Best Foreign Exchange Rates

Best Foreign Exchange Rates

Getting the best foreign exchange rates for hard currency transactions may seem a simple enough task to handle. Remember a few cents difference can mean a big difference when making volume transactions.
If the rates are too high and you are not much in a hurry, then you can forgo the task until better rates are available. This is where the exchange rate calculator comes handy because with it, you can check on the rates every now and then.

• Get the latest interbank rates from your bank or from any online bank.
• Using an online exchange rate calculator make a conversion and compare it with the inter-bank rates. There should not be much difference between the two but always choose the one with best foreign exchange rate for your reference rate.
• Using this as your base of reference, get quotations from various money changers. Do not however expect to get the same rate from money changers. The interbank rates and spot market rates are for wholesale transactions (usually in millions of dollars) while the money changer rates are retail transactions. • There is also a need for you to be aware of the current levels of the exchange rates compared to their rates in the past. Currency exchange rates fluctuate rather rapidly.