you to decide whether you want to transfer at this rate or just sit tight. 

This is how they differ from market orders. You need to make the transfer manually and only if you want to do so. We’re just giving you the information you need to determine whether you want to.

5. You can keep an eye on multiple currency pairs

World traveler? Making payments around the world in different currencies? We’ve got your back. You can set Rate Alerts for numerous different currency pairs and get notifications for all of them.

How do you set up a Rate Alert?

If you're using Xe for currency exchange and money transfer, it's very easy to set a Rate Alert on your account. It only takes a couple of minutes, and all you have to do is to log into your account on your computer or open the Xe app (or sign up) and go to the "Rate Alerts" section. There, you’ll identify your currency pair(s) and set your target rate.

You can choose to receive an alert in your inbox if you sign up by email, or you can download the Xe app on your phone and receive instant notifications. You can choose what types of notifications you want to receive, and you'll get notified when currencies reach your desired rate.

Sound good to you? Learn more and get yours set up today!