When to send money abroad? How the exchange rate affects it
Nobody can predict the exchange rate, but you can reduce the risk: send every month, follow the rate, and don't depend on a single day.
The honest answer
Nobody knows the best day to exchange: neither banks nor experts always get it right. What you can do is avoid the costly mistakes and reduce risk.
Three helpful habits
- Spread it over time: if your family receives money every month, sending on regular dates averages out the ups and downs of the rate.
- Follow the rate during the month instead of looking at it on a single day; if your family can wait a few days, pick a favourable moment within that margin.
- Don't send in a rush because of an offer: always compare what the other person receives in their currency.
When not to wait
If there is an urgent need, send now: waiting for a better rate isn't worth a real emergency. And avoid gambling: sending a large amount all at once hoping for a rise is a risk decision, not a saving.
How Remesia helps
Remesia follows the month's rate and alerts you when it is in your favour, without moving your money or recommending providers. It is only information to help you decide; this text is not financial advice.