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Transferring money internationally can become quite complex, especially when it comes to fluctuations between various currencies. Exchange rates change real-time, minute by minute and that can make transferring money and securing a suitable exchange rate a challenge. One rate you achieve today between two currencies is likely to be very different tomorrow. The impact of market shifts will depend on the reasons for making international payments. If it’s a one-off transfer to friends, family or to your own overseas account, then the impact might not be so noticeable. However, if you’re purchasing goods, property or for business reasons then the exchange rates are going to be very important to you.

If you want to achieve the best exchange rate for your transfer, you should speak with foreign exchange experts who will be able to show you how you can benefit from Rate Alerts.

Rate Alerts – What Are They?

It is exactly what they say they are, it’s an alert you receive when your desired rate is reached between two chosen currencies.

An expert will be able to set up your rate alert for your chosen currency pairs and once the rate is reached, you will be informed by email and then it is up to you to decide if you wish to secure the rate and make the transactions. However, if the time is not right, that’s fine because the rate alert is simply an alert and not an order to execute.

Should I Set Up A Rate Alert?

You can spend a lot of time checking exchange rates and with that comes frustration but it doesn’t have to be like that. A rate alert will give you a hands-off approach to rate monitoring because your Foreign Exchange specialist will take care of that for you. They’ll understand when the right time arises to make a transfer without the need to constantly check the rates.

Wouldn’t Market Orders Be Better?

In a nutshell, rate alerts and market orders are relatively similar as you can set a target rate. However, the difference lies in who takes action.

Rate alerts will let you know when the exchange rates are right but the responsibility is on you to then proceed to book the transaction. If you feel the time is right then you can make the transfer but you can also hold and wait to complete the transaction in the future. However, a market order is different because you are requesting or ordering the transfer. No action will be taken until the exchange rate is reached and live but when it is, the transaction will be executed.

If you have a need to make a transfer in the future for a purchase then a market order is the best option. It will ensure everything is in place for the transfer to happen without the need to keep an eye on the exchange rates when the time is right. Despite this, if you have a more relaxed approach to making the transfer then a rate alert will keep you informed, allowing you to make the transfer when it suits you.

If you’re keen to set up rate alerts, speak with Foreign Exchange experts and let them help you find the right time to make a transfer.

NewbridgeFX can help you to set and manage Rate Alerts while also offering a fee free, fast, efficient and secure service. For further information on how NewbridgeFX can help please contact us

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