Things change as time goes on, but at the moment, in the year 2017, the best companies for a currency exchange are OFX, Transferwise, HiFX, FC Exchange and CurrencyFair. If you want to avoid paying higher exchange fees, then these are the companies to go to. There are also things you should avoid doing in order to stop paying more for your currency exchange.
Why Use OFX?
Their fees are low and they move a lot of money through the year, which means during certain weeks and months they are able to offer unbeatable rates. Whether you get a good deal depends on the amount you are sending, so you should run a check with their quotation tool beforehand.
Why Use Transferwise?
Transferwise Currency Conversion – Check Yourself Below with Widget
Their fees are very low, and they are the only company that will show you exactly what you are paying and what you will receive without hiding anything. Working out how much is sent, how much is received, and how much you pay in fees is quite possible with most transfer and exchange companies, but working out the value for money of the service is quite difficult–but not with Transferwise because they do all the calculating.
We’ve used Transferwise may times to send money abroad while converting with some of the best currency exchange rates we’ve had. It’s one of the best and easiest programs to use — and you can sign up and do the whole transfer online.
Why Use HiFX Money?
Some companies will charge you fees and give you exchange rates based on the amounts you are exchanging, and HiFX is no different, but they also consider the country you are living in and the currency you wish to convert. Some people are able to get far better deals that others based on their immediate needs and their location.
Why Use FC exchange?
FC Exchange are not really very special, they are simply a company that will conduct a currency exchange without charging high fees. Other than their reasonable exchange rates and their low fees, they do not really have any other selling points.
Why Use CurrencyFair?
If you use CurrencyFair for your currency exchange, then you will only have to pay a small fee. In addition, you have the option of putting your money on their online market. We’ve reviewed CurrencyFair and feel it’s one of the best (if novel) methods of sending money abroad while giving a better than the market rate. If you do that, then you may pick a rate and have it automatically execute the exchange when the rate hits the right number. The rate you are given is based on the online market activity (from CurrencyFair users) and is not based on the current exchange rate.
Beware Of The Sign Up Junkies
Many currency exchange companies are viciously eager for you to sign up for an account with them so that they may start you on their “sales funnel” which leads you towards buying from them. Many currency exchange companies will show you fantastic rates and very low fees, only to reveal the true cost of their service when you are at their checkout. That is why companies such as Transferwise are so good because they show you exactly what you are getting at the end without hiding fees or rate skimming.
Conclusion – Making Things Simple Is Easier Than You Know
The fact you have consulted an article like this rather than going to a comparison website is very reassuring. It shows you are on the right track because too many people rush into the exchange and get ripped off. What is worse is that some people use the exchange bureaus at airports and ports, and they will typically offer the worst rates and the highest fees. The longer you spend researching the best rates, the less chance there is of you overpaying.