Need to make an international payment for your business? Mozo’s time-saving comparison tool lets you compare today’s exchange rates and fees from foreign exchange specialists and banks providing business IMT services in Australia.Read more
Having a good system in place to send money overseas for your business could save you money where you need it most, and understanding the best way to transfer money overseas comes down to choosing the right foreign exchange option for you.
Foreign exchange specialists typically offer the lowest exchange rates and fees, and for business purposes, can offer specialised advice in managing your company’s foreign exchange needs.
On the other hand, if you’re after speed and convenience, using your business bank account to directly transfer funds over could be a good option. Just remember, banks are often more expensive than foreign exchange specialists and could charge higher fees.
Whether you’re sending money overseas to pay for business supplies, or need to pay overseas employees for their hard work, having a regular international money transfers in place can save you time, stress and even money. Start by deciding between using a foreign exchange specialist or bank to transfer your money from the table below, and then click the blue ‘Go to site’ button where you’ll be directed to the provider’s website where you can set up an account.
The good news is some IMT specialists provide the option of working with a business account manager, who can help you set up planned transfer dates and fix exchange rates in advance, so look out for these features.
Running a business is expensive, and you want to make sure you’re maximising your profits by cutting out unnecessary costs wherever possible.
Fees on international money transfers can vary from $0 and $32, and if you’re making multiple transfers a month, your costs could really add up. Not to mention, the difference between foreign exchange rates offered by banks and IMT specialists can vary substantially, so keeping an eye out to see the where the lowest rate is could save your business a pretty penny.
There is nothing stopping you from setting up an business account with multiple IMT specialists so that you have the option to choose which provider has the best exchange rates at the time you need to make your business money transfer. But don’t leave this to the last minute. While the account set up process is generally very easy with online IMT providers, you will still need to allow time to link up your business bank account and get the business details and ABN verified.
^See information about the Mozo Experts Choice International Money Transfers Awards