What is Mid Market Exchange Rate

In our last blog, we discussed about the basics of currency Exchange Rates, how the currency values are determined and some of the factors that influence the exchange rates between 2 currencies.

While it is important to know the concepts behind the exchange rate, for your personal money transfer you need to understand what should be your reference exchange rate.

Now, if you are reading this, we understand you are interested in getting more value out of your international money transfers. So, read on and we will help you understand how to find out if you are getting the best exchange rates when sending money from one country to another.

If you do international money transfer to send money to your home country or have exchanged currencies for a foreign travel, you are already aware of the different currency exchange rates that different companies offer. The whole eco system of cross-border money transfer is based on the currency exchange rate. In this blog series, I am going to tell you about what this exchange rate is and how it affects your remittances. The small knowledge about it can save you big when you send money from one country to another.

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Fundamentals of Currency Exchange Rate !!

Did you ever wonder if you got the exchange rate right? Before sending money, you check exchange rates and wonder if you should wait to get a better prices. The currency exchange rates could sometimes be tricky to understand due to the constant change in the value.

Sometimes you might read that US dollar exchange rates are getting stronger or weaker. You might also be getting advise from friends  to wait for a few days before sending money since the rupee or peso exchange rate might rise.

So, if like me, you tend to get confused with all the information, don’t get bogged down and read on.

We can help you understand what are currency exchange rates are. Why do they change & how can we make the right decisions about sending money from one country to another.

What is Exchange Rate?

In very simple terms, Exchange rate is the value of one currency for the purpose of conversion to another. Essentially, the ratio at which a unit of the currency of one country can be exchanged for that of another country.

Currency Exchange Rate

Source: Google.com

A country’s exchange rate system or regime rules its exchange rates with respect to other currencies. This basically defines, how much the country’s currency is worth in terms of the currencies of the other countries.

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6 Best Ways to Send Money Internationally

Whether you are sending money to your loved one back home or doing a money transfer to pay off a loan. A difficult but common question that you face is – what is the best way to send money?

Before you get ready to part with your monies, you should know that there are various (perhaps better) ways to transfer money, or as they say, you should ‘Know Your Options’.

Although money transfer is a very basic transaction, it has become an integral part of the world economy. Remittance has become a billion dollar industry today. There are many financial institutions and agencies that offer services to individuals to transfer their money from one point to another via electronic mode, paper mode and even delivered at doorstep.

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Remittance 101 – Money Transfer Fundamentals

Migration – The Driving Force for Remittance

“Each year billions of dollars are sent by migrant workers to their home countries, with some estimates putting the total value of remittances at more than $500 billion.”

“Dollars wrapped with love” as elegantly described by Economist Dilip Ratha, remittance is the transfer of money by the a migrant to an individual in his or her home country.

 

These are the personal savings of migrant workers/families that is sent back to home country for various reasons ranging from Savings to EMIs to parental support etc.

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