<figure class="image"><img src="https://content.mtfxgroup.com/uploads/large_overseas_supplier_canada_30c3c76b38_d7b32b1eea.webp" alt="Aerial view of a busy port with container ships, cranes, and colorful freight trains, symbolizing international trade and cross-border supplier payments."></figure><p><strong>Many Canadian businesses are looking further afield and sourcing products from overseas suppliers. How can they reduce costs when making international payments?</strong>&nbsp;</p><p>The global marketplace is rapidly expanding, and innovative Canadian businesses are carving out a piece of the pie for themselves. If your business already has suppliers based overseas, it’s high time you considered the cost of doing business internationally and what you can do to save more money.&nbsp;</p><p>When you begin sending money transfers to your overseas suppliers, banks might seem like the most convenient option. Yet, there are better opportunities to tap into more flexible and cost-effective business money exchange services. So, if you’re looking to pay overseas suppliers on the regular, here’s what you need to know.&nbsp;</p><h2>Sending money overseas? Here’s why banks are not the best option</h2><p>Sending money overseas to suppliers can be convenient and fast with minimal impact on the value of your international transfer — but only if you choose the right provider. Thus, the question is, “Should you use your bank to pay your across-the-border suppliers?” Here’s a checklist that shows why banks are not the ideal candidate.&nbsp;</p><ul><li><strong>Cost – </strong>Banks don’t offer specialized money transfer services, so the exchange rate you get is rarely the best on the market. You also have to shell out extra to cover banking fees.&nbsp;</li><li><strong>Speed – </strong>Deadlines can make or break a good deal, but it’s challenging to come out on top with costly delays and waiting times of 4-6 days (the norm for most banks).&nbsp;</li><li><strong>Accessibility – </strong>You can usually only make international money transfers during office hours when using a bank. If you want to improve business agility, it’s better to look for options that offer 24/7 online access.&nbsp;</li><li><strong>Convenience – </strong>Since most banks don’t provide specialized money transfer services, you’re missing out on automated technologies and foreign exchange tools that streamline your outgoing payments.&nbsp;</li><li><strong>Regular transfers – </strong>Repeat money transfers can be costly when using banks, given the not-so-competitive exchange rates and high fees. &nbsp;</li><li><strong>Customer service – </strong>You might be hard-pressed to find foreign exchange specialists at banks that help create a more personalized experience.&nbsp;</li></ul><h2>The best way to send money overseas</h2><p>It may be necessary to consider various currency pairs when your suppliers are scattered across the globe. For example, let’s say you have an upcoming payment due to a European supplier. You need to carefully consider the Canadian dollar to euro exchange rate before you transfer money to a foreign bank account. With a US supplier, the USD/CAD comes into play. &nbsp;</p><p>To avoid this, you need to ask the right questions, including the following:&nbsp;</p><ul><li>What’s the exchange rate right now? – Stay current with MTFX’s <a target="_blank"  href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/?from=usd&amp;to=cad">live rate calculator</a>.&nbsp;</li><li>What is a good exchange rate? – Check <a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-charts/?to=cad&amp;from=usd">currency charts</a> to get the bigger picture.&nbsp;</li><li>Is it a good time to pay my suppliers? – Get <a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-rate-alerts/?from=usd&amp;to=cad">rate alerts</a> to keep you in the loop.&nbsp;</li><li>How can I protect my business from fluctuating exchange rates? – Consider <a target="_blank"  href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">forward contracts</a> and market orders to lock in favorable rates.&nbsp;</li></ul><p>Being smart about exchange rates and using the right foreign exchange tools can potentially save you thousands of dollars and boost your bottom line by more than a blip.