For Aussie businesses that import goods or pay staff and suppliers abroad on a regular basis, transferring money overseas is just regular practice. But if you’ve been relying on one of the big banks to make these transactions, chances are you’re spending a lot of unnecessary dollars to make up for a poor exchange rate.
According to IMT provider SendFX’s Co-Founder Ian Cragg, a money transfer through your local bank could see you paying a higher rate than what you need to.
However, switching to a specialist international money transfer (IMT) provider can be a simple way to save your business heaps of cash, said Cragg.
For instance, Mozo data found specialist exchange rates when you convert Aussie dollars to US dollars are 4.04% better value than the Big 4 banks’ rates (fees not included).^ So if you’re exchanging $10,000AUD, you could potentially save $271.75USD with an IMT provider.
As specialists, IMT providers can give your business a foot over competitors by “providing market updates and allowing you the opportunity to secure an exchange at a potentially higher rate than the current market rates,” Cragg said.
“Even a small amount of funds transferred weekly or monthly could add up over a 12-month period and really prove to be significant cost savings to your business,” he added.
Keen to get your hands on a more competitive exchange rate and make those big business savings today? Check out the IMT providers below to get started, or head over to our guide on business money transfers for the must-knows.