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. Fortunately, you do have options when choosing a partner to facilitate your payments to overseas suppliers.
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 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 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. Regulated, trusted, secure–that’s OFX. [stats_bank_accounts_global]