Apart from if you work in a large corporation trading currencies on a daily basis, or if you are the manager of a company that works in many different countries & needs to invoice internally or optimize account balances, you might think that best exchange rates are useless, right ? Well this is what I thought until not too long ago
The power of best exchange rates for people living in France and working in Switzerland.
Did you hear about what happened in Switzerland in January 2015 ? If not, let me tell you first that people working in Switzerland and living in France (or at another border like Italy, Germany..) were pleased to benefit from the best exchange rates of their lives !
The national Swiss bank stopped artificially keeping the euro / swiss franc balance around 1€ = 1,20 CHF…. and suddenly, the swiss franc bounced like crazy until it exceeded 1 CHF = 1 € ! In simple words this means that all people working in Switzerland and living in France got a 20% salary increase without asking for anything 🙂
Funny thing to do when the best exchange rates appear like magic
A friend of mine who was concerned by this lucky & unexpected 20% salary increase had bought a coat in Paris 2 days before the new rate of 1 CHF = 1 € occurred. He felt disappointed as could have saved 100 € if he had bought it at the good moment when the best exchange rates arose. So what did he do ? He simply returned the coat in the shop, went for a coffee in the opposite store and then came back to buy the exact same coat ! This saved him 100 € !
If ever you wish to spot these precious moments when they occur, keep an eye on the best exchange rates. Hopefully, you will manage to make the most out of it as well some day 🙂