Noticias
29 Nov 2016

Tell me again why you are still paying high bank fees for wire transfers?

There isn’t a business owner in the US that wouldn’t like to pay less bank fees, yet tens of thousands continue to pay ridiculously high charges when sending money internationally via their banks.

 

A new way for US companies to wire money internationally

 

By choosing to use FX providers companies across America are saving big on their international payments. We provide the most innovative solutions when sending & receiving payments to clients around the world. All of which is done faster and easier than using your bank. Our team have spent years securing our global regulatory licences and building our own network of international bank accounts, enabling businesses to bypasses costly intermediary banks.

 

Moreover, through our bulk payment processing, carried out on a global scale, we are able to pass on huge savings to our customers.

 

START SAVING BY SENDING WITH TRANSFERMATE

 

Why Do Banks Charge So Much?

 

One of the main reasons for the sky-high charges that businesses face is simply down to the banks’ lack of challengers in the market. Most FinTech companies promote 'beating the banks' as their supposed unique selling point, our USP is a truly faster and more innovative service that is much less expensive.

 

Furthermore, the vested members subsequently take their share of the revenue, all of which simply means higher fees for the customer.

 

It all boils down to the fact that your bank is probably not offering you the best rates and what’s more, they are certainly charging you far too much when wiring money internationally. The net result to your business is a negative impact on your cash flow, budgeting and overall competitiveness in the market.

 

What can I do to protect my business?

 

When the market is going through times of uncertainty, as we see at present with the impact of Brexit in the UK and our own recent elections, customers can avail of a range of tailored FX contracts to their specific needs. TransferMate understands that each business faces its own range of different challenges and equally, we know that the ever changing global markets continue to throw down challenges that businesses must navigate in order to survive. One of the most popular solutions is a Variable Flexible Spot Contract.

 

Variable Flexible Spot Contracts (VFS)

 

Flexible Spot Contracts allow businesses to buy currencies at today’s rate, securing their profit and most importantly, not eating into their cash flow until they need to pay.

 

By taking out a Flexible Spot Contract, a business is better positioned to protect their company against market volatility and fixing their sale price in order to safeguard their revenue and market competitiveness.

 

Should businesses need to send or receive a payment at a future date and want to know today what it will cost at that future date, they can book the exchange rate today. This safeguards their profit and provides a clear cost picture to allow effective budgeting and control. Our team can enter into a flexible spot contract with our clients and agree on the payment terms for that future date. Naturally, this is all subject to adequate approval of credit circumstances.

 

Clients often use the VFS contacts when their invoices allow them 30/90 days credit, so by booking your rate today and not paying for this until your invoice is due, this allows you to factor the cost into the product and protect your company yet again against market volatility, and most importantly you’re not eating into your cash flow.

 

Innovative Payment Solutions Are Leaving the Banks Behind

 

FX is now becoming the preferred way for businesses to wire funds internationally, with the slow and expensive banks simply unable to compete.

 

By wiring funds via an FX provider, funds are sent across the most innovative online platforms, that are supported by free payment apps – all done in the most secure and regulated way, on both federal and state levels.

 

This real ‘disruption’ has led to companies transferring money from one bank to another, online, without the crazy costs and endless bank forms to be filled-out.

 

No crazy costs and endless bank forms for your international money transfers!

SIGN UP NOW

 

Do you know how much it really costs to wire money internationally?

 

It’s probably been a long time since you shopped around for a better rate – if ever. It takes no time at all and the results can be really surprising. You might not believe that the banks are more expensive, well, we’ve checked, and yes they are!

 

Here’s an example:

 

A business based in New York was looking to make a payment of GBP 20,000 to their supplier in London. The table below shows just how much they could have paid using the banks, and how much they actually saved by sending money to UK with TransferMate.

 


Compare our wire money services with your banks

 

Things to remember

 

On a second glance you will probably find that your bank is charging you somewhere between $USD35 - $USD55 each time you send an international wire payment.

 

Via TransferMate online money transfer portal, we provide:

 

  • Clear visibility of all your transactions
  • Transparent rates & fees
  • Payment booking & support 24/7

As 2016 draws to a close and 2017 is fast approaching, why not give some serious thought to reviewing how much you are paying for wire tranactions and what difference could be made to your company’s profiabilty by choosing an FX provider.

 

TransferMate - the FX provider chosen by thousands of businesses

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