Where & How to Get the Best Exchange Rate?
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Author: Mehdi Punjwani
Editor: Artiom Pucinskij
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Table of contents
Getting the best exchange rate is crucial, especially for international money transfers. Sudden fluctuations impose many FX risks not only for businesses but regular people.
Here, we'll explain how to find the best exchange rate. We'll explain transfer methods, your transfer options, and ways to get the rates you want.
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Getting the best exchange rate
Finding the best exchange rate for your international money transfer is easier by doing the following:
Keep an eye on the mid-market rate
The mid-market rate essentially determines how much your currency will be worth before your money transfer provider adds their own markup.
If you know what the current mid-market rate is for your currency exchange, you’ll find it easier to spot better deals when comparing your options online as you’ll be able to see which providers are sticking closest to it.
Avoid using banks
While banks do offer a convenient and safe way to send money abroad, they often have significantly lower exchange rates compared to money transfer providers.
This combined with their high transfer fees and long wait times make banks one of the most expensive and time-consuming ways of sending money internationally.
Avoid credit and debit cards
When you pay for your money transfer abroad, you’ll normally have the choice between bank transfers, debit card and credit card payments.
Using your debit or credit card might mean your payment is processed faster, but you’ll often find that the currency conversion fees are higher than they would be with a bank transfer.
Credit and debit cards can also have other fees involved, so bank transfers might be the better option in general if you’re worried about cost.
Focus on the final sum
Money transfer providers make their profits in different ways - some by charging fees and others by adding a markup on the currency exchange rate.
This means it might not always be clear exactly what you’re being charged.
One way to fight this and ensure you get the best rate for your money transfer is by focusing on the amount received by the recipient.
This will show you the entire cost of your transfer so you can see exactly how much money will arrive on the other side after fees and currency exchanges have been carried out.
Consider multi-currency accounts
If you find yourself frequently or regularly converting currencies, you might want to consider a multi-currency account.
These let you hold money in multiple currencies, and they offer better exchange rates on currency exchanges.
For example, Wise offers a multi-currency account and only charges a low conversion fee upfront - with no annual card fees.
You’ll be able to spend in multiple currencies and get paid like a local in dollars, euros, pounds, and more.
If you just need to make a quick transfers abroad and need an overall best provider, we suggest using Wise.
They offer the mid-market rates and low fees for most transfers.
"Over 15 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."
Please share your experience with Wise
Would you recommend Wise?
Russell Pinkes
I can’t send money to Belize
Katsiaryna
Once trying to open sire, was automatically blocked for no reason
Alan
Unable to transfer money from Philippines to any other country. Philippines Wise does not work
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc. If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
Anonymous
I didn't find Cuba on your list.
Anonymous
cuba not work
Nina
I made a transfer to a Canadian company 1.5 months ago, and the funds have not yet been received. After multiple emails, Wise insists that the money was paid out. However, I have received an official statement from the recipient’s bank confirming that the money has not been received. Wise's complaints department sent me a final letter stating that, according to their records, the funds were paid out. Additionally, Wise states the following in their Customer Agreement regarding their responsibility for losses: Quote from Wise's Terms: "Our Customer Agreement also explains our responsibility for losses in Section 29: 29.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process. 29.9 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control." Despite these terms, Wise has not been able to resolve this issue, and the money has still not been delivered as promised. I find it irresponsible that Wise does not conduct any investigations into the matter. The Canadian bank associated with Wise is unable to provide any information, as everything goes through Wise. Wise must be capable of tracking the funds and providing precise details about where exactly the money is, who received it, and to which bank account it was deposited. I would advise everyone to be cautious when transferring large sums of money with Wise. They are not capable of executing a secure money transfer!
