When it comes to the best exchange rates, life can be a dushbag. Who wants to find the best prices when sending abroad? Easy and hard to tell at the same time, but here is a guide for a better understanding of the exchange rates market.
The best exchange rates for expats
Expatriates means that you live and work abroad during a long period (usually at least 2 to 3 years, it can be longer).
Expatriates have to send money back home on a regular basis for several reasons : send money to their family, send money to save each month, or refund any credit.
For these several reasons, they will look for the best exchange rates to get the most out of their money. Yes, you don’ want to send money back home at a bad price, right? Well, me neither.
For that, they will have a lot of choices : bank, classical money transfer service or new online money transfer operator. There are so many actors that they will go to the easiest. It means bank. And they will pay a lot of exchange rate fees.
The best exchange rates for migrants
Migrants have a different experience with the exchange rate. They are not really online, and prefer to use the old fashion way to send money abroad like Western Union or Moneygram services.
The point is that those money transfer services apply a very expensive exchange rate compared to the mid-market one.
The difference can be very important. But migrants does not get informed a lot. They are not well-connected and does not know at all that they pay a lot of fees.
Because those services are used to say that money transfers are free. Maybe they are because you have no flat fees. But the hidden fees are huge. So huge you can not imagine.
The best exchange rates for students abroad
Students abroad are the most connected people. Generation Z, welcome. The thing is most of the time, they don’ wire money themselves. Their parents does. And here is the point : if students are able to find the best exchange rates according to the way they know how to use online services and how they are open-minded, they finally won’t.
At the end, everyone needs and wants to get the best exchange rates when sending money. Of course, who would not want a cheaper money transfer?
But it looks like it is difficult to finally benefit of the best prices. Information & education will help you with that.