7 reasons why you should compare the exchange rates in 2017

By Justyna Skorupska2017-01-02 No Comments

1. Comparison is a matter of increasing awareness

Do you compare the deals for hotels and flights when planning a trip? Are you going to to move and use a price comparison platforms to compare flats or houses prices? Or maybe you are looking for home appliances and check which store has the best price? Recently, comparison of insurance becomes very popular as well. Why not to compare the exchange rates? You can save not only time but also money?

2. Save time

There are many competitive money operators, having very similar offer. It’s terribly time-consuming to organize 100 different money operators by visiting their pages, comparing the rates, services, additional costs and speed of the exchange. Comparison platform, such as Xchanger, will do it for you!

3. Save money

Rates and costs related to the transaction differ between money operators. Getting used to to a single operator, we simply forget that another may have a better deal. Many of us do not see the subtle difference between the approximated values ​​of exchange rates. Let me show you an example:

Let’s say you want to convert 3000 EUR into USD and the problem is which money operator you should choose? As you can see at the picture above, every money operator charges additional cost. Some of them charges more some less plus they have different exchange rates. Without comparing you might spent way to much on your transaction and lost around 18 USD on exchange.

4. See hidden costs

You know how much it really costs you money exchange – you know the costs (jakie niesie ze sobą transakcja) with the transaction. “Zero fees” solutions are quite often used to attract consumer’s attention, but what they do not charge they take from the consumer in a different way. These are hidden additional costs in the form of a transfer fee for a credit card, etc.). Comparison platforms usually show all of the costs connected with the currency exchange in order to show you the best possible offer.

5. Use promotions to exchange

The partnership between the money operators and comparison platforms allow you to take advantage of special offers. The most popular are occasional ones (cyber monday, black friday, another anniversary, etc.) and these are:

  • exchange with the reduced margin, which is based on the fact that the customer does not pay the standard fee (usually 0.2%), but its fractional part,
  • exchange without spread, which means that the money operator allows the user to exchange currencies at a rate that does not include the difference between the price of sell and price of purchase,
  • loyalty promotions, every point scored in the loyalty program can be exchanged for one of the major currencies or commission of exchange can be reduced.

6. Be always up to date

Exchange rates, depending on the market situation are constantly changing. So, using comparison sites you can see only current exchange rates that interest you, updated in real-time. In addition, the best option changes with the needs: one month you want to exchange currency cheaply, in another you care about the speed of the transaction.

7. Have an access to a wider range of currencies

If you are looking for less popular currency you want to exchange it is very possible that not all of money operators will have it in their offer. Each comparison platform, having in its base lot of money operators will show you in a few seconds in which one you will find the desired currency.