&nbsp;</p><h2>Top Canada imports and trading partners</h2><p style="text-align:center;"><img src="https://content.mtfxgroup.com/uploads/large_blogbanner001_ffcf450fa5_1ebb688414.webp" alt="Top Canada imports and trading partners Data credits tradingeconomics">Data credits tradingeconomics</p><p>Canadian businesses have a whole host of options to choose from when sourcing products from overseas suppliers. Canada’s top imports include:&nbsp;</p><ul><li>Cars, car parts, and accessories&nbsp;</li><li>Trucks&nbsp;</li><li>Crude oil and processed petroleum oil&nbsp;</li><li>Computers and phones&nbsp;</li><li>Medications&nbsp;</li><li>Precious minerals&nbsp;</li></ul><p>These imports all run into the billions of dollars. Canada’s trading partners by imports for 2021 include the following from top to bottom:&nbsp;</p><ul><li>United States &nbsp;</li><li>China&nbsp;</li><li>Mexico&nbsp;</li><li>Germany&nbsp;</li><li>Japan &nbsp;</li><li>Italy&nbsp;</li></ul><p>There are several benefits to Canadian businesses of sourcing products from international brands. The list includes improved innovation, a sharper competitive edge, and a better cost-quality balance. &nbsp;</p><p>Prioritizing <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">competitive exchange rates</a> and low fees when paying suppliers can enhance these benefits.</p><h2>What information do I need to send money to pay for overseas suppliers?</h2><p>Make sure you have the following information on hand when sending money to pay for overseas suppliers:&nbsp;</p><ul><li>Beneficiary name&nbsp;</li><li>Beneficiary account number&nbsp;</li><li>Beneficiary address&nbsp;</li><li>Bank name&nbsp;</li><li>Bank Swift code&nbsp;</li><li>Bank address&nbsp;</li><li>Reason for transfer &nbsp;</li></ul><h2>Can I set up regular payments to pay my overseas suppliers?</h2><p>Yes. The first step is registering an MTFX business account in under a few minutes. With your account, you can easily automate your payment and send transfers in 50+ different currencies to 200+ different countries. MTFX’s 24/7 online platform offers industry-leading automation technologies that eliminate manual errors while improving the efficiency and security of your transfers.&nbsp;</p><h2>Why MTFX?</h2><p>MTFX offers several benefits for your business:&nbsp;</p><ul><li>Exchange rates are 3-5% lower than banks (send 30,000, save up to 1,500)&nbsp;</li><li>Competitive transaction fees&nbsp;</li><li>A variety of payment options&nbsp;</li><li>Secure, multi-currency account to streamline payments to overseas suppliers&nbsp;</li><li>Efficient services and fast turnaround times of 1-2 days&nbsp;</li><li>Combination of foreign exchange tools and specialists for a better transfer experience&nbsp;</li><li>And more&nbsp;</li></ul><p>These are all the reasons you need to <a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=send-money-to-pay-overseas-suppliers-from-canada">register your MTFX business account</a> today. Start saving money with your first transfer, today.&nbsp;</p><p><strong>Popular related articles;</strong></p><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/invoice-international-clients-cheaper-faster-and-easier/">How to Invoice International clients - Cheaper, Faster and Easier</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/5-important-steps-in-the-overseas-payment-process/">5 Important Steps in the Overseas Payment Process</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/reduce-costs-of-international-business/"><u>How to reduce costs when doing business internationally?</u></a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/pay-suppliers-in-china/">Send Money to Pay Suppliers in China</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/forward-contract-add-certainty-in-uncertain-times-for-import-export/">Are you an Importer or Exporter? A Forward Contract could Add Certainty in Uncertain Times</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/the-vaccine-is-here-now-what-are-fintechs-the-new-normal/">The Vaccine is here. Now What? Are fintech’s ‘The New Normal’?</a></li></ul>

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Send Money to Pay Overseas Suppliers from Canada

<p><img src="https://content.mtfxgroup.com/uploads/large_untitled_1_4ef9780aec_ea0e214082.webp" alt="How to Reduce Costs when Doing Business Internationally?"><br>&nbsp;</p><p>If you’re dealing with overseas customers, you are undoubtedly experiencing additional costs for doing business, especially in currency exchange. Wire transfers, bank foreign currency exchange transaction fees, and other opaque costs could be costing you 5 cents on every dollar in revenue—simply because of inefficiencies in your overseas payment collection processing.&nbsp;</p><p>You also can relate to the&nbsp;survey results¹ reported on Yahoo! CISION. As the global economy bounces back from the COVID-19 pandemic, business finance leaders listed expanding their products into new global regions among the top five choices in driving new revenue.