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Why comparing exchange rates from Google is not advised?

Why comparing exchange rates from Google is not advised?

29 Jul 2022

Google is a convenient way to check exchange rates when making a global money transfer. However, it's important to remember that the exchange rates you see on Google are not always accurate.

There are a few reasons for this. First, Google gets its exchange rate data from public sources, which can sometimes be inaccurate. Second, Google doesn't consider the fees that banks and money transfer companies charge for transfers. 

It means that the exchange rate you see on Google may be different than the exchange rate you actually get when you make your transfer. 

Keep reading to know why Google isn’t a reliable platform for you to compare exchange rates and what is the most reasonable solution to consider.

Why Google’s Information on Exchange Rate is Inaccurate?

When it comes to finding the best exchange rate, many people turn to Google. However, most people don't realise that Google is not an accurate source of this information. 

Here's why:

  • Google only shows you the rates of a few selected banks.
  • These are not live rates - they're delayed by up to 24 hours.
  • Google's rates do not include fees or charges.

If you're like most people, you probably turn to Google when you want to find out the latest exchange rate for a particular currency. After all, Google is one of the world's most popular and trusted search engines. However, you may not realise that comparing exchange rates from Google is wrong. 

Here are the most critical reasons that make Google an unreliable platform for comparing exchange rates.

1. Google doesn't use real-time data.

The exchange rates you see on Google are not updated in real-time. Instead, they are based on data collected from various sources, meaning the rates may not be accurate or up-to-date.

2. Google doesn't account for fluctuations.

Exchange rates can fluctuate rapidly, and even a small change can make a big difference. However, Google does not account for these fluctuations, so the rates you see may not be accurate. You must consider these fluctuations when sending money abroad since inaccurate exchange rates can cause huge financial loss to you.

3. Google doesn't account for fees or commissions.

You will typically have to pay a fee or commission when you exchange currency. However, these costs are not taken into account by Google, which means that the exchange rate you see may be inaccurate.

4. Google doesn't account for differences in exchange rates.

Different currency pairs have different exchange rates. For example, the exchange rate between the US dollar and the Japanese yen differs from the exchange rate between the US dollar and the Euro. However, Google only shows one exchange rate for each currency pair, which means that the rates you see may not be accurate.

5. Google doesn't provide any context.

Various factors, such as economic news or political events, can affect exchange rates. However, Google does not provide any context for the exchange rates it displays, which makes it difficult to know if the rate is good or bad.

What should you do to get Accurate Exchange Rates?

If you're looking for accurate and up-to-date exchange rates, you're better off using a dedicated currency converter. These tools use real-time data and account for all factors that affect exchange rates, which means that you can be confident that you're getting the most accurate information possible.

A specialist currency converter like ACE Money Transfer shows live rates that are linked with the international exchange market. These updated rates include all fees and charges, so you can be sure you're getting the real deal.

So next time you're looking to compare exchange rates, make sure you use a reliable source. It could save you a lot of money in the long run!

How to Compare Exchange Rates Authentically?

To get the most accurate exchange rate possible, comparing rates from multiple sources before making your transfer is best. You can also use a service like ACE Money Transfer, which always uses the real, mid-market exchange rate and charges a transparent fee. This way, you'll know exactly how much your transfer will cost, so there are no surprises about using a money transfer service to send money home from abroad.

Getting the best exchange rate possible is essential when making a global money transfer. Be sure to compare rates from multiple sources and use a service like ACE Money Transfer to get the most accurate rate and avoid hidden fees. 

Google is not an authentic platform for exchange rate comparisons, and what should a user do to get accurate exchange rates to transfer funds back home?

  • Get your exchange rate from multiple sources.
  • Use a service that uses the real mid-market exchange rate.
  • Be aware of hidden fees when using Google for exchange rate comparisons.
  • Use a service like ACE Money Transfer to avoid hidden fees and get the most accurate exchange rate.

What is the best way for Exchange Rate Comparison?

There are a few different ways that you can get accurate exchange rates. The most important thing is to ensure you are using a reliable source. 

Here are a few options:

1. Use an online currency converter. Many websites offer free currency conversion services. Simply enter the amount of money you want to convert, and the website will calculate the current exchange rate.

2. Check the website of your chosen service provider. Many banks, credit card companies, and remittance providers offer online currency conversion services. Simply enter the amount of money you want to convert, and the website will calculate the current exchange rate.

3. Contact a foreign exchange broker. Foreign exchange brokers deal in foreign currencies and can provide up-to-date exchange rates.

4. Check the website of a foreign exchange market information provider. These websites provide real-time information on foreign exchange markets.

5. Use a mobile app to check updated exchange rates from the middle of your comfort zone. Many mobile apps offer currency conversion services. Simply enter the money you want to convert, and the app will calculate the current exchange rate.

What is an Exchange Rate, and Why Should You Know About It?

An exchange rate is a rate at which one currency is traded for another. Exchange rates constantly fluctuate throughout the day, affecting several factors, such as political stability, inflation, interest rates, etc.

You must deeply understand how exchange rates work for trading currencies and making an online money transfer to your family from abroad. Otherwise, you could end up losing a lot of money.

Here's a quick rundown of how exchange rates work:

1. When two countries have different currencies, they must agree on an exchange rate for trade between them.

2. This exchange rate is usually determined by the demand for each currency. For example, if more people want to buy a certain currency, the price of that currency will go up.

3. The country's economic stability can also affect the exchange rate. If a country is doing well economically, its currency will usually be in high demand and therefore have a higher exchange rate.

4. Exchange rates are constantly changing, so it's important to keep an eye on them if you're planning on making any international trade.

5. You can buy and sell currencies through a forex broker. To make money from trading currencies, you need to predict which way the exchange rate will move, then place your trades accordingly.

If you're thinking of getting into currency trading, make sure you do your research and understand how exchange rates work. It's a complex topic, but once you get the hang of it, you can start making serious profits.

How to Decide the Best Platform for Currency Exchange and Rate Comparison?

When choosing an exchange platform, it's essential to make sure you're using a reputable source. There are a lot of websites and apps out there that claim to offer the best rates, but not all of them are created equal. Some may use outdated or inaccurate information, while others may be outright scams.

That's why it's always best to compare rates on multiple platforms before deciding. That way, you can be sure you're getting the most accurate information possible. And when it comes to finding a reputable platform, there's no better place to start than ACE Money Transfer.

We only use data from the most trusted sources, so you can be confident you're getting accurate information. We also update our rates regularly, ensuring you always get the most up-to-date information.
So if you're looking for a platform you can trust for exchange rate comparisons, look no further than ACE Money Transfer. We'll make sure you get the best rates every time. Using our services, you can send money online to your family from the UK, Europe, Australia, Canada, Switzerland, and many other regions. Our remittance transfer services are available across 100+ countries with a payout partner network of more than 350,000 locations worldwide.


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