Understanding exchange rates is not rocket science. Anyone who is willing to invest time and efforts will understand them and also learn the secrets of finding the best ones. It may seem a little complicated initially but after a bit of hard work and research you will know it like the back of your hand. If this is just the beginning for you, here are a few pointers to help you get started.
Know The Jargon Well
The financial language is different from the one we speak. There's the sell rate, the buy rate, and the inter bank rate you will come across all the time. Understand what each one means. The best exchange rates would be easier to calculate once you know the jargon and how they influence money transfers.
Know The Currency
While certain currencies are pretty easy to deal with, there are those that come with some odd quirks. Know how the currency affects your transactions and only then go ahead with the money transfer.
Inter Bank Rates Matter
You must know the daily inter bank rates for a particular currency in order to arrive at a 'good' exchange rate. Since the rates change all the time, the value of your money will also change every day. Economic turmoil can result from various reasons. For instance, the uncertainty surrounding Brexit affected the pound to Euro exchange rate considerably and led to some major fluctuations globally.
Know When It’s Time
In order to transfer funds to India or to any other country, you should time your transfers well. It’s easy to predict the right time when you follow currency trends closely for a considerable period. Well-timed remittance always yields the best exchange rates and therefore gives you the best value for your money transfer.
Remittance is a vast topic but a few basic rules remain the same. It’s all about research, patience and timing. Do consult an expert to know what’s right and what’s not. It helps to go a bit slow initially; though this can be possible only if there is no urgency.
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