What to look for in an overseas payments provider
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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.
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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.
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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.
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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.
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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 products that can support your business objectives. Keep more control over your bottom line when paying overseas suppliers.