Currency Rates - How to get the best foreign currency rates
Are you not getting the best currency rates with your bank? Do you have to pay fees when transferring money? ClearFX is a great alternative if you are after the best currency exchange rates and want to avoid paying fees.
With ClearFX you can transfer foreign currency online at better rates than your bank and you don't have to pay any fees.
To save money on your next currency transfer sign up with ClearFX today. It's free and only takes a couple of minutes.
How to compare a foreign currency rate
Often non-bank currency transfer companies can offer significantly better foreign currency rates thank banks. In order to compare a currency rate, make sure you compare them at the same time, on the same day and get a genuine quote.
When using posted website rates for comparison check if they are interbank rates. This is a wholesale rate that no customer will receive. (Your aim is to get as close to the interbank rate as possible.) If you can, try to negotiate your customer rate at a fixed margin or number of points away from the interbank rate.
Compare transaction fees
Typically, there are two types of fees that you can be charged:
- A transfer fee charged by the foreign exchange provider or bank at the beginning of the currency transfer.
- A receiving bank fee which can be deducted from your funds when they arrive at the destination account.
Make sure you check on these fees before you commit to transferring your funds. Or better, use ClearFX straight away to get the best foreign currency exchange rates and avoid paying any fees at all.
Register now and start saving money!