“Time is money.” The famous saying emphasizes the importance of making smart choices, especially when it comes to financial transactions. It’s no different when you have to send money internationally. Little do people know that the timing of the transaction can make a big difference in how much money you send and how much your recipient gets. Whether it’s for remittances or online purchases, timing your money transfer just right can result in significant savings!
Why Timing Matters
Before anything, let’s get one thing straight – exchange rates fluctuate regularly. With so many variables at play, it might be challenging to discern the best time to transfer money internationally. However, timing matters because fluctuating rates mean that the value of the currency could change daily, hourly, or even by the minute. Sometimes small changes can accumulate over time and have an impact in the long run.
The Best Time of the Day?
In general, it’s good practice to send your money transfer on weekdays or anytime, anywhere. Transfer providers have more staff on hand, so it’s easier to get your transaction processed more quickly. With the rise of the digital age, 24/7 customer service helps you in case of any problems. Mondays, Tuesdays, and Wednesdays are ideal for transactions, as they are considered less volatile days for exchange rates. Weekends, holidays, and significant events like Brexit or elections can alter the average exchange rate during the week. It’s better to avoid these specific days and plan to transfer money a day or two after these significant events.
Factors to Consider When Choosing the Best Time to Send Money:
1. Currency fluctuations: Again, currencies are volatile, and they can change at any time. Keeping up-to-date with the market trends and staying informed may help you understand the best time to transfer.
2. Destination country: It’s essential to keep in mind your recipient’s location, as they may have a different currency, which can affect when it’s best to transfer.
3. Urgency: Are you in a hurry to make the transfer? If not, then waiting for the best exchange rate may save you a ton of money.
4. Transfer limits: Banks and financial institutions have transfer limits, so it’s essential to know what they are before you plan to send money abroad.
How to Save Money on Your Next International Money Transfer:
1. Use online transfer providers: Online transfer providers, such as ATLMoney, often offer better exchange rates and competitive fees. This helps your transactions go faster and easier.
2. Negotiate Service Fees: Depending on the payment method, some money transfer service providers, charge service fees. Don’t be afraid to negotiate the fees, especially if you’re a long-term customer.
3. Limit the frequency of small transfers: Small frequent transfers can result in more transaction fees as opposed to bigger transfers.
4. Go for Non-urgent transfers: Opting for a non-urgent international transfer can save you some bucks on fees.
Timing is a critical consideration when it comes to international money transfers. Waiting for the best exchange rates to send money to your loved ones and your business associates can help you save a lot of money in the long run. Be vigilant about fluctuations in the currency market, keeping on top of trends, and your recipient’s currency, and planning your transfer in line with your requirements.
By making use of online transfer providers like ATLMoney and following the tips outlined here, you will make transferring money abroad not only effortless but also money-saving as well!
Send money smarter, and save big with ATLMoney today!