Did you know that the day of the week can affect your currency exchange rate? The way currencies fluctuate can be confusing. However, if you need to regularly send money abroad to family members or to pay bills in another country, it’s helpful to keep on top of the exchange rates. After all, they affect the value of whatever money you send or receive. Let’s break down how to decide the best day for a currency transfer.
What is a “good” exchange rate, and why does it matter?
Exchange rates affect the price of goods imported and exported — but they also influence international money transfers. Regular fluctuations in exchange rates mean that sending a specific amount may cost you more if the exchange rate is low.
That’s why tracking current market conditions could help you get the best exchange rates for both the sender and receiver. A good exchange rate means you get the most value for your money during a currency transfer. To determine what’s “good,” you must understand what’s normal by checking the mid-market rate. This term refers to the midpoint between the buy and sell prices of any two currencies across different vendors and banks. Anything that hits that range or above is considered a good rate.
Tips for getting the best exchange rate
If you regularly need to transfer money between currencies, these tips can help you get the best rate:
Stay up-to-date on geopolitical events.
Political events can directly affect exchange rates, the price of exports, and overall inflation, which then affect each other. For example, inflation tends to devalue a currency because it reflects a currency’s buying power, directly affecting its currency transfer value. Learn more about inflation’s impact on remittances.
If you regularly transfer money abroad, it’s wise to keep an eye on anything that could affect exchange rates. Check the mid-market rate when related pieces of legislation are passed or when there are big changes in the economy.
Check the mid-market rate.
The mid-market rate can give you an idea of whether an exchange rate might be considered good or bad. To find it, you can look at sites like Bloomberg. You can also do a quick Google search to get an idea of the mid-market rate, but it might not reflect the final rate you get when sending a remittance. For our latest rates and fees, check out the Ria currency calculator.
Avoid peak currency transfer times.
Certain times of the day or week are busier than others for currency transfers, which can also cause rates to soar. People are more likely to transfer currency during the working week, with Fridays being one of the busiest days. This can affect currency exchange rates.
Many international money transfers also occur during the first ten days and the last five days of the month. Consider comparing rates during these peak times to other parts of the month to see how they could be affected by market behavior.
Typically, the least busy times of the week are Mondays, mid-week and the weekend (excluding Friday). These days have the lowest number of transfers in the week, so you might expect to see less fluctuation in the mid-market rate.
Send money with Ria Money Transfer
Checking things like economic health, mid-market rates, and geopolitical events can help you get the most out of your currency transfer. If you regularly send money abroad, it’s worth keeping a close eye on the above to ensure you and your loved ones don’t lose out.
At Ria Money Transfer, we offer a simple and hassle-free way to manage currency transfers. You can find your nearest location to send money on ourlocations page or download the Ria appto set up a money transfer within minutes. Visit our website to check our latest exchange rates and send money with Ria!
The information on or through this site is provided for general informational purposes only and should not be relied on as a substitute for specific advice about laws, regulations, taxes, finances, immigration or travel. For specific advice, contact a licensed attorney, financial advisor or other professional.
We disclaim all liability and responsibility arising from any reliance placed on this site. We do not warrant the accuracy or usefulness of this information. This site may contain links to other sites and information provided by third parties for your convenience. We do not endorse nor make any guarantees with respect to these sites, their accessibility, the information they contain or the way they treat any information you provide to them.
FAQs
Typically, the least busy times of the week are Mondays, mid-week and the weekend (excluding Friday). These days have the lowest number of transfers in the week, so you might expect to see less fluctuation in the mid-market rate.
Which day of the week is best to exchange currency? ›
The Midweek Surge: Wednesday and Thursday
As Asia, Europe, and North America 'wake up' to the global financial markets, transactions drive prices on key currency pairs. If volatility excites you, the midweek period presents numerous opportunities for you to maximize your currency exchange.
What is the best day of the week to transfer money? ›
Mondays often experience the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price. Friday has a definite effect which is called the summary effect.
How do you get the best exchange rate when transferring money? ›
Here are some tips to help you get the best exchange rate on international money transfers.
- Compare currency exchange rates. ...
- Look for low fees. ...
- Choose the right time to transfer. ...
- Consider using a forward contract. ...
- Use a specialist provider. ...
- Using credit cards for money transfers. ...
- Conclusion.
Time of day and week: The foreign exchange market operates 24/5, and the best time to exchange currency can sometimes depend on market hours and liquidity. Generally, the highest liquidity and volume occur during the overlap of the New York and London trading sessions (approximately 8:00 AM to 12:00 PM EST).
What is the best day to transfer money? ›
Typically, the least busy times of the week are Mondays, mid-week and the weekend (excluding Friday). These days have the lowest number of transfers in the week, so you might expect to see less fluctuation in the mid-market rate.
What day has the highest exchange rate? ›
Weekends tend to see higher USD value because foreign currency cash flows slow down.
What is the best time of day to exchange currency? ›
Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy. These are just trends though and the currency markets fluctuate regularly, so keep your eye on them if you're looking to exchange currency soon.
Is Saturday a business day for money transfer? ›
Is Saturday a business day for bank transfers? No, Saturday is not classed as a business day by banks. Weekends are non-business days for banks, so unless you're using the Faster Payments service, your money transfer won't go through until Monday.
Do weekends count when transferring money? ›
Banks process wire transfers on the same day from Monday to Friday. As a result, money sent on weekends will have to wait for the next business day to be processed. Along with that, the wire transfer cut-off times also impact processing times.
Travel credit cards - i.e. the ones with no foreign transaction fees - offer two key advantages over travel money: Great exchange rates - when you spend on a travel credit card you get the Mastercard or Visa exchange rate, which is about the best you can find as a regular consumer.
How do I get the best exchange rate for money? ›
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.
How do you maximize currency exchange? ›
You'll get the best rates when you exchange currency during bank hours. The worst time to exchange is on the weekends because markets around the world are closed.
Which day is best to exchange money? ›
There usually aren't sufficient foreign currency cashflows over the weekend to induce large fluctuations in the exchange rate when Monday comes around, so it may be better to wait for the open of the markets on Monday.
What day of the week is best to sell USD? ›
All in all, Tuesday, Wednesday and Thursday are the best days for Forex trading due to higher volatility. During the middle of the week, the currency market sees the most trading action. As for the rest of the week, Mondays are static, and Fridays can be unpredictable.
Where can I get best exchange rate for US dollars? ›
What is the best US dollar exchange rate? The best US dollar exchange rate right now is 1.2531 from Travel FX. This is based on a comparison of 16 currency suppliers and assumes you were buying £750 worth of US dollars for home delivery.
What time of the day is best to exchange currency? ›
Given the above understanding, the most significant movement in currency exchange rates is seen when the London and New York sessions overlap, typically from 8:00 am to 12:00 pm Eastern Standard Time (EST). During this time, trading volumes are at their peak, as are fluctuations in exchange rates.
What is the best time to exchange money? ›
Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy. These are just trends though and the currency markets fluctuate regularly, so keep your eye on them if you're looking to exchange currency soon.
Do currency rates change on weekends? ›
Currency exchange rates don't take weekends off. The foreign exchange market operates 24 hours a day, five days a week. This means rates can adjust even when traditional banks are closed. So, whether it's a weekday or weekend, the value of currencies can still shift based on global market activity.