&nbsp;&nbsp;</p><p>In 2022, digital payments are on the rise, with between 50% and 89% of accounts receivables paid over the internet—compared to less than half in 2021. What survey respondents say are still continuing obstacles to moving to digital payments are the following:&nbsp;</p><ul><li>47% feared cybersecurity attacks and payment fraud.&nbsp;</li><li>44% lacked payment systems and the infrastructure to handle cross-border payments online.&nbsp;</li><li>40% cited the cost of services as a major concern.&nbsp;&nbsp;</li></ul><p>So, the reason it costs your business money when your overseas customer settles a bill is all about how currency exchange rates and bank conversion fees can chip away at your business profits.</p><p>For example, if your customer sends you a wire payment for&nbsp;USD 125,000, a&nbsp;<a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-charts/?to=cad&amp;from=usd">fluctuation</a>&nbsp;of just 3 cents in the&nbsp;<a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange rate</a> between the dollar and the customer’s currency could result in a CAD 3750 difference—a loss or a gain, depending on which side of the exchange you are on.&nbsp;</p><h2>How Can I Receive Money from my Overseas Customer?</h2><p><a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=how-to-reduce-costs-when-doing-business-internationally?">Register for a business account</a>&nbsp;at MTFX and your business can offer a variety of payment options. For example, your overseas customers can pay in their local currency without the hassles and complexity of having to open and manage foreign bank accounts—and paying additional currency conversion costs every time your customer transfers money.&nbsp;</p><h2>Why is MTFX a Better Choice Than Your Bank?</h2><p>MTFX rates of currency exchange are guaranteed to be <a target="_blank"  href="https://www.mtfxgroup.com/">2-5% better</a> than any offered by the banks.  MTFX’s rates are transparent and fair and can save you thousands annually on currency conversions.</p><p>The MTFX exchange rate is based on the&nbsp;<a target="_blank"  href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/?from=usd&amp;to=cad">interbank market rate</a>. Because we deal with large volumes of currency exchanges, we pass those along to our business clients.</p><h2>Can I Pay My Overseas Vendors on the MTFX Platform?</h2><p>Absolutely. Again, just register for a <a target="_blank"  href="https://online.mtfxgroup.com/register/sign-up/business/">business account online</a>. Following registration, you have access to our online dealing platform and will receive a call from an MTFX currency specialist. During that call, you can ask any questions about our funds transfer process, and our rep will make sure the currency transfer platform is set up to meet your needs.&nbsp;</p><p>Again, your own bank may offer currency exchange rates, but <a target="_blank"  href="https://www.mtfxgroup.com/">MTFX</a> offers lower currency rates. Wire transfers between your business and your overseas supplier can be processed between one and two days.&nbsp;</p><h2>Can I Set Up a Regular Money Transfer To and From Overseas?</h2><p>Once you have registered for your MTFX Business Account, you can automate your payments to and from your clients with an all-in-one business solution. Quickly accessible with 24/7 access, the MTFX platform simplifies payments and speeds up your invoice processing through electronic funds transfer or payment services.</p><p>With MTFX automation technologies, error-prone manual data entry is eliminated. Automation technologies validate the data and transfer your funds—including batch payments--securely and quickly.&nbsp;</p><h2>How MTFX can Help Reduce Costs when Doing Business Internationally?</h2><p>If you know how to get the&nbsp;<a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">best exchange rates</a>&nbsp;you can save thousands each year. MTFX guarantees bank-beating exchange rates that are lower than banks. Its benefits for your business include:</p><ul><li>A business portal to manage all transactions and import invoices from your business accounting software—Manage your international payments more efficiently and seamlessly with a&nbsp;<a target="_blank"  href="https://www.mtfxgroup.com/business/global-payment-solutions/multi-currency-accounts/">multi-currency account</a>.</li><li>A platform for online entrepreneurs who want better access to the global market— level the playing field by paying your overseas online customers in their local currency.