{"id":3468,"date":"2013-10-31T00:36:30","date_gmt":"2013-10-31T00:36:30","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=3468"},"modified":"2013-11-12T10:45:19","modified_gmt":"2013-11-12T10:45:19","slug":"how-to-use-a-currency-converter-like-a-pro","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/how-to-use-a-currency-converter-like-a-pro\/","title":{"rendered":"How to use a Currency Converter like a pro"},"content":{"rendered":"<p>Using a Currency Converter can be beneficial to your international money transfer. However, there are a few hints and tips that are good to know to make sure you are getting the most from your conversion tool. This video outlines how to use Currency Converters like a pro, maximising your money saving on international transfers.<\/p>\n<div class=\"wistia_embed\" id=\"wistia_cla19sbh24\" style=\"width: 640px; height: 388px;\">\n<div itemprop=\"video\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/VideoObject\">\n<p><meta itemprop=\"name\" content=\"How to Use a Currency Converter Like a Pro\" \/><meta itemprop=\"duration\" content=\"PT9M12S\" \/><meta itemprop=\"thumbnailUrl\" content=\"http:\/\/embed.wistia.com\/deliveries\/448bc064cee549d5ae89ef796d94868d6e48408e.bin\" \/><meta itemprop=\"contentURL\" content=\"http:\/\/embed.wistia.com\/deliveries\/f4fdbb23fcd34551a72b5767b73a0ad9b512779b.bin\" \/><meta itemprop=\"embedURL\" content=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04&amp;autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Bsize%5D=181309670&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F8933d5cf6726988ba629027dcf5dadbb5bd8314b.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=552.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F448bc064cee549d5ae89ef796d94868d6e48408e.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Ff4fdbb23fcd34551a72b5767b73a0ad9b512779b.bin\" \/><meta itemprop=\"uploadDate\" content=\"2013-10-30T23:37:32Z\" \/><object id=\"wistia_cla19sbh24_seo\" style=\"display: block; height: 360px; position: relative; width: 640px;\" width=\"320\" height=\"240\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http:\/\/download.macromedia.com\/pub\/shockwave\/cabs\/flash\/swflash.cab#version=6,0,40,0\" bgcolor=\"#000000\"><param name=\"allowfullscreen\" value=\"true\" \/><param name=\"allowscriptaccess\" value=\"always\" \/><param name=\"wmode\" value=\"opaque\" \/><param name=\"flashvars\" value=\"autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Bsize%5D=181309670&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F8933d5cf6726988ba629027dcf5dadbb5bd8314b.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=552.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F448bc064cee549d5ae89ef796d94868d6e48408e.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Ff4fdbb23fcd34551a72b5767b73a0ad9b512779b.bin\" \/><param name=\"src\" value=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04\" \/><embed id=\"wistia_cla19sbh24_seo\" style=\"display: block; height: 360px; position: relative; width: 640px;\" width=\"320\" height=\"240\" type=\"application\/x-shockwave-flash\" src=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04\" allowfullscreen=\"true\" allowscriptaccess=\"always\" wmode=\"opaque\" flashvars=\"autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Bsize%5D=181309670&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F8933d5cf6726988ba629027dcf5dadbb5bd8314b.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=552.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F448bc064cee549d5ae89ef796d94868d6e48408e.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Ff4fdbb23fcd34551a72b5767b73a0ad9b512779b.bin\" bgcolor=\"#000000\" \/><\/object><\/p>\n<p><noscript itemprop=\"description\">How to Use a Currency Converter Like a Pro<\/noscript><\/div>\n<\/div>\n<p>Good morning and welcome to another edition of MyCurrencyTransfer TV. At some point, most of us need to transfer money abroad or jetting off overseas, so have a need to buy foreign currency.<script charset=\"ISO-8859-1\" type=\"mce-text\/javascript\" src=\"http:\/\/fast.wistia.com\/assets\/external\/E-v1.js\"><\/script><\/p>\n<p>Today, we\u2019re going to discuss how to use a <a href=\"http:\/\/www.mycurrencytransfer.com\/currency-converter\">currency converter<\/a> like a pro. Done right, they can be your best friend &amp; help you save you money. Not using one at all or using a currency converter the wrong way can leave you confused &amp; worst of all, out of pocket.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-3469\" alt=\"currency-converter-like-pro\" src=\"http:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/currency-converter-like-pro.png\" width=\"640\" height=\"496\" srcset=\"https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/currency-converter-like-pro.png 640w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/currency-converter-like-pro-300x232.png 300w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/currency-converter-like-pro-206x160.png 206w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p>So, here are the 5 top tips on currency conversion:<\/p>\n<p><strong>Benchmark against the rate you are offered.<\/strong><\/p>\n<p><strong>Golden rule 1. You\u2019ll never get the rate you see on a currency converter!