Timing your international money transfer right can result in either saving money or increasing the amount of money you will receive when you convert your money to and from a foreign currency. You can also lose a lot of money if exchange rates change in an unfavourable direction. Read more about currency exchange rate changes and the reasons for changes in exchange rates. Get a FREE quote with no obligation to buy or sell.
When countries change their interest rates this leads to changes in exchange rates. For example if the interest rate rises in Canada then investors will find they can make more money by having their money in a Canadian bank. This flow of money into Canadian banks will affect exchange rates involving the Canadian currency.
When international business trading conditions are favourable, businesses will find it easier to buy or sell their products or services. This change is international competitiveness will likely lead to changes in exchange rates as demand and supply for currencies changes.
Exchange rates change when a government makes a decision that affects trading conditions. A good example is Brexit where the UK plans to leave the EU. This has major implications for trading deals between the UK and EU countries. The exchange rate between the British Pound and EU Euro has been affected as well as other exchange rates around the world. Such political events will affect world currency exchange rates.
The more you read and investigate about the exchange rate between the countries you are buying or selling currency between this will help you choose the best time to send money abroad or make a money transfer. For example if you are going on holiday read the news affecting the two countries currencies. By understanding economic and political events this can help you identify the best time to buy and sell foreign currency.
Many people trade currency for their job either as a second job or hobby or as a professional career. Some people also plan ahead and buy and sell currency in preparation for a holiday perhaps a year earlier to get the best exchange rate(s) deals.
If you want to get FREE currency updates to read via email we have partnered with TorFX currency specialists. You can receive FREE Currency Exchange Rates Updates with no obligation to buy or sell currency with TorFX. By learning what is happening in the currency market, you may be able to identify when to make your international money transfer. If you need professional advice before making your money transfer, you can speak with a currency specialist at TorFX to discuss the exchange rate for your international money transfer. You will then be provided with guidance and advice helping you to determine when to make a currency transaction based on your circumstance(s).
To open a FREE currency account with TorFX please click here. By opening a FREE account you can then choose to receive currency updates. Furthermore you can arrange a telephone call with a TorFX currency specialist to discuss your currency needs. FREE rate alerts are also available.
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