Exchanging currency is a hugely frustrating business, isn’t it? There can’t be many among us who haven’t transferred a wodge of sterling into a local currency bank account, only to find later that the rate hit a six-month low just when the transaction was made and that the pound’s suddenly started an annoying upwards swing immediately afterwards.
What’s to be done? Well, if you’ve got a sufficiently large margin of funds to be able to choose your time, then picking the right moment can mean a saving of several percentage points. To do that, though, you also need reliable information.
OzForex offer several useful facilities and tools that can help you decide when to make your move. For starters, there’s their handy daily commentary on the currency markets, hosted right here on BE, which flags up the key developments that are likely to affect currency movements over the day ahead.
To back up the information on the short-term trends, there’s their handy FX chart, which can graph the relative movements in the medium term of pretty much any pair of currencies you might want to exchange, over six months, nine months, or a year. Just click on the link below and it’ll pop up in a separate browser panel for you!
Having digested that information, you can then decide on a target rate that you’d be happy to make your exchange at. But then you either have to keep checking the rate to see what’s happening, or else risk missing the window when the rate hits your target. Don’t you?