</li><li>Automatic&nbsp;<a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-rate-alerts/">currency exchange rate alerts</a>&nbsp;to notify you when an exchange rate becomes more favorable—Don’t make that high-value deal without a timely heads up on currency exchange rates.</li><li><a target="_blank"  href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">Forward contracts</a>&nbsp;to lock in the desired rate for a future exchange—Stay in control of your business’s funds and protect against foreign exchange risks.</li><li><a target="_blank"  href="https://www.mtfxgroup.com/fx-daily/">Daily Market Analysis</a>&nbsp;and weekly Analysis from financial experts along with a monthly currency outlook—Stay current with timely updates and market intelligence in managing your currency accounts.</li></ul><h3>Let’s Get Started!</h3><p><a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=the-keys-to-managing-risk-in-volatile-markets"><i><strong>Open an account with MTFX today</strong></i></a><i><strong> in just a few minutes, to benefit from currency risk management and reduce costs when doing business internationally.</strong></i></p><p><strong>Popular related articles;</strong></p><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/money-transfer-checklist-a-few-things-to-consider/">Money transfer checklist</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/are-you-a-multinational-then-you-should-have-a-strategic-fx-management-plan-in-place/">Best Strategic FX Management Plan</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/5-steps-in-the-overseas-payment-process/">5 Steps in Overseas Payment Process</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/4-steps-for-an-effective-hedging-strategy/">4 steps for an effective hedging strategy</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/how-to-minimize-currency-risk-for-overseas-money-transfers/">How to Minimize Currency Exchange Risk when Paying Overseas Suppliers</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/why-you-need-an-exchange-hedging-strategy-to-protect-business-profits/">Why you Need an Exchange Hedging Strategy to Protect Business Profits</a></li></ul><p><strong>Sources:</strong></p><ol><li><a target="_blank"  href="https://www.yahoo.com/?err=404&amp;err_url=https://www.yahoo.com/now/2022-trends-finance-survey-results-140000468.html?guce_referrer=ahr0chm6ly9izxrhlm10znhncm91cc5jb20v&amp;guce_referrer_sig=aqaaajlsjc1hp6la9_68f-pu38c0yvos_rcb78km9gkdhdps1omruc9mhjabxvy_27xi-stjfwvy39pjekcse0jbvgkjtw8zyv_vkr5zjofuorqthhuijzo057vc7yyvp2kmmh4qbxucedkvqx_pn5rplxipp4cxtgwcxkmmzhxdeosx">Yahoo</a></li></ol>

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How to Reduce Costs when Doing Business Internationally?

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/medium_currency_risk_blog2_7f5a6c6665_83aaf979d2.webp" alt="Line chart showing a financial trend that moves from profit to loss. The red horizontal line divides the chart, with &quot;PROFIT&quot; above and &quot;LOSS&quot; below. The blue line dips sharply below the line, indicating a loss, then begins to recover."></figure><p><span style="color:hsl(0,0%,0%);">Whether you’re selling or buying overseas, much of your business strategy should include managing the effects of exchange rate changes. Foreign currency conversion fees can also increase the cost of doing business when purchasing raw materials and making supplier payments. &nbsp;</span></p><p><span style="color:hsl(0,0%,0%);">Know how foreign exchange rates can affect your bottom line and leverage that knowledge to make the best overseas deals. You are not only exchanging goods and services, but you are also exchanging the value of one currency for another.&nbsp;</span></p><h2><span style="color:hsl(0,0%,0%);">What should you know about exchange rates?</span></h2><p><span style="color:hsl(0,0%,0%);">Exchange rates fluctuate with the economic and political fortunes of countries. Volatility in the foreign currency exchange market results from the practice of currency pairing. That pairing is based on liquidity, trading volume, and volatility. Exotic pairings like </span><a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-charts/?to=huf&amp;from=cad">USD/HUF</a><span style="color:hsl(0,0%,0%);"> (US dollar vs. Hungarian Forint) can be prone to high volatility due to local or global events.</span></p><p><span style="color:hsl(0,0%,0%);">Even in developed countries, speculators like George Soros have made fortunes on foreign exchange volatility. When Great Britain was forced to devalue the pound sterling, Soros took a short position on a $10 billion trade and ended up with a profit of $1 billion.