When I recently moved to the USA I needed to transfer money to France and therefore needed to find the best exchange rate for usd to maximize the amount of money I would receive. Here is how I went through this.
Why trying to get the best exchange rate for usd?
When sending money abroad you need to exchange foreign currencies (except if you send money inside the eurozone of course). As you might know exchange are extremely volatile and fluctuate a lot. This is generally due to external factors such as elections (see what happened to the USD after Trump’s election) but also economic turmoil or states’ intervention. Therefore it is important to make sure that you get the best exchange rate for usd when you need to make a transfer. Depending on when you send your money and how much you send, you can earn several hundreds of dollars.
Getting the best exchange rate for usd does not mean much absolute terms because you could be basically waiting for your entire life to get the best exchange rate. The idea is to be able to get it once you know you need to transfer money. It’s obviously better if you are not in a hurry for sending money, otherwise you’ll have to cope with the current exchange rate which might not be good.
How to get the best exchange rate for usd?
Basically the best way to get the best exchange rate for usd, if you have time to transfer your money is to wait for it to be good. Let’s assume that today is a good day to make a transfer.
First thing you should know is to avoid your bank for such operation. The generally apply very poor exchange rates compared to the real one and make money out of the difference with the real one. Of course they do not mention it at any moment but all banks do that.
If you’re not using your bank, you’ll have a great variety of choice with operators such as Western Union, Transferwise, Azimo etc. There are so many of them that you’ll be needing a platform that compares them for you, otherwise you’ll be wasting too much time. Such platform already exists. With only 3 clicks you get access to all the operators between two countries and for a given amount.