Planning to transfer money abroad?
If yes, how are you gonna decide the best day for currency transfer?
Finding the right day for remitting money abroad is always a life saver as it will let u transfer the funds without much cost. A prior research about the apt day for currency transfer will always help you to find out perfect time to transfer funds.
However, an emergency for currency transfer will never give you enough time to make proper research. But don’t worry, here is a guide to assist you in finding out the best day for your currency transfer.
Which is the best day for fund transfer abroad?
- Basically, change in the forex rate is the function of other factors rather than day. Hence it is better to keep an eye on those influential factors. However, there are some days that has comparatively lesser traffic for currency transfer.
- Mondays often experiences the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price.
- Friday as well has definite effect which is called summary effect. There are many bigshot traders who close their positions at the end of the week. So, if they get their goal line it means low volume but if they didn’t then we detect huge push toward goal.
- Weekends are also a good time for currency transfer, as majority makes fund transfer on working week. So comparatively less crowd for fund transfer during the week ends.
- Middle days of a month is also apt choice for currency transfer as the researches shows that more push for fund transfer is during beginning and the last weeks of a month. Middle weeks has a lesser traffic for fund transfer. Hence preferring to send money during the middle of a month is preferably the best time to send money abroad.
So, if you doesn’t have an emergency to send money abroad, then it is better to wait for the best day in light of the above points and remit money more effectively rather than making a quick transaction without proper research.