</span></p><p><a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">Exchange rates</a><span style="color:hsl(0,0%,0%);"> can also have an indirect effect on a business, even when the business doesn’t deal in foreign exchange. For example, transportation costs are directly connected to the price of fuel. When fuel prices and foreign currency exchange rates fluctuate, the cost of doing business can be indirectly impacted.</span></p><p><span style="color:hsl(0,0%,0%);">Let’s explore the more direct impacts of foreign currency exchange rates on your business.</span></p><h2><span style="color:hsl(0,0%,0%);">How can foreign exchange transactions affect your business?</span></h2><p><span style="color:hsl(0,0%,0%);">For those who need to keep their business running profitably, currency fluctuations and exchange rate movements can be a big deal if your business:</span></p><ol><li><span style="color:hsl(0,0%,0%);">Depends on income from overseas operations.</span></li><li><span style="color:hsl(0,0%,0%);">Exports or imports services and goods to/from abroad.</span></li><li><span style="color:hsl(0,0%,0%);">Must pay invoices overseas.</span></li><li><span style="color:hsl(0,0%,0%);">Interacts in any way with foreign currencies.</span></li></ol><p><span style="color:hsl(0,0%,0%);">When closing a deal worth thousands of dollars, a fluctuation one way or the other of just a few cents on either side of the bottom line can be the tiebreaker in the success of the deal.</span></p><p><span style="color:hsl(0,0%,0%);"><strong>Do the math:</strong> if you ship a load of goods to an overseas buyer worth $50,000, a fluctuation of just 3 cents in the currency exchange rate could result in a $1,500 loss—or gain--depending on which side of the deal you’re on.</span></p><h2><span style="color:hsl(0,0%,0%);">What happens when your domestic currency exchange rate falls?</span></h2><p><span style="color:hsl(0,0%,0%);">You also need to be aware of how your currency compares to the rest of the world. If your currency devalues, the decrease in value of your currency can result in the following:&nbsp;</span></p><ul><li><span style="color:hsl(0,0%,0%);">Investing in overseas operations becomes more expensive.</span></li><li><span style="color:hsl(0,0%,0%);">Your business becomes more attractive to foreign investors.</span></li><li><span style="color:hsl(0,0%,0%);">Higher costs for imported goods can reduce the profits for importers, but attract investments for exporters.</span></li><li><span style="color:hsl(0,0%,0%);">Domestically produced products become more competitive against imports.</span></li><li><span style="color:hsl(0,0%,0%);">Capital expenditure, such as importing equipment, becomes more expensive.</span></li><li><span style="color:hsl(0,0%,0%);">Servicing foreign currency debt also becomes more expensive.</span></li></ul><h3><span style="color:hsl(0,0%,0%);">But when your domestic currency exchange rate rises, the opposite occurs:</span></h3><ul><li><span style="color:hsl(0,0%,0%);">Exports become less competitive, and the exporter's profitability is reduced.</span></li><li><span style="color:hsl(0,0%,0%);">The value of an investment in foreign businesses and monetary assets decreases.</span></li><li><span style="color:hsl(0,0%,0%);">The income from foreign currency from investments is reduced.</span></li><li><span style="color:hsl(0,0%,0%);">The cost of foreign raw materials decreases, and importers gain a competitive advantage.</span></li><li><span style="color:hsl(0,0%,0%);">The value of foreign currency liabilities and the cost of servicing those liabilities are lowered.</span></li><li><span style="color:hsl(0,0%,0%);">Capital expenditure costs on imported equipment go down.</span></li><li><span style="color:hsl(0,0%,0%);">Your business is less attractive to foreign investors.</span></li></ul><h2><span style="color:hsl(0,0%,0%);">Managing the effects of exchange rate changes with MTFX</span></h2><p><span style="color:hsl(0,0%,0%);">So, no matter which side of the currency exchange equation your business is on, exchange rates can affect your business’s bottom line.</span></p><p><span style="color:hsl(0,0%,0%);">Then there is the hassle and expense that come with banks getting involved in conversion or transaction fees. Banks typically reduce their own risk in handling foreign currency by charging their premium. They frequently use an intermediary bank, which adds its transaction fee in turn.</span></p><p><span style="color:hsl(0,0%,0%);">Also,&nbsp;</span><a target="_blank"  href="https://www.mtfxgroup.com/post/pay-overseas-suppliers-in-foreign-currency/">converting foreign exchange to a local currency</a><span style="color:hsl(0,0%,0%);"> has its advantages. You either have no choice or prefer to pay your overseas customer in the local currency. However, you need a simpler, less time-consuming way to send direct, fast payments.