Shengjie Yin
good and perfect
Tristan
Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business I am sharing my experience with Wise to warn fellow business owners about the serious risks and unacceptable practices you may encounter if you choose to use their services. My business, is a legally registered travel agency in the UK, and I relied on Wise to manage payments for my photography and cultural tours, primarily in South America. Things took a turn for the worse when Wise froze my account and accused my business of violating their Acceptable Use Policy, citing my once-a-year humanitarian trip to Cuba. Despite explaining multiple times that: No Cuba-related transactions were ever processed through Wise (I use a separate European bank for this purpose), My tours comply with the “Support for Cuban People” category authorized by OFAC, designed to help Cuban citizens outside state control, Wise completely ignored the facts. Their customer support team responded with automated messages, refused to engage in any meaningful dialogue, and even lied, claiming they didn't monitor my emails—despite clear evidence to the contrary. After days of chasing them and providing thorough documentation, they chose to close my account without justification. The Consequences: Wise left my business in chaos, disrupting essential transactions and client arrangements. Their rigid policies align with sanctions widely condemned by the global community, and in doing so, they indirectly support humanitarian suffering. The Bottom Line: Wise is unreliable, unresponsive, and unethical. If your business has any complexity or humanitarian focus, beware: Wise will shut you down without notice or explanation, and customer support will abandon you. Their actions have serious real-world consequences. Avoid Wise if you value your business stability or require ethical and accountable financial services. There are far better alternatives out there that won’t put your livelihood at risk Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business
Anonymous
I have been a customer for a few years. Yes I love the instant deposits as I make around $1K. However as many non US entities Wise uses a bank out of New York. Therefore the TRANSFER and DEPOSIT from an account transfer can take 4 to 6 days. What this means is that you will not able to make another ACH transfer during this time. This is frustrating if you have to make a follow up transfer in a few days. All in all don't plan to make more than 4 transfer in a month because it may not fo through, Not sure if other transfer companies operate the same way but I am about to find out as I will try Revolute. Bottom linw will require you to use ANOTHER payment method like credit card or some other method. Understand this: YOU MAY HAVE THE MONEY IN YOUR ACCOUNT but they WILL NOT TRY TO VERIFY IT WITHIN THE THE PERIOD IT WILL TAKE THEM TO DEPOSIT IT IN YOUR ACCOUNT. To add insult to injury I called in and the agent siad that they can see that they got paid but the computer takes time to update/reconcille I guess! It is a slow system!
Anonymous
There is a lot of advice on RECEIVING INHERITANCE in the UK from overseas but nothing on the rules for SENDING money gifts to grandchildren living OVERSEAS and the rules on Inheritance Tax in that case.
Anonymous
The service is decent, nothing more. I have had security issues that are not quickly resolved. Call center personnel are average. The app is not, in general, user friendly. You should definitely do research on a variety of service providers before making a choice. Do not take the reviews at face value. I chose Wise based on positive reviews but now regret not doing more research on other companies.
Anonymous
So far so good
Daniel
I checked to see if Wise even sends money to Colombia. Colombia is not even in their list of countries. Why is it even advertising for Colombia?
Bill Sanders
I have used Wise for several years. They once rejected a large transfer because it was to a coal company. Apparently, they are a woke company! But they refused to tell me why. More recently, they required verification of my identity using a smart phone. I am 69 and never owned a cell phone because I don't need one. But they forced me to buy one, which I did last week. Getting the phone updates ate up all my data, so i got 1 GB more. I took 12 different pics of my passport and another 12 of my face for them. They rejected them - and are holding up my transfer. Now my phone ate up that gig of data and I must buy another gig (thru Tracfone) just to use the phone. What a hassle. This is not a photo studio! They know who i am already. Note: This comment has been edited by the MoneyTransfers.com team to align with our content guidelines.
Ziggy Meilus
It used to be always instant, now it may come right away or it can take 5 even 7 days to get the money.
Anonymous
i've heard of people having issues with accounts being locked/restricted, but i think that was mostly for business accounts, maybe they were locked for good reason. for me, i've had no issue with my account though i've only used it for small transfers and not very often, over the past 5+ years
If you transfer is more exotic or you need to send a large amount, we recommend .
Who offers the best exchange rates?
When you send money abroad, the transfer is facilitated by a third party - normally a money transfer provider, or in some cases a bank or digital wallet.
