When you send money internationally, you may be surprised at how much of your money is lost in the foreign exchange (FX) gap. The FX gap is the difference between the exchange rate you see on Google and the exchange rate you actually get when you send money. This gap can be significant, and it can eat into your hard-earned money.
In this blog post, we will discuss the foreign exchange gap and how you can close it when sending money internationally. We will also introduce ATLMoney, an international money transfer platform that can help you save money on your FX fees.
The foreign exchange gap is caused by a number of factors, including:
- The spread: The spread is the difference between the buy and sell rates of a currency. When you send money internationally, you are typically buying one currency and selling another. The spread is the difference between the two rates, and it is the profit that the FX provider makes on your transaction.
- The commissions: FX providers also charge commissions on international money transfers. These commissions can vary depending on the provider and the amount of money you are sending.
- The fees: There are also a number of other fees that can be associated with international money transfers, such as wire fees and transaction fees.
The total cost of sending money internationally can be significant, and it is important to factor in all of the fees and charges before you make a transfer.
How to Close the Foreign Exchange Gap:
There are a number of things you can do to close the foreign exchange gap when sending money internationally:
- Compare FX providers: The first step is to compare FX providers and find one that offers competitive rates and fees.
- Use a money transfer service: A money transfer service like ATLMoney can help you save money on your FX fees. These services typically offer lower rates and fees than banks, and they can make the transfer process easier.
- Send money in bulk: If you are sending a large amount of money, you may be able to save money by sending it in bulk. This is because the FX provider will typically charge a lower commission on larger transfers.
In conclusion, The foreign exchange gap can be a significant cost when sending money internationally. However, there are a number of things you can do to close the gap and save money on your transfers.
By comparing FX providers, using a money transfer service, and sending money in bulk, you can save a significant amount of money on your next international money transfer.
If you are looking for a way to save money on your international money transfers, I encourage you to check out ATLMoney. ATLMoney is a great way to get the best possible exchange rate and save money on your transfers.
Visit the website to learn more and start sending & saving money today!