What are the currency conversion charges, and how can I get the best exchange rates?

I’m fixing my university for my higher studies.

Currency conversion charges can vary depending on the method used for making international payments. Here are some factors to consider:

  1. Bank Conversion Rates: Banks often charge a margin over the mid-market exchange rate, known as the interbank rate. This margin can vary between banks and might result in less favorable exchange rates for you.

  2. Forex Cards: Forex cards typically offer competitive exchange rates compared to other payment methods. Some providers may even offer the interbank exchange rate for loading the card.

  3. Online Transfer Services: Online payment platforms and peer-to-peer payment services may have different fee structures and exchange rate markups. Compare options to find the most favorable rates.

To get the best exchange rates:

  1. Monitor Exchange Rates: Keep an eye on currency exchange rates and track their fluctuations to choose the most opportune time to make payments.

  2. Compare Providers: Compare the exchange rates offered by different banks, forex service providers, and online platforms to find the most competitive rates.

  3. Avoid Airport Currency Exchanges: Currency exchange services at airports often charge higher fees and offer less favorable rates. It’s better to exchange currency at local banks or authorized forex centers.

  4. Lock-in Rates: Some forex service providers allow you to lock in a favorable exchange rate in advance for a future payment. This can be beneficial to avoid potential rate fluctuations.