When is the best time to transfer money internationally?

Why timing matters when sending money abroad

Timing matters because, if you get it wrong, it can cost you money and your loved ones will receive less from your remittance. Many people make the mistake of rushing to send money abroad as soon as they’ve been paid, at the end of the month. In fact, most international money transfers happen during the last 5 days of the month and the first 10 days of the next month. This may be a mistake for two reasons:

1. The currency exchange rates may not be the best for transferring money at this time. They have a huge impact on international money transfers, and the constant fluctuations in these can affect the value of your transfer. But there’s no way to predict these changes. So, it’s worth keeping a constant eye on the markets. Timing your transfer to coincide with specific market openings can potentially lead to better exchange rates.

2. This is when bank branches and money transfer outlets are very busy. And many financial institutions have a tendency to hike up their fees when it’s most busy. To avoid these spikes, as well as long queues and delays, make your transfer when there’s no rush—during off-peak times like half-way through the month.

Factors to consider when choosing the best time to send money

As the foreign exchange market has such a huge impact on the value of money transfers, it’s worth considering the factors that affect it:

• A country’s interest rate: when it goes up, so does the currency’s value.

• Inflation: when the inflation rate in a country is low, the value of its currency increases.

• Imports and exports: if a country spends more money to import goods than what it makes from exports, its currency’s value decreases.

• The mid-market rate: this is the exchange rate used by banks to trade foreign currency between each other. It changes depending on the currency, the market, the bank, and even the time of day.

• Political events: political stability and instability affect the value of a country’s currency.

• Global economic trends: major worldwide events—like the global recession of 2008—affect the rise and fall of currency values

The best day of the week to transfer money internationally

Keeping your eye on what exchange rates are doing is the best way to determine when to send money. However, there are also some days that have comparatively less traffic (and so are better) for currency transfer.

• Mondays often experience the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price.

• Friday has a definite effect which is called the summary effect. There are many traders who close their positions at the end of the week. So, if they get to their goal line it means low volume, but if they don't then we detect a huge push toward the goal.

• Weekends are also a good time for currency transfer, as the majority of people transfer money during the working week. So it’s comparatively less crowded for fund transfers during the weekends.

Want to find out more about sending money at the weekend and bank holidays - read this useful article.

The best time of the day to transfer money internationally

If you’re sending money online you can initiate your transfer at any time of day, wherever you happen to be.  As long as you have a reliable internet connection, you can start the money transfer process whenever and wherever you want.

However, at some point, the banks need to be involved. You may provide the money for your transfer from your bank account, and your recipient will get the money in their bank account. Since there’s no physical transport of your funds, the banks will need to provide the payment information to one another. If you’ve confirmed your money transfer outside of normal bank hours, you might have to wait until the banks are open for the process to continue.

Don’t forget to take your destination country into account, as well. It might be an ordinary business day at home but a holiday in your recipient’s country, which could potentially add to your transfer’s travel time.

The best time in the month to send money abroad

To avoid the busy times at the end and beginning of the month - times when banks may hike their fees, and there'll be long queues and delays - make your transfer during off-peak times.  That’s why it’s best to send your money mid-way through the month.

Plus, if you’re sending money to loved ones abroad to help them with their bills or to pay international bills of your own, making your transfer in the middle of the month will ensure that your payment reaches its destination with plenty of time.

But, to really stay on top of the average exchange rate fluctuations, it’s good to keep an eye on the market each day of the week.

How to save money on your next international money transfer

So, getting the most for your money when sending money overseas is about timing and being aware of all the factors at play. It’s also about choosing a secure and reliable money transfer provider like WorldRemit. Not only do we promise very low fees, but we’ll keep you informed with accurate and up-to-date exchange rates. For example, if you want to send money abroad you can go to WorldRemit’s calculator on our website or app. Then, once you have signed up to our service, you can:

1. Choose the country you want to send to

2. Select how your family and friends will receive the money

3. Enter the amount you want to send - and you’ll immediately see the exchange rate we’re offering.

Send money today

You can also go to our app and set up alerts for real-time exchange rates. Here’s how:

1. Log in to our WorldRemit app

2. Go to Account > Settings > Notifications

3. For daily exchange rate notifications,tap the ‘Add’ button to choose which countries to receive notifications for (maximum of 3 countries)

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The contents of this blog post does not constitute legal or financial advice and is provided for general information purposes only. If you require specific legal and / or financial advice you should contact a specialist lawyer or financial advisor. Information true at time of publishing.