If you are operating a business in Australia and need to pay international invoices, then you may want to keep reading. If you use a traditional bank to pay these invoices then you may be paying a high premium so stop right now! What you can do is use other payment services to pay for international invoices and here are two that I recommend and have used.
OFX (previously OZFOREX)
I have used this company for a few years to pay for products and services from overseas. The payment process is easy and the company does call you back to confirm the payment orders. We have used this company to make USD payments to companies in China and Netherlands.
The conversion rates are competitive but one thing to note is there is a $15 for each transaction if the transfer amount is less than $10,000. I have since moved away from this company since most of our transactions are now less than $10,000 and it didn’t make sense to just pay the $15 for each transaction.
SEND
Send (Send Payments) is a new service that our company Advertise Me is starting to use. We recently opened an account and started making transactions. The transaction and rate fees are actually much lower than OFX. The progress to open the account took the longest as it required multiple verification steps but once that is completed all you have to do is log in to the dashboard, select the currency and how much you would like to transfer. You then have to enter the recipient’s details and wait until this is approved before you can make the full transfer. You then perform a bank transfer they provide you either using BSB and Account number or using payID.
Here’s a side-by-side comparison of the rates and fees involved when transferring $1,000 as of 9/8/2022.
As you can see, Send Payments is cheaper by $24.36. I have also compared the rates and fees with other services and Send is the most cost-effective. I hope this helps some of my local Australian business friends if it does, then please share this article with others.
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I am an entrepreneur based in Sydney Australia. I was born in Vietnam, grew up in Italy and currently residing in Australia. I started my first business venture Advertise Me from a random idea and have never looked back since. My passion is in the digital space, affiliate marketing, fitness and I launched several digital products. You will find these on the portfolio page.
I’ve decided to change from a Vegetarian to a Vegan diet and started a website called Veggie Meals.
I started this blog so I could leave a digital footprint of my random thoughts, ideas and life in general.
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