Best and Current Currency Exchange Rates

Need to convert between currencies? We have an easy, textual, currency exchange tool for all your currency rate need (UK currency and globally). Our focus is on major currencies such as the British Pound, US Dollar, Euro, Japanese Yen, and the Australian Dollar, but also supply the currency rates for  more exotic currencies United Arab Emirates Dirham or the Israeli Shekel. Wanting to find the best international money transfer exchange rates? We have a guide for that too included in our extensive foreign exchange rates guide.

Today’s Current – “Official” Interbank Rates

Note: Rates are updated on an hourly basis from an external provider, as our main area of interest is foreign currency bank transfers and not rates. We do not guarantee accuracy, but based on our randomised testing our rates are more up to date than competitors.

The “Official” Interbank Exchange Rate….

as opposed to Buy / Sell Rate(!)

The official currency exchange rate is the real mid-market price in which banks trade currency in between themselves or the central bank. What do we mean by mid-rate? Currencies trade in the same fashion as other assets, so by mid-market we mean the price of the last deal that was made (a deal is made when the ASK price meets the BID price between two parties, this case – banks).

When you’re reading the morning news, or hearing some gloom and doom story over the television, when reports would mention “the rate” they mean exactly that. The official – interbank- mid-market rate. The acceptable rate in the eyes of banks.

However, that interbank currency rate is not identical of the foreign exchange rates offered to private clients or even large corporate clients. Even the largest company using the best currency company or bank won’t get the same precise rate provided to the bank, let alone the average client using his high street bank.  In other words the best money transfer rates won’t match the interbank rate.

As a rule of thumb you could say that

note: applicable for every single situation but rather general statements based on our 5 years of experience in the international money transfer industry.

1. USA based banks offer worse exchange rates than banks in the UK and the EU.
2. With banks globally, international money transfer involving foreign currency will have better exchange rate than buying cash money travel.
3. The exchange rate will worsen the more the exotic the currency is.
4. With money transfer companies, with the exception of companies offering fixed rate policy like Transferwise or Currencyfair, the more money is being transferred, the better the currency exchange rate is.
5. The best money transfer exchange rate offered by money transfer providers will never be below 0.2%, and isn’t likely to be 0.5% unless there are special circumstances.

With that being said there are too many use-cases to detail in our guide, so we have created an automated widget that will enable you to calculate what money transfer fees you paid on your transfer (and analyse the results).

Best Currency Transfer Exchange Rate

How to Find it and What to Look for

Whether are looking for the best Pound to Euro rate, the best Pound to Euro fx exchange rate, or another pairing, there are way to consistently beat the banks and get a top notch exchange rate. In fact, our website – Money Transfer Comparison, is dedicated toward this worthwhile goal. We review currency specialists, which are bank-alternatives to foreign-currency bank-to-bank transfers. They are normally a better alternative thank banks,both in terms of service and offering the best international transfer rates, in our view.

How would you navigate through this jungle of money transfer companies all claiming to have the best rates for international money transfers? How would you make sure you are indeed transferring money abroad for cheap?

Here is are our recommendations.

Is finding the best international money transfer rates a good objective?

– Yes, and no. There reason to sidestep your bank and seek out to compare currency transfer rates is in order to discover the best exchange rate so you would pay less money on each transfer, that’s a given, but it’s not the only consideration. We think safety, security, service, level of offering, and the global reach of each company should have a major impact on your decision. If we put this plainly – FIRST you seek for a reliable company which adheres to the highest standards, and then among these companies you compare the currency rates.

Companies to use

– These are companies that have received top ratings on our website (including the exchange rate section of our review)

• Min Transfer: £/€/$ 100
• Currencies Supported: 39
• Offices : UK, EU, USA, India, UAE and South Africa.
• Client Satisfaction Rating (Aggregated):
  94.1%
• Most Worldwide Offices
  Great Rates
  Highest Editorial Rating
• Currencies Direct Review

Free Instant Quote

• Min Transfer: £/€ 1,000
• Currencies Supported: 138
• Offices : UK, Cyprus, and South Africa.
• Client Satisfaction Rating (Aggregated):
  96.2%
• Service Oriented
  Loved by Clients
  No Fees on Transfers
• Global Reach Review

Free Instant Quote

• Min Transfer: £/€ 1,000
• Currencies Supported: 121
• Offices : UK, EU, Australia, Hong Kong and Singapore.
• Client Satisfaction Rating (Aggregated):
  92.9%.
• Large Trading Volumes
  Easy to Sign Up
  Transparent Exchange Rates
• World First Review

Free Instant Quote

Should I sign up with a single company?

–  Signing up with such money transfer companies is easy to do, especially if you are in the UK, EU or Australia. It should only take minutes of your time. Until you sign up, the majority of companies won’t be able to quote you with a current international transfer rate. Hence, signing up with multiple companies and comparing currency transfer exchange rates in real time is recommended.

What are “honeymoon rates”

– Some companies will pull a strategy named honeymoon rates for clients who need to use their services for multiple transfers. The first transaction will have the best international money transfer rates possible (and possibly, the few next transfers to follow) and then the margin will begin widening as the rates changed. The means that if in the first transfer the company offered you the “best rate” of -0.4% below the interbank rate, the next transfer may be -0.5% and the 10th transfer may surpass the 2% margin, even. We’ve seen it happened and you should be on the lookout.

Analysis and prediction for the Pound Sterling

Knowing the direction of currencies can help you a great deal if your goal is to find the best money transfer rate for your international transfer. Making the trade at the right timing is crucial.

Learn More About Current FX Rates

Currency News and Weekly Forecast // This Year’s Economic Calendar

Further Read on the topic:

• More on 2019’s FX volatility predictions.
• More on 2019’s riskiest currencies to hold.
• More about planned events in economy here.
• More about historical events that impacted currency here.
• More on how international money transfers work here.
• More on the underlying mechanism of international payments here.
• More on how economy impacts the currency exchange rate here.
• More on recent events via our Best Currency Blog Awards.
• More on the best companies on our homepage.
• More on the pros and cons of technical advantages.

 Image Credit:

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