How to stop paying for your banker’s $600 lunch

By Tim Strube

Big banks are overcharging you by bouncing your money around the globe in a giant shell game while they collect fees and enjoy $600 meals.

In this article, we’ll explore how to stop buying the bankers 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 and once they’ve become established 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 are 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 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 always transfer money is also important to the transferred.

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 transferors and transactors all have different needs when it comes to foreign currency transfers, all could benefit from better solutions than the ones being offered by the big banks and online service providers.

FlashFX has a brand new approach to foreign exchange transfers.

As one the latest 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 and full control to its customers, without any hidden fees.

Unlike the traditional currency converters and the big banks, FlashFX is one of the first to use the innovative Ripple technology and XRP, Ripple's digital currency. Thanks to XRP FlashFX deliver exceptional transparency, speed and transaction control to their customers.

FlashFX enables users to track their currency transfer like a package from start to finish, so they know exactly what they are getting, without hidden fees.

Also, customers can look at past exchange rates and choose the conversion rate they'd like. Users can even plan and automate their international money transfers.

So whether you are a transferor sending money to and from your home country regularly, or a transactor remitting foreign transfers frequently, FlashFX will soon have a category beating solution that will save you time and money while giving you control and transparency.

Learn more about FlashFX and register to benefit from their cutting edge technology, great rates and transparency.

Tagged in: currency conversion, remittances, migration, sending money overseas, saving tips

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