</span></p><p><span style="color:hsl(0,0%,0%);">Maybe you have a long-range overseas business expansion plan, but want to wait for a more favourable foreign exchange rate to make your big investment move. With a </span><a target="_blank"  href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">forward contract</a><span style="color:hsl(0,0%,0%);">, you can get today’s lower rate for future purchases without worrying about market volatility.</span></p><p><span style="color:hsl(0,0%,0%);">MTFX does all of the above and more for&nbsp;</span><a target="_blank"  href="https://www.mtfxgroup.com/industry-solutions/business/">small and medium-sized businesses</a><span style="color:hsl(0,0%,0%);"> across various industries. You will also receive up-to-date foreign currency exchange rates as well as daily/weekly/monthly market analysis from experts who are dedicated to helping your business stay ahead of foreign currency exchange volatility.</span></p><p><a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=currency-exchange-fluctuations-can-put-your-business-at-risk"><strong>Open an account with MTFX today</strong></a><span style="color:hsl(0,0%,0%);"><strong>&nbsp;to benefit from currency risk management in volatile markets and quick, easy money transfers.</strong></span></p><hr><h4><span style="color:hsl(0,0%,0%);">Popular related articles:</span></h4><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/money-transfer-checklist-a-few-things-to-consider/">Money Transfer Checklist</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/are-you-a-multinational-then-you-should-have-a-strategic-fx-management-plan-in-place/">Best Strategic FX Management Plan</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/5-steps-in-the-overseas-payment-process/">5 Steps in Overseas Payment Process</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/4-steps-for-an-effective-hedging-strategy/">4 Steps for an Effective Hedging Strategy</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/how-to-minimize-currency-risk-for-overseas-money-transfers/">How to Minimize Currency Exchange Risk when Paying Overseas Suppliers</a></li></ul><h4><span style="color:hsl(0,0%,0%);">Sources:</span></h4><ol><li><a target="_blank"  href="https://www.investopedia.com/terms/s/short.asp">Investopedia</a></li></ol>

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Currency Exchange Fluctuations Can Put your Business at Risk

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/large_currency_conversion_7cb2e00ae1_16c7358fa6.webp" alt="Top-down view of a hand using a calculator next to an invoice form and a notepad listing amount, tax, and conversion—symbolizing international supplier payment calculations."></figure><p>When dealing with global suppliers, is it easier to pay them in their local currency or U.S. dollars? There may be no pat answer that applies to every country. In fact, many countries tie their currency value directly to the U.S. dollar, which can add stability to local exchange rates and speed up transactions.</p><h2>Advantages of Paying in Local Currency</h2><p>On the other hand, there are a number of advantages to paying your foreign vendors in their local currency. For example:</p><h3>Middlemen Take their Cuts:</h3><p>When you pay your foreign client in U.S. dollars, that money needs to be converted. That conversion takes place at the local bank, and everyone between you and the vendor takes their cut in transaction fees.</p><p>Then there are those irritating hidden fees, which everyone hates. In addition to the normal processing charges, there could be a conversion charge—and you can count on an exchange rate that will favor the bank.</p><h3>Conversion Takes Time and Irritates Customers:</h3><p>When the third-party institution converts the U.S. dollars, you are also looking at transaction delays and fielding impatient complaints. Paying in the local currency upfront can keep your business flowing on a reliable, even keel, keeping your suppliers happy with a faster cash flow.</p><h3>Fluctuating Exchange Rates are a Problem:</h3><p>Speaking of conversion rates, paying in U.S. dollars involves dealing with the volatility of exchange rates. From the time you are billed until the payment lands in the foreign bank account, the conversion rate differences could well eat into your profits.