For large purchases of expensive luxury items or bulk items, you can set up recurring transfers on a schedule, provided that the seller will allow you to pay in instalments. Or you can use a Limit Order
to set your preferred exchange rate and be notified once it is triggered, so you can shop while enjoying the benefit of an exchange rate that helps you save even more money. And if you are not ready to pay just yet but you want to lock in a great exchange rate, you can set up a Forward Contract
for up to 12 months.
With the right payment strategy, you can make a luxury purchase without reservation. So go ahead and purchase that antique car from abroad that you have been eyeing. Once you submit your payment with OFX, you might have money left over to give it a brand new paint job once it arrives home.
Shop wise and save
In the end, it is important to do your research before purchasing items from another country, whether you are investing in designer goods or you are hoping to build up your online shop. Understanding what taxes you might owe on imports, as well as where you can find the best deals, will help you make the wisest buying choices. But to ensure you save money on fees and margins that are associated with paying overseas sellers, simply using a service like OFX could be just what you need to stretch your budget, so you can buy even more.