If you’re a salon owner, there’s a good chance that a portion of your products or equipment are imported. And if you’re the one doing the importing, there’s a good chance you’re shelling out way more cash than you’d like to, in international fees. Sound familiar? Read on.
Bank fees and margins tend to add a not-insignificant costs to any international transaction. If you’re using one of the big four banks, chances are your international supplier payments are putting a real drain on your bank balance. And that’s because banks make a margin on international exchanges. The margin is the difference between the market rate, or what your bank or provider buys the currency for, and the customer exchange rate you receive from your bank or money transfer provider. A bank can charge a margin of over 5%. This means your exchange rate will be 5% lower than what you see on the news or the RBA’s website. So, you’re already losing money even before you send the payment to your supplier.
Do what’s the solution? “International transfer companies are the ideal option for saving on fees,” says finance expert, Jason Banalo. “These companies make their money in other ways, so many are able to make your international payment without passing on any fees.”
Here’s Professional Beauty’s roundup of international transfer companies that could save you your hard-earned cash.
TorFX
Why we love it:
* Free transfers
* Price-match guarantee
* Fix settings to lock in today’s exchange rate, or a limit order so your money will only be transferred with your preferred rate is reached.
XE
Why we love it:
* No fees on transfers
* Fast transfers, so money is received on the same day
Send
Why we love it:
* No fees
* Transfers over 30 currencies to over 200 countries
World First
Why we love it:
* No fees
* Will beat any better eligible exchange rate quote
OFX
Why we love it:
* No fees
* No maximum limit transfers
Visit the #BEAUTYSTRONG hub at https://professionalbeauty.go-vip.net/beautystrong/
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