How to Find the Best Exchange Rate when Sending Money Abroad?

Last Updated: 24 Nov 2022

Are you looking to send money abroad? You don’t have to bank on banks if you know where to find the best exchange rates for lower transaction costs.

When you’re sending money overseas, finding a low-fee international money transfer service is the dream. But trying to find the best exchange rate can feel like trying to catch a slippery fish if you rely on banks instead of a dedicated currency service.

Why you should Ditch the Bank on your Next Transfer?

When deciding which provider to use to transfer money internationally, avoiding the banks is safer for your pocket. Your bank might seem like an obvious option for FX services because of familiarity. Unfortunately, banks are not the best in this department, even though they might excel at other financial services.

Your bank will likely offer poor exchange rates and charge expensive transfer fees. So, it’s worthwhile to consider other options if you want to save more on your transfers and ensure your recipient gets the money faster.

Why should you Look for the Best Currency Exchange Rate?

High exchange rates can eat away the value of each dollar you send and increase the cost of your money transfer. For example, let’s say you’re converting Canadian Dollars to Euros. The best exchange rate is one where your dollars are worth more when converted to Euros. 

This rate should be as close to the interbank rate – the exchange rate big banks use to trade currencies with each other. Banks are not the cheapest providers because when you utilize their services, there will be a high exchange rate markup to increase profits. 

The higher the markup, the more you have to send for your recipient to get the correct amount. Therefore, you should look elsewhere for the best currency exchange rate to enjoy significant savings, especially if you send a large sum of money or make frequent transfers overseas.

Where and when to Find the Best Exchange Rate?

Here’s a bonus tip that will save you the effort of shopping around for a suitable transfer service: You’re better off choosing a currency specialist from the start. That’s because you generally won’t find better offers elsewhere. 

At MTFX, we offer exchange rates 3-5% lower than the banks and you can use our online platform to transfer money anytime. So, for example, if you need to send $350,000 to purchase an overseas home, you can save as much as $17,500, leaving you with more in your pocket to cover renovations and upkeep. 

We deal in huge volumes, so we can still keep things profitable without the high exchange rate markups that banks rely on. In addition, we provide your business with risk management tools, such as forward contracts and market orders to combat the unpredictable nature of the foreign exchange market. That way, you can get the best available rate whenever you initiate your transfer.

Send Money Overseas Online Today

MTFX Foreign Exchange is a regulated international money transfer service that has been in business for over 25 years. Our high level of specialization enables us to offer competitive rates and low transfer fees across the board. MTFX is best for:

Cheap costs – Our exchange rates and transfer fees are 3-5% better than banks.
Great online experience – Use our secure, 24/7 online platform to send money abroad in 50+ currencies to over 200 countries, anytime, anywhere – whether you’re an individual or a business. 
High speed and efficiency – It takes MTFX 24-48 hours to transfer funds, and same-day deliveries are possible.  
Excellent customer service – Our dedicated currency experts are here to ensure a guided customer experience.

Register your account with MTFX and start sending money online today at the best exchange rate at a low cost.

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