Another popular option for managing market risk is a Limit Order, where you can set a target rate (if you’re someone who likes to stay familiar with the markets on the regular), and then our experts monitor the market for you.
This way, if the rate hits that target, you’ll be notified via phone or email to make your transfer. If you don’t want to transfer at that point, you can always cancel the order with no cancellation fees.
This gives you the benefit of:
- Selecting a rate that works for you or your business, and provide peace of mind if markets become unpredictable (think: Brexit updates, or the US-China trade war).
- Can also be used in conjunction with other products like Spot transfers and FECs to take full advantage of favourable market movements.
|Transfers money as a single exchange
||Allows you to lock in a target rate and we market-monitor for you
||Lock in a favourable rate and transfer later
|Uses the rate secured at the time of transfer
||Can cancel at anytime, or roll into an FEC
||Can be used for up to 12 months
|Great for everyday transfers and risk management
||Helps mitigate risk in uncertain markets
||Good for sensitive pricing schedules
Payments to overseas suppliers or staff may be primarily affected by exchange rate valuations, but bank fees can also chip away at profit margins. That’s why many small businesses have chosen specialist money transfer providers to make faster, cheaper and more convenient overseas payments.
For companies who sell primarily via online marketplaces, the ability to access international marketplaces and be profitable in those markets may depend on retaining control over when to bring revenue home from overseas. A specialist money transfer provider like OFX allows online sellers to bring their profits home at better exchange rates and with less currency risk.
To learn more about how OFX can help your business reduce foreign exchange exposure, contact us today to get the savings and service you deserve.