Foreign Exchange rates (FX / Foreign currency rates)UPFX (Universal Partners FX)Smart Currency Exchange
In today’s world we are lucky to have the World Wide Web at our finger tips and there is a vast amount of information available to us, just a few clicks away. It’s perfect for comparing sites for information and any good deals. You can also use this exceptional tool for comparing foreign exchange rates for the best currency exchange available.What does exchange rate mean?
The exchange rate means how much a country’s currency is worth in a different currency. Example how much GBP is worth in USD, Euro or AED?Why would you need to compare foreign exchange sites?
You could be going on holiday abroad and would need to use local currency, if you are buying travel money you need to check the total cost (payable fees) not just the exchange rate.
Maybe you are investing in overseas property and you need to purchase your currency.
There will be charges but remember, the companies are in competition and you will often find excellent deals being offered, all you need to do is look for them and compare fx rates.
.What to look for when comparing foreign exchange sites?
Look at the overall charges, what is the commission rate they are asking for, are there handling costs, delivery charges or fees if you pay by credit card? Usually if you are charged a fee it will be a percentage of your total amount transferred.
What you need to search for are no commission fees, no handling costs, no fees incurred for paying by credit card and free delivery of your currency. In all honesty, you most likely won’t have a completely free service but if you can find a good deal – snap it up!
Most people look for low fees when comparing foreign exchange sites.
Check the rates daily, they do fluctuate and be ready to act on any deals, especially if you are making large currency transfers
Currency transfer calculator
This is a great way of understanding how much your money will be worth after the conversation rate. For example if you have X amount of Great British Pounds (GBP) and you are exchanging to United Stated Dollars (USD) it will tell you the foreign exchange rate and how much you will receive in USD.
It will also tell if you if there is a minimum transfer amount, how long the transfer will take (maybe an hour or could be several days) and if there is an online fee.Which is the better option online or bank for foreign exchange?
Usually it is cheaper to buy your foreign currency online; they offer the best deals, often with no transaction fees, no limit on transfers and the transfer can be done in minutes. You generally have more choice with a range of currencies available anything from Euro to United Arab Emirates Dirham (AED) and many more. Bank transfers normally have a weaker exchange rate and charge higher fees plus the processing time is from 2 working days.