Let me give you some context first: I am a French expat living in San Francisco, California. I graduated from a French business school 3 years ago. Now I need to pay back my student loan on a monthly basis. Therefore I often need to send money from the US to France.
I started using WorldRemit to make my transfers at the end of each month. I never thought that much about the timing when I was doing it. I recently had a discussion about student loans with one of my French colleague and he asked me if I was checking the exchange rate USD-EUR before sending money back to France.
WHAT? Exchange rates?
I have a vague idea of how they impact local economies (with exportations and importations) but it never occurred to me that my tiny monthly transfers could be impacted as well!
It is quite simple though. Exchange rates fluctuate a lot and this can have quite an impact on our transfer depending on the amount we’re sending.
For example one day $1 might be worth 0.89€ and the next one 0.95€. If we send $1,000 we can save 60€ just by waiting for the good moment to make a transfer.
From the day I realized that, I literally went crazy about the exchange rate USD-EUR. I was checking xe.com every 5 minutes. Remember when you were posting your first pictures on Instagram and checking for new likes constantly? (or maybe it was just me..!) Well, I was exactly the same!
At some point, my friends got so upset to see me stuck on my phone all the time that they started to look for alternatives for me to be informed about this f*****g exchange rate (I knew that afterwards obviously).
They came up with Neomy.
It’s a robot which sends alerts when a given exchange rate fluctuates significantly
It does the job for me and gives me the only piece of information I really need in the end:
The best moment for me to make a transfer! Neomy saved my (social) life.
Take recent events like the elections; I got alerted right after Trump’s victory when the dollar started weakening against the euro.
In the end I’m wondering what the best about Neomy is: not having to check xe manually, all the time or saving hundreds of dollars over a year so easily!
What about you? How do you monitor exchange rates? You might enjoy talking with Neomy.