These companies have to make a profit somehow, so they’ll normally charge a transfer fee or a markup on the exchange rate - or both, in some cases.
This is why it’s so important to compare different providers, so you can see who charges what in fees and exchange rate markups and find the best deal for your money transfer.
To illustrate how the exchange rate you get can affect the overall amount of money received by the recipient of your money transfer, we’ll run through examples below:
Sending £200 from the UK 🇬🇧 to Spain 🇪🇸
Provider | Rate | Fees | Total amount received |
|---|---|---|---|
XE | 1.11 | £0 | €222.67 |
PassTo | 1.12 | £2.5 | €221.44 |
Wise | 1.13 | £1.02 | €224.05 |
Barclays | 1.1287 | £10 | €214 |
HSBC | 1.1243 | £15 | €208 |
How to find the best euro 🇪🇺 exchange rate?
Finding the best euro exchange rate is easiest when you compare your options online. Rates are constantly changing, so check now to see what’s available.
Find the latest deals in our guide to sending money from the UK to India.
Sending £1,000 from the UK 🇬🇧 to India 🇮🇳
Provider | Rate | Fees | Total amount received |
|---|---|---|---|
WorldRemit | 99.23 | £1.99 | ₹99229.00 |
XE | 98.62 | £0 | ₹98624.99 |
Wise | 99.59 | £6.54 | ₹98939.58 |
Santander | 97.78 | £20 | ₹95824 |
RBS | 97.98 | £15 | ₹96510 |
How to find the best pound 🇬🇧 exchange rate?
GBP exchange rates are always going up and down, so compare rates now to find the best available deal.
Find the latest deals in our guide to sending money from the UK to India.
Sending $10,000 from the USA 🇺🇸 to Mexico 🇲🇽
Provider | Rate | Fees | Total amount received |
|---|---|---|---|
XE | 17.02 | $0 | 170,200 MXN |
Currencies Direct | 17.0266 | $0 | 170,266 MXN |
Wise | 17.12 | $74.29 | 169,928.16 MXN |
Capital One | 15.81 | $30 | 157,626 MXN |
Bank of America | 15.84 | $45 | 157,687 MXN |
How to find the best dollar 🇺🇲 exchange rate?
Compare USD exchange rates to find the best deal when sending dollars abroad - remember, USD exchange rates are always changing so look for deals today.
Find the latest deals in our guide to sending money from the US to Mexico.
Compare rates with MoneyTransfers.com
The easiest way to find favorable currency exchange rates is by comparing your options with MoneyTransfers.com. You’ll be able to see all the providers offering transfers for your desired route, so you can find the best rate and get the best deal possible.
Find the best currency exchange rates
Tools to help you get a better exchange rate
Depending on the provider, amount, and reason for your transfer, you may be able to access certain types of tools to hedge your risk in the foreign exchange market:
Forward contracts
A forward contract enables you to lock in a decent exchange rate which protects you against unexpected movements in exchange rates.
However, there is a chance that the rate will improve and you could get locked into a lower rate.
Forward contracts are ideal for those making regular transfers or for businesses. The agreement will guarantee you a rate between 30 days and two years.
A deposit is required, and the balance is paid upon execution of the contract.
Limit orders
You state your ideal exchange rate, it is locked in once the market reaches that rate, and the transfer company will contact you to authorize and complete the transfer.
Stop-Loss Orders
A stop-loss order is the opposite of a limit order, it involves specifying the rate you want to avoid dropping below.
Your currency is purchased automatically when the market falls to that rate.
People often combine stop-loss orders and limit orders together.
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Exchange rates explained
An exchange rate is how the value of two currencies is compared to each other. When you send money from one country to another, more likely than not this will involve exchanging currencies.
For example
If you send $200 from the USA to the UK, the person receiving the money in the UK will need to get the money in pounds for it to be useful.
Swapping dollars for pounds means getting an amount in pounds that is the same value as the amount you’re sending in dollars - and this value is determined by the exchange rate.
How do exchange rates work
A currency exchange rate tells you how much your money is worth in another currency, so you could think of it as the cost of buying another currency.