<\/strong><br \/>\nLet\u2019s say you need to make a British pound to euro currency transfer. You may be buying a property abroad or studying. The rates you see on a reputable currency converter are \u2018\u2018official\u2019\u2019 <a href=\"http:\/\/www.mycurrencytransfer.com\/exchange-rates\/\">interbank exchange rates<\/a>. Holiday money &amp; international money transfer rates are not reflected in these prices as they vary so wildly.<\/p>\n<p>So, a currency converter serves the purpose of benchmarking the rate you are offered versus the \u2018\u2018real\u2019\u2019 rate of exchange. It essentially tells you the true cost of conversion &amp; how cheap or expensive your GBP to USD transfer was. It\u2019s also worthwhile to have on your screen when you are about to transact. If on the telephone \/ at an airport bureau, it can be used as a way to haggle on on the rate.<\/p>\n<p>Be aware, most currency converters are pretty spammy and only update their rates once a day, if that! Always check the date that rates were last updated. Currency fluctuations can move many percentage points in a matter of minutes.<\/p>\n<p><strong>2. Use interbank markup tools to get realistic pricing<\/strong><br \/>\nAt MyCurrencyTransfer, we\u2019re building a currency conversion tool that let\u2019s you use the base interbank exchange rate data, and let\u2019s you add a custom percentage markup. These will include:<\/p>\n<ul style=\"list-style-type: square; color: #1a80c2; margin-left: 40px;\">\n<li>0.5- 1.5 %typical money transfer rate.<\/li>\n<li>2% typical ATM rate.<\/li>\n<li>3% typical credit card rate<\/li>\n<li>5% typical high street<\/li>\n<li>10% typical airport bureau rate.<\/li>\n<\/ul>\n<p>This is a very useful way of being able to get a much more true &amp; accurate representation of the cost your likely to incur when exchanging currency.<\/p>\n<p><strong>3. Historical rates can help you gauge the right time to transact<\/strong><br \/>\nMany professional traders &amp; brokers believe that charts and their associated patterns allow you to get that extra edge in determining which way a currency will fluctuate. They will use charts for help &amp; guidance, particularly zoning in on short and long term performance of that particular currency pairing.<\/p>\n<p>When you send large amounts of money abroad, check in on the historical rates &amp; speak with your currency broker about opinion on charts. Not only will you appear more professional &amp; well versed in the world of currency exchange, it may also lead to sharper telephone based pricing. If your transacting online &amp; have time, charts can help you gain that extra edge.<\/p>\n<p><strong>4. Exploring where to visit on holiday<\/strong><br \/>\nShort haul, long haul or staycation! For many, that is the question. Interestingly, a currency converter can be a really tidy tool in helping you decide where to visit. For example, it\u2019s becoming much more expensive to visit America (USD) or Israel (ILS) compared to a few years ago.<\/p>\n<p>At MyCurrencyTransfer, we often run data mining exercises that compare rates from 12 -24 months ago, finding British or American holidaymakers as much as \u00a380-100 better off visiting a specific destination versus even just 6-12 months ago. Charts &amp; converter can be a great way to start planning your budget abroad &amp; understanding how much you need to take abroad with you.<\/p>\n<p><strong>5. Holiday money isn\u2019t play money!<\/strong><br \/>\nCurrency converters are great to use on the fly, when you are abroad in a shopping centre, market or restaurant. Using a currency exchange app, you can check the true cost of that purchase. Money is money &amp; whilst we are all pretty frivolous abroad, holiday cash shouldn\u2019t really be seen as play money!<\/p>\n<p>Check out <a href=\"https:\/\/itunes.apple.com\/gb\/app\/mytravel-travel-buddy\/id453759382?mt=8\">My Travel Buddy<\/a> in the App Store.<\/p>\n<p>I hope you enjoyed this episode of MyCurrencyTransferTV. If you have any questions, don\u2019t hesitate to get in touch <a href=\"https:\/\/twitter.com\/dan_currency\">@dan_currency<\/a> or email me: Daniel@mycurrencytransfer.com<\/p>\n<p>Daniel Abrahams on<a href=\"https:\/\/plus.google.com\/105158979413685359437\"> Google<\/a> +<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Using a Currency Converter can be beneficial to your international money transfer. However, there are a few hints and tips that are good to know to make sure you are getting the most from your conversion tool. This video outlines how to use Currency Converters like a pro, maximising your money saving on international transfers. How to Use a Currency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[115],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3468"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=3468"}],"version-history":[{"count":10,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3468\/revisions"}],"predecessor-version":[{"id":3522,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3468\/revisions\/3522"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=3468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=3468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=3468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}