whether you are an expat sending money home,
whether you are a student paying overseas tuition,
whether you are paying overseas invoices,
if you are using a bank, you are leaving money on the table.
A lot of money.
It’s not your fault. An antiquated system of banks and correspondent banks has been facilitating the bulk of the global currency transfers. This opaque system is invisible and very costly to its users.
A typical transaction costs 5% plus transaction fees, which are rarely advertised in advance of the transaction. These can easily add another $50 to the cost of the transfer.
How did we end up with this level of cost in the age of the internet? Complacency is the most common culprit. We’re all guilty of it. It’s easier to use our credit card and in spite of its fees, or quicker to transfer the funds directly from our account. Likewise, it is easier for the banks to rely on their existing networks rather than innovate.
These bad habits cost remitters billions annually. Yes – billions.
There are some alternatives. A range of foreign currency transfer providers provide more cost-effective solutions when transferring your money. Some use novel techniques of matching inbound and outbound transfers, thereby effectively avoiding net-transfers as much as possible. That works while in-bound and out-bound flows match up. Others transfer the funds much like the banks, but do so at a discount.
But now there is a brand-new alternative. And, at its core is a great user experience – something the banks sorely lack.
We are FlashFX, a brand new Australian company that's just launched a real-time cross borders payment business, providing an ultra-competitive alternative to the existing opaque, siloed and inefficient banking networks.
Built on a common global infrastructure and bringing new efficiencies to financial remittances by enabling near real-time settlements, improving visibility and reducing risk, FlashFX delivers tangible advantages to you from a technical, a financial and user experience perspective.
The technology tightly integrates payments messaging with funds settlements, allowing for unprecedented visibility and performance, without hidden fees.
Unlike the banks, FlashFX puts customers in control. You send funds like an email, track transfers like a package, and you are never surprised by hidden charges. There are none.
If you want to make a positive difference in your life, skip the banks and take back control. Choose FlashFX for your foreign exchange transfers.
Learn more about FlashFX and sign up to benefit from their cutting-edge technology, great rates, transparency and control.
Read next: Why can’t you track your money?