When you’re sending money across borders, the exchange rate can make a bigger difference than you might expect.
A rate that is just a little lower can mean that your family receives less money, your supplier gets paid less or you have to spend more to send the same amount.
The tricky part is that the rate you see isn’t always the complete cost of moving your money. Fees, markups and the difference between a provider’s rate and the market rate can all affect what you ultimately receive.
This is one of the reasons Yolat puts exchange rates at the centre of its cross-border payment experience. Instead of looking at the transfer fee alone, users can see the rate they’re getting and understand what their money is worth before completing a transfer.
Here are eight ways to get more value from your next currency exchange.
1. Know the market rate before you exchange
Before accepting an exchange rate, check what the currency is trading at.
The mid-market exchange rate gives you a useful benchmark for understanding whether the rate you’re being offered is competitive.
For example, if the market rate is around ₦1,500 to $1 and a provider offers ₦1,430, that ₦70 difference matters.
Knowing the benchmark puts you in a better position to compare providers.
With Yolat: You can check the rate available for your transfer before confirming the transaction, giving you a clearer picture of what you’re getting.
2. Don’t assume “zero fees” means zero cost
This is one of the easiest mistakes to make.
A transfer can have no visible fee while the provider makes its margin through the exchange rate.
That’s why “How much is the transfer fee?” isn’t enough.
Ask:
How much will my recipient actually receive?
That figure gives you a much better basis for comparison.
Yolat’s approach is centred around making the exchange and transfer experience more transparent, so users can see what they’re getting rather than focusing only on a headline “zero fee” claim.
3. Compare the final amount you’ll receive
Let’s say you’re sending £1,000.
Provider A gives you a slightly better-looking rate but charges a transfer fee.
Provider B offers a slightly different rate but charges less overall.
Which one is cheaper?
The one that leaves you with more value after everything is accounted for.
When comparing Yolat with another provider, don’t simply compare the rate displayed on each platform. Enter the same amount and look at the final amount available to the recipient.
That’s the number that matters.
4. Don’t settle for the first rate you see
You don’t have to use the first provider you come across.
Check a few options, particularly when you’re sending a large amount.
A small difference in the rate can become significant.
For example, a ₦20 difference on a $5,000 transfer represents ₦100,000.
That’s money worth paying attention to.
5. Understand what you’re actually paying
The exchange rate is only one part of the equation.
Before making an international transfer, look at:
- The exchange rate
- Transfer fees
- Receiving fees
- Any additional charges
- The final amount received
Yolat is built around simplifying this process for people moving money across borders, so the user can understand the transaction before confirming it.
The easier it is to see the numbers, the easier it is to make a good decision.
6. Don’t ignore timing
Exchange rates move constantly.
If you don’t need to send money immediately, keeping an eye on the market can help you understand how the rate is moving.
That doesn’t mean trying to perfectly predict the currency market. Nobody can consistently do that.
Instead, pay attention to significant movements and compare the rate you’re being offered against what’s happening in the market.
For people who regularly send money home, making this a habit can help avoid blindly accepting whatever rate appears on the day.
7. Think about the reason you’re sending money
The “best” exchange rate can mean different things depending on what you’re doing.
Someone sending money home every month may care about getting the most naira possible.
A business paying an overseas supplier may care about the exact amount arriving and how quickly the payment settles.
Someone receiving money from abroad may care about how much they ultimately have available to spend.
Yolat supports these different cross-border use cases, so the decision shouldn’t simply be about finding the biggest number on a rate comparison.
It should be about getting the most useful value from the transaction.
8. Choose transparency over complicated pricing
If you have to calculate five different charges just to understand what you’re getting, that’s a problem.
A good international money transfer experience should make the important information easy to understand:
What you’re sending.
The exchange rate.
What you’re paying.
What arrives.
That’s where Yolat fits into the conversation.
Rather than asking users to make sense of complicated pricing structures, Yolat’s proposition is built around giving users a clearer view of their cross-border transaction before they send.
Getting the Best Exchange Rate Isn’t Just About the Rate
The highest number on the screen isn’t automatically the best deal.
The better question is:
How much value am I getting for the money I’m sending?
Check the market rate. Compare providers. Look beyond transfer fees. Consider the final amount received and make sure you understand the full cost.
And when you’re using Yolat, check the available rate before confirming your transfer so you know exactly what you’re getting.
Because whether you’re sending money home, paying someone abroad or moving money between countries, a better exchange rate means more of your money stays yours.
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