In December 2010, there was a major run on the Euro by hedge fund managers – led by the notorious George Saros. The economic problems of the PIIGS countries (Portugal, Italy, Ireland, Greece and Spain) was the root cause. The end result was that investors began selling their Euros at a record rate – aided …
When Forward Thinking Means Looking At The Past People often hold off making international money transfers, as they are constantly trying to get the best deal on the foreign exchange market. However, whether you’re buying dollars or selling Eu
How Does The Interbank Exchange Rate Affect International Wire Transfers? Foreign exchange services like us at Pure FX always advise people to check the interbank exchange rate (IER), to see what’s happening on the currency exchange market, be
Set a realistic budget based on the current market. Your Currency Dealer should explain to you what is happening and the general direction of foreign exchange rates.
Don’t leave it to the last minute. Talk to a specialist currency broker as soon as you know you are going to need to purchase foreign currency. That way you will have time to secure the best exchange rate.
Deal with a company where you get a dedicated Currency Dealer. You will build a rapport with them and obtain a better service.
Some companies charge commission so find out up front what their costs are and whether you will be charged commission on money transfers.
Don’t get greedy, if your target exchange rate is available take it otherwise you could lose out.
If you have future payments to make, and your target rate is available secure your exchange rate with a forward contract.
Try to avoid purchasing foreign currency at the low of the day, the difference can be significant and your Currency Dealer should help you with this.