Currency exchange rates are important for financiers and forex brokers. Indeed, that’s true. But at the same time, it is evident that ordinary people also face the issue of converting currencies. It is OK with normal currencies, but when it comes to e-currencies, there might be some problems. First off, where to exchange your e-money? Secondly, how to avoid frauds? And thirdly, how to find the best exchange rates. This is what I am going to address in this article.
So, as known, there are plenty of electronic currencies. You may ask why the world needs so many e-currencies. Well, the answer is obvious. It is convenient to use money that do not physically exist. It is easy to pay for products and services, send money to other subscribers etc. However, often, there is a need to exchange one currency into another. This is where currency exchange sites/services come into play. So, how to choose a reliable e-exchange service?
Tip #1. No hurry, please!
Trust and authority are all important. Unfortunately, there are many frauds online, including fake exchange sites. Fortunately, there are many of them, so you can easily choose those that you can really trust. So, the most typical scheme is for a fake exchange site to ask you to transfer funds to their account and never send you back the equivalent amount. Yes, this can happen if you deal with sites that offer tariffs that are too good to be true. That is why, please, do not exchange your Liberty Reserve or Monebookers at the first online services you have bumped into. Take your time and look around. It is better to waste some time than money. Remember that!
Tip #2. Compare rates!
This may seem weird for you, but differences in exchange rates might be enormous. Sure, you have to avoid ridiculously low rates. Yet, choosing services with the highest rates isn’t a good idea either. The best way to find good rates is to visit rates comparison sites. There are specialized services that gather and summarize information on trusted currency exchange services. They gather necessary info on a daily basis. Choose services that offer the lowest rates, and do not forget to analyze reviews. As a rule, customers post their opinions on the net. Use this information to your benefit.
Tip #3. Exchange larger amounts of money
There is a general rule. The more e-money you want to exchange, the less commission you are going to pay. For example, if you are going to exchange $200 it is better to do that in one sitting than to exchange $100 and then another $100. For instance, if you earn money as a freelancer, do not exchange every $100 you earn. Some services, offer huge discounts for amounts larger than $1k. So, think of that!