Frequently Asked Questions !!

What is Exchange Rate IQ?

Exchange Rate IQ is a search & compare platform for International Money Transfer. You can think of it as a search engine for all you remittance and money transfer needs. Our endeavor is to help you find the fastest way to send money with the lowest fees and highest exchange rate.

Current Cross border money transfer market could be slow, expensive and opaque. Our mission at Exchange Rate IQ is to bring much needed transparency to international money transfers.

Does Exchange Rate IQ send money?

Not exactly !! Exchange Rate IQ is not a money transfer company. We are like “Kayak.com” for cross border Money Transfers. We help you compare real time exchange rates and fees from dozens of banks & money transfer companies. Based on your requirements, you can pick and choose the best options & make the actual transfer from the selected service’s website or branch.

Why is it important to compare money transfer options?

As per World bank data, we can end up paying anywhere between 1% to 20% for a cross border money transfer, depending on the country & currency pair. Even for the same currency pair different companies offer different exchange rates and fees. It could be a different company that offers the highest exchange rates on different days.

To make sure that you are getting the best value for your money every time, you should compare the rates & fees before sending the money.

What are the factors that impact the cost of money transfer?

Sending money home is a very straight forward transaction, but it has its share of moving parts like the exchange rates, fees charges, transfer time, sending methods, receiving methods etc.

Different money transfer companies work on different pricing models, some offer a zero fee thus baking in the cost of money transfer in offered exchange rates, while other companies charge a flat or tiered fee structure.

We wanted to bring all available options on uniform parameter to make sure our users get the best value. Hence, we calculate & show “Realized exchange rate” which is the final exchange rate that users would get after factoring in all the fees. Also, the search results are always displayed with complete transparency without any hidden fees or charges.

How should I use Exchange Rate IQ to find the best way to send money?

Before sending money, use the currency convertor tool to select the sending from country, receiving to country and the amount you want to send. The tool will display available money transfer options along with the real time rates, fees, transfer times and Pay in Pay out options.

While the cheapest option, by default, would be the first result, you can use the sort & filter functions to narrow down the search results as per you needs. Once you finalize the best option for your money transfer, simply click “Send Now” button to goto the website of the selected money transfer service to execute the money transfer

Is Exchange Rate IQ free?

Yes, today and forever. Exchange Rate IQ is always free for our users. We DO NOT charge fees to our customers. A free money transfer database to help you find the best options to send money across the world.

How does Exchange Rate IQ work?

We collect real time exchange rates and fees from all the money transfer companies, consolidate the data and display it in an easy to understand manner. We have analyzed & reviewed each and every money transfer company with our team to make sure the data presented is accurate, transparent and up to date.<

Are the Money transfer companies listed on Exchange Rate IQ secure?

Yes. Each & every money transfer company listed on Exchange Rate IQ is licensed, fully authorized, regulated & monitored by the government authorities. We are continuously adding new money transfer operators and we ensure that each company passes the stringent norms of safety, security & compliance prior to being added to our database

Why don’t see results for the countries that I need?

Exchange Rate IQ is currently adding new countries & currencies everyday. We currently support over 50 countries receiving money from USA. We plan to add more corridors over next 2-3 months. In the meantime, you can leave you email ID on the form or send us a note so that we can inform you as soon as we add the desired countries.