Justin Bieber tips to get the best exchange rates for Canada
Wondering what JB has to do with best exchange rates right? I know it looks like another catchy title made for you to click but it’s not! First of all, did you know that the singer is Canadian? For no reason I thought he was American! As an international popstar, there is no doubt that he gets paid in USD most of the time and probably need to make transfers to Canada right? That’s when he needs to get the best exchange rates!
How do you know what best exchange rates are?
If you remember a bit of your economics classes in high-school, you probably remember what exchange rates are: one currency value defined against another one. Indeed, there is nothing like an absolute value of a currency. These values are defined on the foreign currency market. As any market, it is very volatile and exchange rates fluctuate constantly because of the law of demand and supply or external events such as presidential elections or wars.
Still following? So you might be wondering how the notion of “best exchange rates” can exist. Indeed, it is quite relative and actually depends on a certain period. It would be more correct to talk about the best exchange rates within the last 2 weeks for example.
How to get the best exchange rates for a transfer?
When it comes to money transfers, exchange rates are important, especially if you are sending large amounts of money (just like Justin probably does!) Imagine if JB needs to send USD10,000 to Canada.
Mid september the exchange rate USD-CAD was 1/1,28 and today it is 1/1,35. Image he had made his transfer in September, he would have potentially lost USD700.
Ok, it might be nothing for him, but still!
However, you might told me that you do not have time to wait for the exchange rate to be perfect and therefore you need to find a way to compare money transfer operators and make sure you get the best exchange rates you can. Here is a great comparison platform that does the job for you, comparing them in real-time.