If you are traveling abroad, you want to get the most value for your money. It helps stretch your budget further and allows you to do more while on a foreign trip. Or, if you want to send money to friends or family in another country, getting the best foreign currency exchange rate can help ensure they receive the most money possible. This guide looks at different ways you can get the best foreign exchange rates.
How to get live currency conversion rates
Here are a few ways you can get live currency conversion rates:
Use an online currency converter
Many websites offer real-time currency conversion rates. Simply enter the amount you want to convert and the two currencies, and the currency converter will provide the current exchange rate.
- Use a mobile app
Many mobile apps offer live currency conversion rates. Download one of those apps and stay updated with the latest rates.
- Check the ticker tape on financial news channels
Many financial news channels, such as CNBC or Bloomberg, display live currency exchange rates on a ticker tape at the bottom of the screen.
- Check the price of a currency pair on a forex platform
If you have a forex trading account, you can check the real-time prices of currency pairs. Know that the prices on a forex platform are typically the “mid-market” rates, which are slightly different from the rates you would get if you were to exchange currency at a bank or currency exchange service provider.
- Contact a currency exchange service provider
You can also call your bank or visit a local currency exchange bureau to get the current exchange rates. However, understand that these rates may not be as favourable as the mid-market rates you can get online or through a forex platform.
Pay only 2% advance to block the forex rate
It is common for currency exchange service providers to allow customers to lock in an exchange rate by paying a small deposit, typically around 2%. It is also known as a forward exchange rate.
When you enter into a forward contract, you agree to exchange a certain amount of one currency for another at a predetermined exchange rate on a future date. This can be helpful if you need to exchange a large amount of money and want to protect yourself against fluctuating exchange rates.
Tips to get the best foreign currency exchange rates
Here are a few tips to help you get the best foreign currency exchange rates.
- Shop around
Different banks and currency exchange service providers may have different exchange rates. It is a good idea to compare rates from multiple sources before deciding.
- Consider using a forex service provider
Forex service providers typically offer more favourable exchange rates than banks. You can get Foreign currency at the best exchange rate. They have a range of services, including online money transfer, and forex card. They also usually charge less commission fees or service charges for their services.
- Avoid exchanging currency at the airport or a hotel
These locations often have less favourable exchange rates due to the convenience they offer.
- Check the mid-market rate
Knowing the mid-market rate can help you negotiate a better exchange rate with your bank or currency exchange bureau.
- Look for promotions or discounts
Some banks or currency exchange bureaus may offer promotions or discounts on exchange rates. Always be on the lookout for these opportunities.
Get the best currency conversion rates at Orient Exchange
Orient Exchange is an RBI-authorized currency exchange service provider that offers the best currency conversion rates. We have industry-leading financial technology and tie-ups that allow us to deliver the best forex services to you.
Furthermore, we do not have hidden charges or markups that increase the overall transaction costs. Contact us today to know more details about our foreign currency exchange services.