Business First - - FINANCE -

go ef­fi­ciently and quickly.

This pow­er­ful peer-to-peer model means that fixed trans­fer fees are far lower than stan­dard bank charges and ex­change rates are sig­nif­i­cantly bet­ter.

Pro­cess­ing pay­ments through do­mes­tic bank­ing sys­tems can also elim­i­nate the in­ter­me­di­ary and re­ceiv­ing bank charges, which can of­ten come as a nasty sur­prise.

In or­der to ac­cess the ex­cel­lent ex­change rates and greatly re­duced fees from a trans­fer ser­vice such as Cur­ren­cyFair, a busi­ness sim­ply needs to register online (it’s free). It costs noth­ing to do a com­par­i­son and the sav­ings speak for them­selves. On a typ­i­cal trans­ac­tion of AUD10,000 a busi­ness could be sav­ing $400 in fees and for­eign ex­change rate mar­gins.

Any busi­ness that sends money in­ter­na­tion­ally should con­sider putting its bank to the test.

Spe­cial­ist trans­fer com­pa­nies can of­fer far bet­ter value.’

Sean Bar­rett is a co-founder and di­rec­tor at Cur­ren­cyFair with over 15 years ex­pe­ri­ence in for­eign ex­change. Based in New­cas­tle, Sean heads up Cur­ren­cyFair’s Aus­tralian oper­a­tions.

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