18 Oct 2022
Do you wish to find out an exact date and time that’d be ideal for your next money transfer? But it’s not quite that simple.
There’s no predefined “best time” for a global money transfer. Still, by paying attention to a few factors and planning, you can go a long way in confirming that your next money transfer comes at a favourable rate and reaches back home quickly and easily.
You can learn about effective strategies below that can help you decide the most favourable time for you to transfer funds back home from overseas. Keep reading.
Most people from low-to-middle-income countries travel to foreign lands for better work opportunities. They send money back to their families and loved ones for various purposes, including but not limited to monthly household expenses, fee for children’s education, paying utility bills, etc. Besides, remittances play an increasingly prominent role in the economies of small and developing countries. They also play an essential role in disaster relief, often exceeding official development assistance (ODA). They help raise the standard of living for people in low-income nations and help combat global poverty.
Yes, the best time to transfer money to your loved ones from overseas is when the exchange rate is in your favour. But there’s no way to predict how the exchange rate will fluctuate because it depends on international market movements. Remittance companies cannot influence exchange rate movements.
The fluctuating fraction point may not make much difference if you’re not transferring a lot of money. Furthermore, you may not be able to wait for the exchange rate to drop due to the needs of your family or your financial obligations.
However, if you are doing a white-collar job, a high-powered job, or running your own business, you may have money to spare and take advantage of high exchange rates. In this case, you can save money and send a good amount back home when the exchange rate goes up.
Choosing the right time for sending money home is undoubtedly the most critical need for every overseas worker. Yet, it’s one of the most complex challenges since several factors influence an international money transfer, where seeking the best exchange rates remains on top of the list. You can predict when the exchange rate for your desired currency will go up, albeit you can never be accurately sure about it.
Most people who leave their families behind and step outside their comfort zones want to send money back home. This means Remittances from abroad play a vital role in this process. So, you work hard to achieve financial rewards, which is why navigating exchange rates and hidden fees related to transferring money is not reasonable.
If you want to tackle these issues, choosing the ideal transfer time is everything. You need to keep an eye on all factors like interest rates, inflation, political events, trade imports and exports, worldwide economic trends, interbank exchange rates, and much more that deeply influence exchange rates.
Although various parameters can help you discover the most beneficial ways to make an international money transfer back home, keep scrolling to learn about them.
You may be aware that the financial markets are constantly moving. Various factors, including interest rates, inflation, political events, imports and exports, and global developments, affect currency values daily (and, subsequently, currency exchange rates). So, for this reason, it’s tough to pinpoint when the rates are at their most favourable. Things can change at any moment.
By keeping an eye on such events and factors influencing currency exchange rates, you can remain updated about whether the interbank rates are going up or down. Renowned digital money transfer service providers, like ACE Money Transfer, can help you get the most updated exchange rates to decide the best transfer time.
By sending money back home regularly, you not only take care of your loved ones but also eradicate poverty, contribute to national development, and help the local economy.
So, if you’re already doing this, you should know some tips. First, make decisions based on Offers and Promotions, even during emergencies and spontaneous transfers. This might optimise your return on value. Several trusted remittance-sending companies keep offering different promotions for better customer retention and excellent brand value.
Secondly, plan your money transfer cycle according to the schedules of offers and promotions. Most companies provide offers and promotions in the middle of the month. So, this is the time to save money. By performing a little research and comparing a few service providers, you can conveniently pick the best firm that can cater to your money transfer needs.
If you send money online to your loved ones back home via ACE Money Transfer, you can enjoy fascinating promotions with excellent rewards besides the best exchange rates and the lowest transfer fees in the market.
Keep an eye on the exchange rate as often as possible. The live currency markets set currency exchange rates and rarely change daily multiple times. Set up a Rate Alert if you don't want to spend all of your time checking rates. Once the rate you want is live, it might be a good time to make an international money transfer.
It is essential to use the right platform to transfer your hard-earned money. But when is the best time? Do you think remittance providers have adequate outlets during the week and are crowded at the end of the month? This is because most international money transfer services offer weekly and monthly promotions. You can choose a convenient offer that makes transactions quickly. So, as a remittance, you should take advantage of weekly and monthly offers.
Global economic conditions are constantly changing. Currency values fluctuate around the world in a blink of an eye. These changes matter, whether they are big or small. Even a seemingly minor change in a currency's value can significantly impact your next money transfer. Thus, you must keep an eye on climbing currencies while making an international money transfer.
It is challenging to know when it’s the “best time” to send money abroad. But if you use the ACE Money Transfer service, you get to save more, thanks to its competitive rates. It is one of the most trusted remittance services offering the lowest transfer fees, the highest exchange rates updated live on their website, and the most secure international transactions.