Importers & Exporters, Save Money on Your Transfers

20 Mar 2017 1:16 PMKane Milroy

We live on a big island, which means everything going in or out must be paid for incurrencies that are not our own. We know the retail crisis vs online boom, mixed with the Aussie dollar highs and global financial woes, has meant ‘the bottom line’ has been shifting wildly lately.

If you’re in import or export you’ve felt this. Your margins have increased (or decreased)as the dollar has maxed out at $1.10c. How can you benefit even more, or damage-control further? Question your IMT provider now.

Focusing on ‘fees’ for International Money Transfers is disingenuous. The real issue is the rate. For example, if you’re an importer regularly settling with a US provider for US$200,000 and your provider quotes (at time of writing) 1.0474 with a fee of $30 you may think ‘that’s the way it is’. You may have been doing business with your current provider for a long time, and are just happy that the Aussie is ‘in your favour’. But there are options, if you can be bothered to look.

Similarly to Aussie Home Loans and building societies saving you money and time off a mortgage, there are foreign exchange specialists for you also.

On the same day you would pay AU$190,979.01 for your US$200k, there’s a local option for AU$188,146.75.

Is 1.5 per cent worth it every week, month or year? How long does it take you to make $2832.26? As with all FX transactions you must‘compare apples’. When buying a car you don’t compare price on different models so, when you’re ready to trade, call your supplier for a quote then another within a two-minute window and you’ll clearly see the savings available. And ask for their Australian Financial Servies Licence Number. If they don’t have one, they’re trading illegally and should be reported to ASIC.

Money Matters… It’s yours!

Yours, Kylie Ryan-Milroy, Director Foreign Exchange Services, Atlas Currency Exchange.

Australian Financial Services Licence 342627.
Office: 1300 261 090
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Published in The Byron Shire Echo July 12, 2011