Tips and advice



Top tips and advice for sending money overseas are explained below.

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Top tips and advice for buying and selling foreign currency



Travel Money

Buy currency before you travel to get the best exchange rates. If you buy currency abroad or at an airport the exchange rate will be less favourable.

Costs of sending money abroad

Any company that you use to transfer money to and from abroad will charge you money to transfer the money. They may charge:

- Commission
- Flat fee
- Handling fee
- Minimum charge

Different buy and sell exchange rates

Currency specialists will likely have a separate buy and sell exchange rate which enables them to make a profit on all transactions made with their company. Please note that at www.exchange-rates.com we only display and calculate conversions based on the mid-market rate. This means that when you actually buy or sell currency to or from a location abroad the exchange rate will likely be slightly different to this website. Please read more in our terms of use.

Plan ahead for multiple money transfers

If you need to make multiple money transfers, you can save money by waiting to transfer the full amount compared with making multiple small currency transfers. The larger the full amount of currency you have to convert the more you could save because you may qualify for a better exchange rate plus you may be able to avoid fees rather than paying fees or commission on each of your multiple currency transactions.

Sending money abroad regularly

You can automate the process of sending money abroad when you know you will be making regular currency payments. Currency brokers will allow you to automate the transfer of money between currency accounts.

Lock in exchange rate for future currency deals

If you need to transfer money abroad at any date up to a year in the future you can enter a contract to fix the exchange rate at today's exchange rate for a currency deal in the future. This will mean you know with certainty how much foreign currency you will get at a time in the future so you do not need to be concerned about changes in the exchange rates.

Banking overseas

If you are emigrating you should open a bank account in the country you are moving to. Likewise, if you are studying abroad or planning a long stay abroad you should use a local bank in your new area of residence. This will help you to manage money in your new foreign location.

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