Did you know that the day of the week can affect your currency exchange rate? The way currencies fluctuate can be confusing. However, if you need to regularly send money abroad to family members or to pay bills in another country, it’s helpful to keep on top of the exchange rates. After all, they affect the value of whatever money you send or receive. Let’s break down how to decide the best day for a currency transfer.
What is a “good” exchange rate, and why does it matter?
Exchange rates affect the price of goods imported and exported — but they also influence international money transfers. Regular fluctuations in exchange rates mean that sending a specific amount may cost you more if the exchange rate is low.
That’s why tracking current market conditions could help you get the best exchange rates for both the sender and receiver. A good exchange rate means you get the most value for your money during a currency transfer. To determine what’s “good,” you must understand what’s normal by checking the mid-market rate. This term refers to the midpoint between the buy and sell prices of any two currencies across different vendors and banks. Anything that hits that range or above is considered a good rate.
Tips for getting the best exchange rate
If you regularly need to transfer money between currencies, these tips can help you get the best rate:
Stay up-to-date on geopolitical events.
Political events can directly affect exchange rates, the price of exports, and overall inflation, which then affect each other. For example, inflation tends to devalue a currency because it reflects a currency’s buying power, directly affecting its currency transfer value. Learn more about inflation’s impact on remittances.
If you regularly transfer money abroad, it’s wise to keep an eye on anything that could affect exchange rates. Check the mid-market rate when related pieces of legislation are passed or when there are big changes in the economy.
Check the mid-market rate.
The mid-market rate can give you an idea of whether an exchange rate might be considered good or bad. To find it, you can look at sites like Bloomberg. You can also do a quick Google search to get an idea of the mid-market rate, but it might not reflect the final rate you get when sending a remittance. For our latest rates and fees, check out the Ria currency calculator.
Avoid peak currency transfer times.
Certain times of the day or week are busier than others for currency transfers, which can also cause rates to soar. People are more likely to transfer currency during the working week, with Fridays being one of the busiest days. This can affect currency exchange rates.
Many international money transfers also occur during the first ten days and the last five days of the month. Consider comparing rates during these peak times to other parts of the month to see how they could be affected by market behavior.
Typically, the least busy times of the week are Mondays, mid-week and the weekend (excluding Friday). These days have the lowest number of transfers in the week, so you might expect to see less fluctuation in the mid-market rate.
Send money with Ria Money Transfer
Checking things like economic health, mid-market rates, and geopolitical events can help you get the most out of your currency transfer. If you regularly send money abroad, it’s worth keeping a close eye on the above to ensure you and your loved ones don’t lose out.
At Ria Money Transfer, we offer a simple and hassle-free way to manage currency transfers. You can find your nearest location to send money on our locations page or download the Ria app to set up a money transfer within minutes. Visit our website to check our latest exchange rates and send money with Ria!
The information on or through this site is provided for general informational purposes only and should not be relied on as a substitute for specific advice about laws, regulations, taxes, finances, immigration or travel. For specific advice, contact a licensed attorney, financial advisor or other professional.
We disclaim all liability and responsibility arising from any reliance placed on this site. We do not warrant the accuracy or usefulness of this information. This site may contain links to other sites and information provided by third parties for your convenience. We do not endorse nor make any guarantees with respect to these sites, their accessibility, the information they contain or the way they treat any information you provide to them.
How to Decide the Best Day For a Currency Transfer
Did you know that the day of the week can affect your currency exchange rate? The way currencies fluctuate can be confusing. However, if you need to regularly send money abroad to family members or to pay bills in another country, it’s helpful to keep on top of the exchange rates. After all, they affect […]
October 13, 2023
Digital Wallet vs. Bank Account: What’s the Difference?
Just about everyone seems to be using a digital wallet today. In fact, almost 9 out of 10 people in the U.S. use some form of digital wallet according to a 2022 McKinsey’s consumer survey. But is a digital wallet considered a bank account? While some similarities exist, there are also some key differences. Here’s everything […]
October 6, 2023
6 Financial Questions and Answers about Moving Abroad
Relocating to a new country can be an exciting adventure, but there are many details to figure out first. Perhaps the most essential are those about financial planning. Whether you plan on moving for a short stay or want to make it your permanent home, read the answers to these top money questions to avoid […]
September 29, 2023
Personalized Finance: How AI is reshaping the way you manage your money
From handling unexpected bills to keeping track of expenses, managing our personal finances is far from straightforward. To start with, creating a workable budget is very time-consuming and it involves a lot of complex sums. Then, once in place, there’s the mental anguish every time life throws up something unexpected that knocks us off our […]
September 5, 2023
COMPANYAboutBlogBecome an agentCareersPromotionsSecuritySend money onlineInternational money transfer
Ria Financial Services. NMLS ID#920968 © 2024 Continental Exchange Solutions, Inc. All rights reserved.