Big banks are overcharging you by bouncing your money around the globe in a giant shell game while they collect fees and enjoy $600 lunches, on you.
In this article, we’ll explore how to stop paying for your banker's lunch, by looking at two of the most common users of foreign currency transfers.
According to research by FlashFX, the needs of those making foreign currency transfers can be separated into several different but distinct groups.
The first group making a lot of foreign exchange transfers are known as expats, immigrants, or technically speaking transferors – the senders of transfers.
Transferors generally have immigrated to a country such as Australia. Once they’re established with an income, they begin making regular transfer back to their homeland.
Initially, transferors are nervous because they are unfamiliar with the banking systems in their new country. So they depend on big banks with solid reputations.
However, as they make foreign transfers regularly, they become sensitive to exchange rates plus any associated fees and start looking at cheaper options. Small differences in the exchange rate and fees add up over time to large sums. So they start looking for alternatives.
It’s often also important to them to be able to initiate a transfer rapidly when they have a good exchange rate or trade time for a better rate.
In some emergency situations, they will pay high fees in order to instantly transfer money back home to relatives in need, so speed and the ability to transfer money anytime is also important to the transferor.
The second group is what’s known as transactors. Transactors are those who transact business online and are processing or making payments in various currencies around the world.
Currently, PayPal and credit card issuers have a firm grip as the number 1 and number 2 names when it comes to transactors. However, while perceived as innovative in the online space, they still charge similar hidden fees to the big banks though they do a better job of telling you what the fees are, often AFTER they charge you.
While transactors may not always be able to control the time of the transfer, as it may be driven by external influences as somebody else placing an order for a good they are reselling, they are very sensitive to currency rates and international transfer and currency exchange costs.
So, while transferors and transactors may have different needs at different times when it comes to foreign currency transfers, all benefit from better global payment solutions than the ones being offered by the big banks and online service providers.
FlashFX has a brand new approach to foreign exchange and currency transfer.
As one the most recent entries into the currency transfer business, FlashFX, a cutting edge FinTech start-up based in Sydney Australia, is engineered from the ground up to deliver great rates, fast service and full control to its customers, without any hidden fees.
With FlashFX, users pick the date; pick the rate; send funds like an email; track transfers like a package; all without any surprise charges. There are none.
This is in stark contrast to the banks, where global payments cost more, take more time, and the routeing is opaque.
So, whether you are a transferor or transactor, you can now skip the banks, avoid paying your banker's overpriced lunch and take control of your foreign exchange transfers.