In any given year, juggling multiple currencies and managing foreign exchange can be a challenge for a business with an ever growing to-do list. This is only compounded when events such as the COVID pandemic present itself.
“Trying to predict the currency markets and understand it has been extremely difficult, particularly in the last year when you’re importing and the rate drops to $0.55 US cents and you’re like ‘omg, what do I do’.”
Importing from Asia and dealing in US dollars means Penny is closely tied to the AUD-USD currency pair. The very currency pair that ranged from 0.55 in March’20 to 0.78 in Jan’21; market movements that you’d typically see in a decade. For Penny, finding a currency solution that could give her some level of predictability and confidence on her cost base and end prices domestically was imperative.
“Even with the extreme currency volatility through 2020 I certainly didn't want to raise my prices and pass the problem on to our customers. With the help of Shameem (my personal OFXpert) who’s always on call, I now confidently know what I’m spending through the year by fixing my exchange rates. Plus the rates have been extremely competitive, so I get to save some money.”
A recommendation from a friend led Penny to OFX. The consistency and reliability she received from Shameem [OFXpert] is what has kept her as a happy client, as it’s meant Penny can focus on running her business without having to keep a watchful eye on the markets.
“I have dealt with banks previously, but you just don’t get the same person. OFX was really simple. There were no hurdles to jump through. I actually thought there was something wrong with it because it was so easy.”
Thankfully currency is now one less thing for Penny to juggle. And how would Penny describe OFX in one word? Easy.
In a year that was far from, that is about as good as it gets.
Real people. Real help. Need to talk? Our OFXperts are here 24/7.