How to Get the Best Foreign Exchange Rates
You might think that it can be a simple task to get the best foreign exchange rates for hard currency transactions, but it can definitely take a great deal of your time. The easiest way is to go to the bank or the nearest money changer. However, you will not always get the best rates every time you do so. Remember that even a difference of a few cents can have a great impact once you make volume transactions.
Take time to shop around, ask around and even surf around in order to really get the best available rate, such as in Dollar to Naira at http://buzznigeria.com/convert-us-dollar-naira/ . You have to keep in mind that you always have the option to skip the task depending on the current rates of exchange. As long as you are not much in a hurry, you can wait until the best rates are available. You have to take advance of the exchange rate calculation so you can check the conversion of Dollar to Naira every now and then. Here are some of the tips when it comes to hard currency transactions.
You can get the latest inter-bank rates from your bank or from any online bank. Then, you have to use an online foreign exchange rate calculator to convert and compare the inter-bank rates. You will notice a very little difference and you always have to choose the best rate for your reference. This will be your base of reference when getting quotations from various money changers. However, you should not expect the same rate from the.
Remember that inter-bank and spot market usd to ngn rates are intended for wholesale transactions that often involve millions of dollars while the rates from money changers are retail transactions. Normally, money changers have to pad up the rate with a little amount of profit in order to cover their operational costs so you have to expect different quotations. Although the inter-bank rate is only for reference, make sure the difference with the quotations from changers should be between 5% and 10% only.
Hard currency transactions should only be done online with a banking institution. However, if you will be dealing with online money changes, make sure that you choose a reputable firm. You can check its background online by reading some reviews and customer testimonials or you can ask your friends for additional information. The process of fund transfer should also be secured.
You should also be aware of the current levels of the foreign exchange rates compared to the past rates because they often fluctuate rapidly. It may be very high today but it will be lower a day or two from now. If you don't urgently need the cash, you can postpone the transaction when the exchange rates are more favorable to you.
