When you need to buy currency for a little jaunt away, the difference between a penny or two in exchange rate isn’t likely to make much of a significant difference to the amount you have to spend when you get there. However, when you are a company sending funds abroad for mass purchases, slight changes in the exchange rate can suddenly see profits dropping dramatically.
So, when it comes to making a money transfer abroad of any significant amount, it is important to do it when the rate is at its best. But how can you do such a thing? Surely, you simply need to make a money transfer when the payment is due? Well, the truth is there are many ways to get around such issues, and in fact looking into such alternatives could indeed save you money in many other ways too.
Making transfers via a bank will inevitably lead you to getting the exchange rate at any given time and often find you paying large fees on top. However, if you look at purchasing foreign currency in bulk and sending this on through dedicated exchange companies you will not only find yourself paying far less in fees, but you will also find it much easier to get the rates you want.
For instance, companies such as Pure FX offer two great options for you to save money and get the best rate possible when it comes to buying foreign currency. Firstly, you can look to fix the exchange rate on a certain day for purchase in the future. This will allow you to get it at a very low rate, rather than you worrying about whether it might rise by the day you need to make the payment. Secondly, you can ask them to track the exchange rate and let you know when a certain rate becomes available, allowing you to buy currency at the very best time possible.