How To Save Money Paying Overseas Suppliers
It seems like everything costs money these days, even giving money. International money transfers and paying overseas suppliers involves a hefty amount of fees with most banks or brokers. It’s enough to make you want to slap a load of cash in an envelope, mail it, and hope for the best. If you’re ready to get rid of large fees and transfer money like a pro to your clients, try using Indigo FX to pay overseas suppliers.
What Is Indigo FX?
Indigo FX is a currency exchange broker that specialises in quick, easy payments for both domestic and overseas clients. International FX money transfers are just one service they offer, but it’s the easiest way to send money overseas. It also saves you a lot of money compared to traditional bank and wire transfers. How much money does it save you? Well, let’s take a look at some of the services Indigo FX offers for FX international payments.
Banks don’t want to help save you money – they want to make money. That’s why Indigo FX gives companies and their clients the option to exchange currencies for international payments at a better rate.
For example, let’s say that Frank is the CEO of a technology company. He’s closing a hot business deal in Japan, but he needs to acquire the right currency to make the final payment. Sure, he could transfer the money via the bank, but the bank is offering only ¥154 for every pound. Indigo FX has an average rate of ¥158 for every GBP*. An extra ¥4 may not seem like much, but remember that you’ll get that extra for every pound. Trade deals can be much more lucrative when you’re saving that kind of cash.
Indigo FX has a reputation for being fast, even with international money transfers that would normally take a bank two to three weeks. Still, sometimes you need the money to grow through ASAP! Indigo FX offers spot contracts for same day delivery of much needed funds. Opening a corporate account allows you to be approved for these same day transfers, saving you and your business time and money.
Frank the CEO has just struck upon a deal with another business that is time sensitive. If he doesn’t close it within 24 hours, he’ll be missing out! Frank could use Indigo FX’s spot contract to snag the deal before anyone else does by transferring money that same work day. Setting up spot contracts is as easy as calling your assigned Indigo FX dealer and saying you need to send money fast. They’ll take care of the rest.
It’s a regular business day. Frank is perusing currency rates, and he notices one that is a steal of a deal. However, Frank doesn’t need to purchase a currency exchange at the moment. Wouldn’t it be nice if he could lock in that rate for when he does need it, saving his company potentially thousands of dollars?
Frank is fortunate to have Indigo FX, which offers forward contracts that do exactly that. Rather than leaving a good deal in the dust, Indigo FX lets you purchase a currency rate ahead of time using nothing more than a 10% deposit. You don’t have to pay the entire purchase all at one time. Indigo FX has both fixed and time-option contracts that let you choose how and when you want to use your purchased currency.
If you don’t want to put down a deposit to lock in a rate, but you still want to get the best deal you can, market orders are a great way to go to save money on overseas payments to suppliers. Two types of market orders are available: limit orders and stop orders.
Limit orders are for those who have a specific rate in mind that isn’t currently the market price. If a currency gets within the minimum/maximum range Frank has specified, he’s alerted to the price change, even if it’s outside of regular trading hours. Frank can then purchase the currency at the rate he wants for a future payment.
Stop orders will automatically trigger a purchase if a currency goes above Frank’s price limit. The market can easily fluctuate, and prices are subject to change at any time, so it’s like a protection policy for when the market doesn’t go Frank’s way.
A Personal Touch
Indigo FX offers both corporate and personal currency exchange services. For more information on what Indigo FX can do for you call 020 7856 2464.
*Correct as of June 2016