It isn’t easy to find a person who has not transferred money abroad at least once in their life. Whether this transaction has to be made for occasional personal or regular business purposes, exchange rates are always in place. They impact any deal a lot.
If you have faced the situation when you need to send money abroad, you have probably started to look for the best providers offering moderate exchange rates. You may opt for a traditional method and use the services of well-known platforms like Western Union, or utilize an international bank wire transfer.
However, the digital era offers many more effective transfer solutions that you can use with just a smartphone in hand. There are even apps that allow users to complete international money transfers in seconds, without the bureaucracy common in banks, and always at reasonable rates.
As an example, take a look at the Koronapay exchange rates that are much below the average in this market. Koronapay is an international payments system and mobile application that enables users to send money transfers across 50+ countries in Europe, Asia, the EEA, CIS countries, and more. If you want to complete other transfers on the same good terms, in this review, you will learn the tips that will help you to pick the services with no less beneficial exchange rates, as Koronapay offers.
How to Pick the Perfect Exchange Rates?
Picking the service offering good exchange rates is a complicated assignment. Not all terms of cooperation may be on the surface. The tips below will help you to opt for and deal with the money transfer operator serving your interests and pocket best:
- Read exchange rates. Yes, nobody learns that at school. But if you manage to read exchange rates, you can better understand your transactions and gain more control over your funds.
First, you have to grasp the difference between the “base” and “term” currencies. For instance, when you figure out the exchange rate EUR/USD, in this case, EUR is the base currency while USD is the term currency. The base currency is always equivalent to one unit, while the term currency is what one base unit is equivalent to in the other currency. If the EUR/USD ratio is 1.18, this means you can get 1.18 USD for 1 EUR.
- Know the market exchange rates at the time you intend to make international transfers. They are typically calculated in each country by its central bank. At the same time, there is also a market where different banks offer to buy and sell various currencies. The market rates represent the purest essence of the price for a specific currency pair.
Typically, you can find these exchange rates in Google as well as visit some official websites in a specific country. The market exchange rates will serve as your reference points when searching for services offering the best terms for international transfers.
- Compare exchange rates. Different providers offer various exchange rates. When you consider several options, form a table with the rates from other providers. This effort will help you to create an understanding of the rate that is most beneficial for you, especially when you intend to make money transfers on a larger scale. Cumulatively, even a slight exchange rate difference will have a significant impact on your funds. Don’t underestimate it.
- Double-check the terms. Once you have defined the TOP 3 options, offering the lowest rates, double-check the terms and make sure you understand them clearly. Most reliable providers and platforms ensure maximal transparency and clarity. However, if you have some questions, do not hesitate to contact customer support service. Transparent services typically provide exchange rate calculators to help their users assess future transactions correctly, by the way.
Bottom Line
If you value both your time and money, there is no need to use traditional banking or money transfer services. They usually cost a lot and require lots of time as well. In search of alternatives, modern digital service providers have launched their own money transfer systems, allowing users to enjoy greater flexibility and significantly lower rates. It turns out that exchange rates matter a lot, while savings in this case may have a considerable cumulative effect.
Don’t overpay, whether you intend to make occasional or regular business payments! Choose such services as Koronapay, offering fast and simple transactions with reasonable exchange rates. The tips listed in this review will help you pick the best providers. Leverage the benefits of digital progress and enjoy the flexibility of international transfers at reasonable exchange rates, having your smartphone in hands only!
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