Sending Money Overseas for Business? There are a plentiful of businesses which need to send money overseas on a regular basis. Whether it’s to pay a supplier or manufacturer, to subcontract overseas, or to fund operations, businesses do have a need to send money. In North America, there is a growing amount of businesses who subcontract their work overseas to countries like India or the Philippines where it’s generally cheaper to run operations. In these cases, the businesses will have to send money to India, send money to Philippines, or any other country for that matter in order for their business to survive. With that in mind, comes the question as to how businesses can actually send money overseas. Listed below are three ways that money transfers can be done successfully. .
1. Through a Bank Some businesses choose to turn to the biggest banks in order to send money overseas. While this is a convenient way to send money, the fees are also typically way higher than they need to be. Banks often impose steep prices and admin charges, so you could end up paying a hefty amount of money. In addition to this, transferring money through big name banks usually means that you will need to be there in person or will be required to fill out a bunch of paperwork. So in order to save time and money, banks are probably not the best place to go.
2. Transfer Companies If you need to send your money to other countries around the world with urgency then there are transfer companies that can do so. For some transfer companies, you may be required to go visit in person, and some companies could also charge you hefty rates as well. However, with the growing digital age companies like Remitbee are beginning to take over the market. Remitbee offers a fee-free transfer for your first transaction. Subsequent transactions could cost as low as $2.99. In addition to that, transfers through Remitbee can be done almost instantly with their tech-strong platforms.
3. Foreign Currency Specialists If you have to regularly transfer fees, it’s also important to factor in the exchange rate of transferring money. If you want to change CAD to INR or CAD to PHP, the exchange rates could constantly be fluctuating, which leaves your business with some degree of uncertainty. Foreign currency specialists could offer you good rates and potentially even forward contracts which allow your business to secure a rate. However, you may need a minimum amount to transfer and this isn’t the best way to go if you are unsure of how much you need to transfer per month. Businesses tend to have many fluctuations in their costs per month, and so not knowing your costs ahead of time may make it difficult to deal with a foreign currency specialist.
Apps: Android App at Play store “RemitBee”
iOS app at App Store “RemitBee”
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