You’ll normally see it written as a number with a decimal - for example, the GBP to USD exchange rate at the moment is 1.26. Meaning, that for every 1 Pound Sterling you will get 1.26 US dollars.
So if you’re sending money abroad, you’ll be buying currency - so you want a higher rate because you’ll get more for your money. However, a lower rate is better for those selling the currency as this is how they can make a profit.
Why are exchange rates important?
Exchange rates are important as they affect how much your money is worth when sending it abroad. It’s particularly noticeable for big transactions, such as property purchases or inheritance matters, where even small changes in foreign exchange rates can impact how valuable your assets are.
Current exchange rate
Mid-market Rate:1 EUR = 1.137851 USD Mid-market rate at: 14:43 UTC
A bit more on the exchange rates
What is the difference between 'buy' and 'sell' exchange rate?
The 'Buy rate' (purchase price) is the rate that which foreign currency may be bought from you. Whereas, the 'Sell rate' is the rate that foreign currency may be sold to you.
Ideally, you want to purchase the 'Buy rate' at the lowest price so that you can sell at a higher price. It is best to wait for a pattern to form and do plenty of online research, before committing to buying or selling.
Can I use my credit card to buy foreign currencies?
We suggest you not to buy foreign currency with your credit card, doing so may mean you are charged extra fees from your card provider. For example, you may be charged interest even if you pay off the full cost within the time set.
Is my money protected if a provider goes bust?
You should not be affected if a money transfer provider or bank collapses. However, if you do, you would be eligible to contact the Financial Services Compensation Scheme (FSCS), which can provide compensation to those who have lost money due to a financial provider or bank's collapse.
When is the right time to exchange currencies?
You cannot accurately predict the exchange rate for a currency. However, you can avoid extra costs by buying your currency in advance, and by .
Money transfer providers or foreign exchange brokers?
Money transfer providers are the best way to send money abroad, offering great rates and low fees as well as fast transfers.
However, these companies usually give you the best rates for smaller transfers, whereas with larger amounts you might be better off with a foreign exchange broker.
Foreign exchange brokers often have access to rates that aren’t available to all consumers, or they can negotiate more favorable rates on your behalf.
How to calculate an exchange rate markup?
As banks and money transfer providers often charge exchange rate markups to make money, it’s useful to be able to calculate just how much you’re being charged.
If you know the mid-market rate and the rate being offered by a provider, it’s simple to work out the difference.
Let’s say the mid-market rate for GBP to USD is 1.20, so sending £100 to the US would mean the recipient should get $120. However, you’re comparing two different providers:
Provider A charges a rate of 1.19. Take the difference (0.01) and divide it by the mid-market rate (1.2) and that gives you 0.0083. Multiply that by 100 and that gives you 0.83% - this is provider A’s markup.
Provider B charges a rate of 1.17. Divide the difference (0.03) by the mid-market rate (1.2) to give you 0.025, and multiply this by 100 to get 2.5% - this is provider B’s markup.
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
Let's recap: How to find the best exchange rate?
Exchange rates are always changing and it’s impossible to determine the direction they will go.
But as you have read, the question of how to get the best exchange rate has steps you can take to ensure you get the best rate available at that time.
Now that you know that money transfer providers usually offer better rates, use our form below to find the money transfer provider with the best rates.
Find th ebest exchange rates
Sources & further reading
Currency Forecasts
Currency transfer is the process of exchanging currencies for transfer purposes. Currencies are usually exchanged at an agreed rate of exchange for the currencies involved.
What is the Mid Market Rate?
In other words, the mid-market exchange rate is the middle point between the price for buying and selling currencies at any given time and is therefore naturally set by the market as it fluctuates.
Forward Exchange Contract
Forward contracts are made between two parties without the need for another organization (such as an exchange or clearing house) to act as an intermediary.
Foreign Exchange Risks
When dealing with foreign currencies, business owners often tap into currency forecasts to anticipate potential market fluctuations, but it is no easy task.
Contributors
Mehdi Punjwani
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