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Check Foreign Exchange Rate Before You Send Money Abroad

Need to send money to South Africa from Spain? Your business may be based in Spain or other European countries like France, Germany, Finland, Ireland, but at times for purchases made in South Africa you have to use money transfer services.

To send money to your suppliers, vendors and other service providers in South Africa you also need to check who gives the best exchange rate on Euros.

If you send about 15000 Euros to South Africa, it is equivalent to approximately 150,000 South African Rands as per prevailing exchange rates.

But are you also aware of the actual difference on exchange rates offered by different banks? When you check banks foreign exchange rates, you will notice variation as prominent as:

Bank A Pays you

153078 South African Rands (ZAR) against 15000 Euros

Bank B pays you

149251 South African Rands (ZAR) against 15000 Euros

Why pay more when you can get cheap options to send money abroad. You can get the best value for your hard earned money by simply choosing the right service. For this you just need to check the best foreign exchange rates.

There is a standard international exchange rate between various currencies every day and every hour but there are huge variations in the rates offered by banks as they make adjustments to charge their fee for money transfer.

Banks foreign exchange rates comparison is essential for expatriates who need to send money to a family back home as also for enterprises that are into international business deals and buy products and services from other countries.

So, next time you send money from Europe, remember that you must refer to an updated foreign exchange rates comparison table. For banks foreign exchange rates comparison,

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Compare Foreign Exchange Rates to Send Money from India 

With the establishment of branches of foreign banks, the range of international money transfer services in India has expanded.

Indian citizens and expatriates residing in the country can conveniently send money abroad and the amount gets transferred very quickly. Hong Kong and Shanghai Banking Corporation (HSBC), Barclays India, Standard Chartered are some of the well known banks that now have their branches in prominent Indian cities. Besides, there are Indian private banks like ICICI and HDFC Bank that provide international money transfer services in India.

Though there are multiple ways to send money from India to an overseas destination, it is important to refer to an updated foreign exchange rates comparison table. To send money to United States for instance, the standard exchange rate between US Dollar and Indian Rupee on a day may be 1 US Dollar = 51.05 INR. But banks charge a fee for money transfer and this is why while one bank may offer the rate of 1 US Dollar = 55.08 INR, another may have rate of 1 US Dollar = 60.0 INR.

So to send 1 unit of US currency to someone in the United States, you need to shell out either 55.08 INR or 60.0 INR. Obviously, it makes sense to use the former service. Banks also have pre determined minimum amounts that should be sent abroad to avail the money transfer service.

Foreign exchange rates comparison table proves to be very helpful to those who frequently send money abroad and large amounts of money are transferred. When large amounts of money need to be sent for property purchases, business deals and purchase of raw materials or other products, getting the best exchange rate does matter. To check who offers the best exchange rates, visit:

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