Exchange Rates in the USA Market.
With the world now being a global village, the need for fast and reliable connectivity is vital. Things aren’t any different in the financial world. A huge amount of money is moved daily across the globe to cater for various human needs.Property purchases overseas, tuition fees for kids studying abroad, payment for shipments or air freight cargo are all reasons that necessitate currency transfers.
Initially, overseas cash transfers were the preserve of a few notable high street banks. Failure to offer competitive exchange rates and personalized service to clients created room for entry by small players who quickly availed enticing rates to lure potential clients.
Currency transfer has undergone a revolution from the olden days when human interaction was a prerequisite for conducting transactions. The advent of technology has made online payments a reality. Buying and selling of currency, making international transfers can be done anytime. Depending on your service provider, it’s now possible to set up transfers and know real-time how much it costs to send the desired amount. One can also determine the payment options either by credit or debit card and the set limit for transfers. Delivery options have also been diversified with some service providers now able to direct funds to a bank account or in some countries, a cash pick-up location like a retail store. Online cash transfers have clearly broken down barriers that were set by their brick and mortar predecessors and charted a path that seeks to be all-inclusive.
Various options are available for overseas cash transfers depending on the service provider. One can make one-off payments, fix an exchange for a future transfer when the exchange rate is predicted to be volatile then. Many service providers issue forward contracts that can secure a rate for up to two years. This protects movements into negative territory and allows one to plan with peace of mind.Lastly, there are regular payment plans where one sets payments at the most preferred intervals i.e.; weekly, monthly or quarterly. Forward contracts are still available for this option.
The dollar, being the world’s most traded currency and a standard measure against other world currencies it is susceptible to volatility just like any other currency. For individuals who make regular transfers, they need a service provider that offers them tailor made rates. High-end banks, for instance, charge anything between 25USD-50USD for moving money overseas. Innovative products like online transfers that do not attract a fee can go a long a way to cut down on trader’s overhead costs.
With many cash transfer platforms available currently, the idea is to offer tailor-made products and services and leverage on that for customer numbers.USFOREX for instance, an online currency brokerage under OFX focuses on sending large amounts cheaply. There’s no upfront fee for sending 5000USD or more and exchange rates are much favorable.One can also sign up for email alerts so you know when a specific currency’s rates have dropped. Online cash transfers have therefore brought about convenience and reduced costs considerably.