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Deciding on ideal exchange rate alert

  • 23-12-2022 5:21pm
    Registered Users Posts: 85 ✭✭

    Good evening folks,

    As someone who regularly transfers money between Ireland and the UK, I am interested in trying to get the best value exchange rates.

    I noticed that a number of platforms allow you to set a rate alert so that you are notified when exchange rates hit your ideal rate.

    My question is, how does one decide upon what that ideal rate should be? Do you look at the average for a particular period (days, weeks, months, years) and set it at an above-average rate? I'm not clear on how one decides on the best ideal rate that is still realistic.

    TransferWise (now known as Wise) used to have a rate alert feature that would alert you when the exchange rate reached a two-week high but they seem to have removed that for some reason which is a shame.