The Savvy Way to Pay Overseas Suppliers is OFX

The simplest and most popular way for importers to pay overseas suppliers is via bank-to-bank money transfers. Unfortunately, banks often charge hefty fees on such transfers (anything up to A$35), and that’s not the end of the story. Bank margins on your payment may be up to 5% more than the currency market exchange rate for the day, so on a transfer to the U.S. of A$10,000, you could be paying nearly A$500 in margins taken by your bank. PayPal and credit card companies often charge similar margins and additional fees. Fortunately, you do have options when choosing a partner to facilitate your payments to overseas suppliers.

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What to look for in an overseas payments provider

  • Rates. When paying overseas staff or suppliers, your bottom line may be affected by exchange rate margins and transaction fees. Make sure you find a provider with low rates and low fees.

  • Consistent Service. If you’re going to be making regular transfers, you need a partner who can provide superior customer service tailored to your unique business needs. Find a company that won’t treat you like just another number.

  • Speed. There are some affordable peer-to-peer foreign payment options out there, but be aware that your overseas staff or suppliers 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 supplier substantially. Choose a reputable provider who has consistently quick turnaround times.

  • Reliability. Peer-to-peer transfer models are notoriously 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.

  • Options. The best way to insulate your business from currency volatility is to find a foreign payments provider who offers risk management products that can support your business objectives. Keep more control over your bottom line when paying overseas suppliers.

The benefits of paying overseas staff with OFX

  • You save money. With OFX, you can save up to 75%* in bank fees and margins when paying overseas suppliers. We also offer dedicated Online Seller accounts to facilitate your international expansion.

  • You get 24/7 customer support. When your bank is closed, we’re open. You’ll have access to our team when and where you need it. Wherever your business goes, we’re with you.

  • Your transfers often arrive faster. We use our global network of 115 local bank accounts to transfer your money from our local accounts when possible. Local processing means we can often provide same-day payments. And all those confusing international bank codes? Not a problem.

  • You get a choice. We have a number of product options to help you protect your business from adverse currency fluctuations. You choose the risk management strategy that’s best for your business, and if you need help, we’re here to discuss your options.

  • You know your money is safe. OFX is listed on the ASX and has an exceptional security and fraud team overseeing our operations. Our company handled over $19 billion dollars in foreign exchange transactions in 2015. Regulated, trusted, secure--that’s OFX.

With OFX, we can help you pay overseas staff and suppliers while mitigating your risk to foreign exchange fluctuations. We’ve integrated our service with cloud accounting software like Xero, and we offer solutions for simplifying your payroll. Gain the competitive edge you need to get ahead by using OFX.

Choose OFX, because you’re too smart for your bank.

**Average savings based on published rates of ANZ, Westpac, NAB and CBA on a single transfer of AUD$10,000 to USD between 21.2.17 and 2.3.17. Transaction costs excluded. Quoted savings are not indicative of future savings.