No matter in which country you’re living and working, sending money internationally to your family and loved ones requires the best exchange rates. This is where Western Union comes into play.
Wondering how you can get the best exchange rates for making transactions abroad? Check out the five must-follow tips that will help you make it happen with Western Union.
1. Compare rates at Western Union
Empower yourself by visiting two or more banks, credit unions, or foreign exchange entities like Western Union to determine the prevailing rate. This comparison will put you in the driver’s seat, giving you the confidence to make an informed decision.
When comparing the rates, you must consider the floating rates with the exchange rate. Floating rates refer to the constantly changing rates in the foreign exchange market – influenced by various factors such as economic conditions and geopolitical events.
Be sure to avoid additional costs, such as transaction or commission fees, that will be charged in addition to the service costs.
2. Use Online Currency-Converting Tools
Enjoy the convenience of most websites and applications, including the Western Union currency converter. By using this converter, you can get to know the current exchange rates, making the process comfortable and stress-free.
Not only that, but you’ll also understand how the rates change precisely. You will also feel a lot more comfortable with how to get the best exchange rate for your money. Most importantly, you will be more in a position to know when you can exchange and where to get the best rate.
3. Consider Online Transfers
If you intend to transfer money internationally, opt for online transfers on Western Union. It generally has lower interest rates – particularly on larger amounts.
Besides, they are convenient and can put the funds into the hands of the recipient very fast. All you need to do is select Western Union’s reliable and safe online money transfer service. This will ensure your financial security during transactions.
4. Check for fees with Western Union
The various additional fees that Western Union and other currency exchange providers may charge make much difference in the total cost of the transaction. For convenience, enquire about generalisted tack-on charges, including
- transaction fees,
- service charges,
- commissions,
- delivery fees,
- wire transfer fees, and
- foreign transaction fees.
For instance, a transaction fee could be a fixed amount or a percentage of the transaction. Also, a service charge could be a fee for using the service.
Don’t exchange money without requesting a detailed breakdown of the charges. Western Union is a friendly service provider that updates its fee structures with much clarity. Its exchange rates with fees are usually displayed on its websites.
5. Be flexible with timing
Strategically monitor exchange rates and oversee the market. Doing so will enable you to exchange the currency when the market is most favorable. It is unwise to attempt to predict future interest rate changes.
Prolonged waiting can be risky, especially regarding interest rates. What’s more, seeking the best rate, which may never be reached, is not advisable. So, be proactive and start making transactions at the right time to get the best exchange rates.
Featured image via Freepik
