What to look for in an overseas payments provider
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Rates. When paying overseas staff, your bottom line can be affected by exchange rate margins and transaction fees. Look for a provider with good rates and low fees keeping in mind that a better rate may make the fee negligible.
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Consistent Service. If you’re going to be making regular transfers, you need a company that can provide superior customer service tailored to your unique business needs. Find a provider that won’t treat you like just another number by calling up to enquire.
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Speed. Money transfers should move quickly and major currency conversions can often be processed within one day. A speedy service means you can worry less about when you’re money is going to arrive. While there are some affordable peer-to-peer foreign payment options out there, but be aware that your staff could be waiting days, or even weeks, to get paid when using a peer-to-peer service. Within that time, exchange rates may move dramatically costing you or your employees substantially.
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Options. The best way to insulate your business from currency volatility is to find a foreign payments provider who offers risk management tools that can support your business objectives. If you pay a large number of overseas employees, make sure your provider offers a platform like OFX’s Multipay, so you can pay up to 500 people with one click. Get the flexibility your business needs, so you can gain a competitive edge.
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Reliability. Peer-to-peer transfer models are often unstable during high-demand trading events such as Brexit and major elections. You want a provider with a proven track record of stability--like OFX. To read more about the risks of peer-to-peer transfers, check out this article.