With the recent increase in interest rates in the United States, many around the world are wondering how this rate hike will affect foreign currencies. Fortunately, no matter what may happen to foreign currencies, companies like Ria Money Transfer provide consumers with an app to send money internationally.
Benefits of using international money transfer apps when interest rates are changing
Many people have gotten used to the low-interest-rate environment that the United States has been operating in. Low rates have been steady for years and this has also brought some stability to foreign currencies. Now, with the recent changes in interest rates, the effect on foreign currencies is still being determined.
What is clear though, is that currency transfers in foreign markets have a bit more volatility than they did just a few months ago. Many people who rely on foreign payments are still figuring out how the recent rate hikes will affect their bottom line. In many cases, however, money still needs to flow between countries no matter what realities the rate changes may bring.
This is true for both people and businesses. Many immigrants continue to support their families back home by sending money back. This is one group that can benefit from using an app for these transactions. Banks may overcorrect when it comes to establishing an exchange rate or may feel the need to alter the rate of exchange frequently. This can make a bank transfer more expensive depending on when the transfer is made.
Most people don’t have the time or energy necessary to constantly monitor exchange rates to see when the exchange rate is in their favor. Because of this, many consumers can make transfers when the rate is not in their favor. With an international money transfer app, it is easy to see what the rate of exchange is at that moment. There’s no guesswork, and app users can initiate their transfer when the timing is beneficial.
Anyone who needs to send money overseas can find an app to help them with the transaction. Using an app can be beneficial right now due to the recent changes in interest rates in the United States. This is because when an app is used, there is no need to worry about currency exchange. Most transfers are instantaneous, and it is unlikely that the rate of exchange will change very much at all. Once you initiate the transfer, it is usually executed in seconds.
This is very different from wire transfers, which can take days to be completed. During this time, the exchange rate can change. Of course, there may be instances when the change is favorable, but just as often, it is likely a move in a less favorable direction. Users who do not want to have to worry about changes in exchange rates will use a financial method that completes their international money transaction in the shortest amount of time. This method is likely an app.
Use an international money transfer app to send money today
The platform calculates the exchange rate and provides that information at the time of the transfer, so there is no guessing involved. Anyone who does not want to have to calculate foreign exchange rates, especially when they may be changing quickly and significantly, can rely on an app to do the calculation for them.
Wire transfers can take longer to process, and can carry some hefty fees. And, there can be instances where the rate of exchange changes between when the transfer is initiated and when it settles. International money transfer apps do not typically have such delays, and users know exactly what final rate of exchange they will receive when they initiate their transfer.
If you are looking for an efficient and cost-effective way to send money overseas or to a foreign country, it’s worth your time and energy to look into using an app. International money transfer apps provide a service at a reasonable rate and within a quick timeframe. Banks and other financial institutions can often be behind the times when it comes to international money transfers.
Don’t pay more for your international money transfer, take a look at an app today!
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