Some days we have genius ideas. This is where we tend to write them down.
Take note so you can feel as smart as us one day.
July 8, 2015
XE – XE is one of the best sources for current market exchange rates. If you are wondering whether the exchange rate offered to you by your money transfer firm of choice is competitive, just head over to XE and pick the two currencies you are looking to exchange to see the rates.
Oanda – Oanda is a great resource which lets you track historical exchange rate date for up to 5 years. You can see graphs that show the changes in daily, weekly, or monthly groupings and find out the average exchange rate over a specific time period. It’s a great tool to help you time the market if you are planning on making a large foreign money transfer at some point in the future. Timing the marker right can a big difference in the amount transfer and the amount received.
Send Money Cheaper Blog – The Send Money Cheaper Blog is a comprehensive website that has everything from transfer guides and tips for getting the cheapest rate to breaking news in the FX industry. If you are new to the money transfer arena or just looking for a few tidbits to help you streamline the process, our blog has the answers you need.
Trust Pilot – Trust Pilot is a great place to read up on the money transfer provider you are considering. They have a section for money transfer servicer reviews and a section on currency exchange company reviews. Reading through some of their reviews can help you decide which servicer you want to use and help you get an idea of their customer service level.
Everbank – This blog is written by Chuck Butler, a global market expert who frequently appears on Market Watch, Bloomberg, CNN and other reputable financial analysis publications. It will help you stay informed of daily economic happenings around the world which can have a real impact on currency values. You can use their search function to find every article pertaining to your country of interest. This can help you gauge the market and decide if the time is right to invest in a country or transfer a large sum of money into a specific currency.
FX Week – FXWeek is one of the most helpful sites when planning on a large money transfer in the near future. They have an FX market analysis and FX market forecast section so you can time your transfer to the market and get the most bang for your buck. Their current news section is always up to date, plus they have an editorial section that gives a valuable insight into the FX markets inner workings.
Forex Live – Forex Live is another useful website that can help you plan your trades based on expected up or down swings in currency pairs. It is packed with tons of technical analysis market information and you can find charts that allow you to gauge currency trading trends. Their Forex Brokers section is perfect for those looking to find the best trading firm to open an account with. If you need real time currency quotes, their Live Quotes section is one the best resources as it updates every second. In addition to all of the great market information that Forex Live puts at your fingertips, they also publish Central Bank news so you can learn what the big financial players are planning and adjust your strategy accordingly.
Daily FX – Whether you are just looking to handle a few currency transfers or trying to break into FX trading, Daily FX has everything you need. Most of the information published on Daily FX can be found on some of the other sites we mentioned, except for the forum which has to be our favorite aspect of their site. In their forum, you can share and discuss trading strategies, get tips on a hot new buy, learn how to use the different trading platforms and even speak directly with market experts.
Bloomberg Currencies – Most people have heard of Bloomberg and anybody interested in financial markets and current economy happenings probably follows their news channel or checks their website periodically. Their currency section shows all of the major world currencies trading values in an easy to use format. You can choose from America’s currencies, Europe, Middle East and Africa currencies or Asia Pacific currencies to quickly sort through the most relevant quotes for your needs. They also have small graphs which illustrate the most recent two day trends.
Financial Times – The Financial Times is one of the world’s leading business news organizations and their website has a wealth of information on all things political, business, or financial related. Their most relevant section to those looking to transfer money overseas is the Currency Section. It provides essential news, data and analysis on current FX happenings and it’s updated multiple times a day to ensure the most up-to-date information.
The Economists – Another well known publication that is highly respected in the business world, The Economists has a foreign exchange section that has detailed news reports on current world happenings that affect currency values. It can be a good stop to do a little research on an economy whose currency you are considering transferring your money into. Our only qualm with The Economists’ foreign exchange section is that it’s not updated often enough, but the information they do publish is highly relevant.
The World Bank – Not so much a resource for currency values news or information, rather the World Bank website is useful for researching world remittance and migration trends. Using the World Bank site, you can see where migrant workers are immigrating to and follow the flow of money around the world. They also have survey data going back as far as 1960. Using their survey data, you can anticipate emerging global trends which will affect currency values in the near future helping to steer you in the right direction when planning your next transfer. With the information found on the World Bank site, you can avoid parking money in an economy that is expected to stall.
Pew Social Trends – The Pew Research Center compiles data and studies on just about every topic imaginable. They are a leading the way in non-biased factual based research that help shape the decision of small and large corporations around the globe. Their Global Remittance Map clearly illustrates where money is originating and where it is going. You can find out which country received the most foreign remittances in 2012. In addition to learning which country received the most, you can find out how much was sent out of or in to any country around the world.