Articles on: Clever currency toolkit

9.05 Rate Genie

Articles on: Clever currency toolkit

What does it do?

Rate Genie automatically alerts you when exchange rates reach their highest rate in the last week or quarter.

Why would I use it?

Not sure how to tell if the current exchange rate is any good? Don't have time to watch the rates? Then Rate Genie can help you take more currency with you by telling you when that currency is at a high.

How does it work?

You can decide whether to look for a short- or long-term high in each currency, and you can select more than one currency - perfect for multi-destination trips. For the short term we are comparing the latest exchange rate with the highest rate in the last 7 days, and if the current rate is higher by more than 1% we'll let you know. The long term view compares the rate with the last 90 days looking for a high. We only alert once an hour, and only between 8am and 8pm.

Give me an example

Jit is travelling to South Africa but doesn't know if the current exchange rate of 18.0679 is a good one to buy his currency at. He's not travelling for a week, so he can enable the Rate Genie for a few days to let him know if the currency reaches a short term high (if it doesn't, he'll just have to buy at the rate on the latest day he can buy the currency). Two days later the exchange rate hits 18.2514 and he gets a notification. He is exchanging £1,500 so he has just gained over £15 of free currency with 2 clicks.

Anything else I need to know?

Exchange rates don't always go up, so Rate Genie is unlikely to send you an alert when a currency is trending downwards. So make sure you set it watching your currency well ahead of travelling (10 days is perfect), so that you can just go ahead and order at the prevailing rate 3 working days before you travel (to minimise the risk of it arriving after you depart). If the rate is trending rapidly upwards, you might get several alerts an hour apart. Just remember to disable the alerts once you buy or you might find out that you should have waited!!!

Updated on: 21/04/2023

Updated on: 24/04/2023

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