If you’ve ever used your bank to send money to Gambia or overseas for your company or family, you know how expensive and time-consuming the process can be – insane exchange rates, secret fees, and slow payments. Have you been losing out on thousands of dollars in savings because the prices of foreign money transfers are unknown to most UK businesses and ex-pats?
Although domestic transfers are generally free, handling any foreign payments can quickly become prohibitively expensive, mainly if done regularly. Nowadays, you can order a jacket you saw on the internet from seller hundreds of miles away in another country. There is a large amount of money to be saved if transfer fees and currency exchange rates could be reduced for money transfer to Gambia.
Exchange Rate: What Is It and How to Get Best of It?
The bank or payment service providers (such as ACE Money Transfer) may charge a currency exchange fee every time you exchange money from one currency to another. The currency exchange charge is the difference between the exchange rate they select and the actual exchange rate exchanged in the market to send money to Gambia online from the UK or another country. It indicates that they give you a less appealing rate than what they would get on the market. As a result, they are making money. For the untrained eye, this currency exchange charge is often covered.
In the currency exchange process between currencies of two different countries, exchange rates play a significant role. Whether it’s a physical location or an app like ACE Money transfer, the rate used by your money transfer provider has a massive effect on the overall amount of money your recipient gets.
Unfortunately, obtaining equal exchange rates can be difficult for online money transfer to Gambia. Not to mention, with so many options, where do you even begin your search for the best deal?
Where to Get the Highest Currency Exchange When Travelling to Another Country?
When travelling abroad, the highest currency rates are usually found at banks, ATMs, and post offices. When travelling internationally, using an ATM is almost always the best and most convenient choice, particularly if you have a bank card that doesn’t charge international ATM fees. You may be able to exchange currency at your hotel but compare the rate it offers to the mid-market rate to see how good it is.