Why you should consider switching your business FX provider for 2023
International money transfers for your business don't need to be a headache when you've got the right partner.
Sponsored by Qantas Business Money. Earn 1 Qantas Point on every $10AUD equivalent you convert into foreign currencies. T&Cs apply.
It's no secret that the cost of living is on the rise, and small businesses have been hit particularly hard.
So if you're a SME owner, re-evaluating your finances on a regular basis is critical. It can be a great way to improve your cost savings or even enhance your margin.
But one part of financial services that often gets overlooked is international money transfers. If you've been sticking with the same provider for ages, it's quite possible that you're not getting the best rate on your foreign currency conversions.
An opportunity for better international exchange rates
The Australian dollar isn't at its strongest at the moment, so it's even more critical to get favourable exchange rates when they're available.
But did you know that many exchanges only offer their best rates to specific customers, or those who are transferring currency above a certain dollar amount?
If you're like many businesses and regularly transfer smaller amounts, it may mean that you're getting needlessly stung on the exchange rate – not to mention fees! So it's worth looking for a provider that offers its best rate on all transactions.
One option in the market is Qantas Business Money, which offers its best rate, regardless of the transaction size, and Qantas Points on business conversions. Whether you're making small or large transfers, you could save up to 70% compared to the rates offered by traditional banks.^
With the right provider, you can be sure that you're still getting good value for money when you're making transfers, irrespective of the amount you're transferring.
Keep multiple currencies in one account
One of the biggest admin hassles and potential costs associated with money transfers is managing multiple providers. Undertaking manual transactions every time is neither cost-effective or time-efficient.
And if you're considering international expansion or increasing your supplier base... well, you're probably going to need to have access to a variety of currencies.
So if your provider isn't giving you the ability to utilise and store multiple currencies, it may well be worth looking for one that can.
One example is Qantas Business Money, which offers global accounts in addition to the ability to carry out currency conversions and transfers. You're able to hold up to 11 different currencies within one account, so you can invoice overseas customers in their preferred currencies.
Funds received into global accounts aren't automatically converted to $AUD, either – so you're able to easily make payments or purchases in that same currency, without needing to go through the conversion process – and extra fees – all over again.
Additionally, Qantas Business Money also offers Borderless Cards – a virtual company debit card for multiple currencies.
You can carry out international transactions with a 0% transaction fee after loading the relevant currencies, and you're also able to provide access to it to other team members.
This can be a significant cost-saver for your business, given that many business credit cards charge somewhere around 3% for international transactions.
Opportunities for better perks
Given that money transfers are part of the cost of doing business globally, it makes sense to look for bonuses where you can. If your business needs to make international money transfers anyway, why not get rewarded for it, on top of the savings?
Let's take a look at some of the perks offered by Qantas Business Money. Qantas Business Money rewards your business with Qantas Points for doing business internationally. For every AUD$10 equivalent you convert into foreign currencies, you'll earn 1 Qantas Point.*
In turn, Qantas Points can also be redeemed for rewards on the ground, such as hotel accommodation or tech products to power your business.
There are a variety of different perks available to businesses out there, so make sure you take a look around and find the perks that will help enhance your business.
Every business has different needs, and it's important to make sure that you have a money transfer provider that aligns with your goals and ambitions.
Additionally, you should make sure you always read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before signing up for a new product. These documents will help clarify whether certain products are right for your needs.