Foreign currency exchange market (also called Forex market or Fx market) has dramatically grown due to advancement in communication and technology. Today whole world became interdependent and International trading became more advanced. Today individuals to large size banks are involved in foreign currency exchange market making it the worlds’ largest and the fastest growing market. Any international transaction or even sending money abroad requires one to perform foreign currency exchange, due to which the knowledge of foreign currency exchange rates can let you make profit or loss.
How can you save money when you require sending money abroad? :
Foreign exchange rates are very important factor that can lead you to save money while doing any international money transfer transaction. The currency exchange rates plays a vital role in this scenario because the currency rates of foreign countries keeps fluctuating every second and this frequent fluctuations in currency value does impact on the total amount of money that you are sending to a foreign bank account. I’ll give an example to explain further :
You are based in the USA and would like to buy a property in the London city in UK. The property purchase requires you to transfer 6,000 GBP every month till five months towards the mortgage on your property. Suppose the current currency exchange rates are 1 USD = 0.60 GBP, it means this month approximately 10,000 USD towards your installment. These exchanges rates are highly unpredictable to change and if for the next install the rates fluctuate to 1 USD to 0.57 GBP, you will end paying 300 dollars more. Hence even a small fraction of change in the foreign currency rates can lead you to make profit or loss when you exchange the currencies.
What is the best way to sending money abroad that can save me money? :
If you have this question in mind than you might like to explore some of the service providers for sending money abroad. There are many service providers in the market though all of them do not provide best foreign currency exchange rates that can enable you to save money. I will list some of the best ways for sending money abroad though it is highly advisable to only choose one who can get you the best possible foreign currency exchange rate.
1) Bank Wire Transfer : is the most secure option for sending money abroad. Depending on the size of the transactions you can get good exchange rates. The only limitation is the non availability of services at non-working hours and weekends.
2) ATM cash card : is very quick and fast way for sending money abroad. The sender needs to deposit the amount on the card number; the receiver can withdraw using any ATM in its own country. The charges levied may be quite high though the service speed is worth considerable.
3) Foreign exchange : Forex companies are the best medium for sending money abroad. They are highly experience in changing trend of Fx market. There are reputed Fx professionals who have tie ups with large banks and are successful in getting you the benefit of lowest currency exchange rate. Moreover the brokerage charges of their services are very less or may be zero in some cases.
Stockton Mack belongs to a reputed foreign currency exchange company, have great experience in assisting people for sending money abroad service.