What is a honeymoon rate?
Honeymoon rates or ‘margin creep’ are a trap many individuals and businesses fall into when making international money transfers. Opaque foreign exchange brokers will offer you a FANTASTIC exchange rate on trade number one, only to widen and widen their markups as you become more comfortable using their service.
CurrencyTransfer top tip: On each and every payment, benchmark the ‘real’ exchange rate with your quoted exchange rate. If you notice the spreads widening each time you trade, it’s likely you’ve fallen into the ‘honeymoon rate trap.’
On the CurrencyTransfer marketplace, the concept of a honeymoon rate is eliminated. As each rate contributor recognised they are in a ‘competitive bid’ on every transfer, it keeps all currency suppliers honest. Kiss goodbye to honeymoon rates today!