How to Save Money on Currency Exchanges: (CAD and USD)

It can be frustrating trying to find the right money service/tech product that fits your needs. While the business owner’s number of ways to pay and accept funds become more and more complex, the information on comparing the services isn’t as plentiful.

The lack of information can leave people in the market for sending money to bank accounts online with unanswered questions:

“How can I transfer money from card to card? How can I not lose as much money doing foreign exchanges? Is there a way to do bank wires for all my payments?”

The constant theme is that there are only best ways to send money in specific scenarios. The fintech industry has been showing that there is plenty to innovate in the payments space, with all kinds of companies offering a better way to bill or transact paired with a unique use case.

People shouldn’t just shop services constantly, what about the things people can do to save money on currency exchange instantly by leveraging proven tactics?

Our experiments have shown that there are better days of the week to exchange currency to increase savings for your bottom line by as much as $134,058.35!

Exchanging currencies on the date your invoice is due or whenever you feel like it could lead to you missing out on possible savings! Follow our strategies and save.

We analyzed 10 Years Worth of Trading Data to Determine a Formula for Saving on Buying Foreign Currency.

The trends in this data led us to the best days of the week to exchange currencies.

The Idea of the Case

Many of the businesses we service make a payment to a supplier on the 1st business day of each month.

We wanted to find out if there were better times to make these payments based on the daily exchange rate fluctuations.

All data is based on a business that exchanges $100,000 each month.

The impact this study brings for your business is relative to the size of your monthly currency exchanges. All numbers are displayed in Canadian Dollars (CAD).

Here were our findings..