When are exchange rates the best to do instant money transfers payments
When are exchange rates the best to do instant money transfers payments? Take into consideration the cost to transfer, the exchange rate & delivery timescales
When are exchange rates the best?
Exchange rates for Instant Money Transfer Payments are known to go up and down almost from one minute to the next. In this consideration, therefore, it is not easy to predict of the best time to buy the exchange rates. However, some things can be done to get better rates. Some of the hints to consider when looking for the best exchange rates are as follows;
I. Do a research for Instant Money Transfer Payments?
Research needs to be done by keeping an eye for instance on the exchange rates of a certain country. Available sources such as Trevalex.com helps in giving charts that details the exchange rates that gives real-time currency conversions to determine if it is a good time to buy. Currency converters are also available for checking the specific amounts of the rates.
II. Focus not just on the rates but the total cost:
The reason for doing this is because other costs such as commission, delivery charges, and credit card fees are as well
available which may give a meaning that more is being paid than the amount thought of. There is a probability of getting the best exchange rate when buying foreign currency with the use of credit cards and ATM cards. With the use
of these, better rates can be received of up to 2 to 7 percent than the rates realized with the use of cash or traveller's checks.
Best time to buy exchange rates
Supposing that we have a Euro and dollar (EUR/USD) currencies and the Euro is the base currency, these currencies can be used to determine the best time to buy the rates. For this case, the euro is the basis for buying or selling. If it is thought that the economy of the U.S is weak which is a disadvantage to the U.S, then the option to be executed is buying an EUR/USD order. By doing this, the euros will have been bought expecting that they will rise against the U.S dollar.
Best time to sell the rates:
The time to sell the exchange rates by above explanation is when there is a belief that the economy of the U.S is strong and there are high possibilities of the euro to weaken against the U.S dollar. In this scenario, a SELL EUR/USD order shall be executed.
Best time for the exchange rates
An exchange rate is considered the best when it is high. When the rate is high, it is better for both individuals and countries as well. The reason for this is because when the currency of your nation is the stronger importation of from abroad will be cheaper. In turn, the goods imported will be cheaper in the supermarkets which will ultimately lift the
global purchasing power of a country. In consideration of the time span, an hour is the best to have the exchange rates. The reason for this is because the central-bank normally by during business hours and therefore more economic data
is released during this hours. In addition to this, there are a large number of participants that are actively involved on an hourly basis which helps to determine the best rates.
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