</p><p>As one safeguard against fluctuating <a target="_blank"  href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/">currency exchange rates</a>, your vendors, who also want to protect their profits, might pad their price quotes. That padding, of course, is in the vendor’s favor, so you’re paying more for your overseas products. Pay in local currency, and both you and the vendor know the exact price.</p><h3>Accounting Errors, Combined with Exchange Rates, can be Costly and Time-Consuming:</h3><p>Then there are those inevitable Accounting errors that take time to correct. With cross-border payments, correcting billing and payment errors can be time-consuming and costly. Sure, mistakes happen, but when correcting those mistakes includes complicated currency conversion—well, you get the picture.</p><h3>It's Easier and Simpler to Pay in Local Currency:</h3><p>Pay in foreign currency, and you can deal with problems without the additional headache of currency conversion. It’s a matter of simplifying reconciliation. If the mistake or dispute with a British vendor involves £10000 it’s simpler to just deal in pounds sterling rather than $13200, which one month ago could have been at an increased exchange rate of $13400.</p><h3>With Local Currency, there are Fewer Intermediaries.</h3><p>Your suppliers receive the funds faster. Using MTFX accelerates the process further with quick turnarounds, reducing the involvement of foreign financial institutions, and guarantees the best available <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange rate</a>.</p><h2>How MTFX Solves the Problem of Paying your Vendors in Local Currency?</h2><p>With <a target="_blank"  href="https://www.mtfxgroup.com/">MTFX</a>, as a business customer, you can send payments directly to your overseas vendors in the local currency with a secure online platform where you can send money worldwide in over 50 currencies to over 200 countries.</p><p>MTFX guarantees bank-beating exchange rates that are lower than banks. Its benefits for your business include:</p><ul><li>A business portal to manage all transactions and import invoices from your business accounting software—Manage your international payments more efficiently and seamlessly with a <a target="_blank"  href="https://www.mtfxgroup.com/business/global-payment-solutions/multi-currency-accounts/">multi-currency account</a>.</li><li>A platform for online entrepreneurs who want better access to the global market— level the playing field by paying your overseas online customers in their local currency.</li><li>Automatic <a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-rate-alerts/">currency exchange rate alerts</a> to notify you when an exchange rate becomes more favorable—Don’t make that high-value deal without a timely heads up on currency exchange rates.</li><li><a target="_blank"  href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">Forward contracts</a> to lock in the desired rate for a future exchange—Stay in control of your business’s funds and protect against foreign exchange risks.</li><li><a target="_blank"  href="https://www.mtfxgroup.com/fx-daily/">Daily Market Analysis</a> and weekly Analysis from financial experts along with a monthly currency outlook—Stay current with timely updates and market intelligence in managing your currency accounts.</li></ul><h3>Let’s Get Started!</h3><p><a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=the-benefits-of-paying-overseas-suppliers-in-their-own-currency"><i><strong>Open an account </strong></i></a><i><strong>with MTFX today in just a few minutes and enjoy competitive exchange rates, low transfer fees, and easy transfers, when sending money anywhere in the world.</strong></i>&nbsp;</p><h3>Popular Related Articles</h3><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/best-way-to-transfer-money-to-a-foreign-bank-account/">Best Way to Transfer Money to a Foreign Bank Account</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/invoice-international-clients-cheaper-faster-and-easier/">How to Invoice International clients - Cheaper, Faster and Easier</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/transferring-money-overseas-what-you-need-to-know/">Transferring Money Overseas: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/international-money-transfers-to-foreign-countries/">International Money Transfers to Foreign Countries: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/paper-cheques-still-have-a-role-in-the-digital-age-but-not-so-much-within-fx-transactions/">Paper Cheques Still Have a Role in the Digital Age--But Not So Much within FX Transactions</a></li></ul>

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The Benefits of Paying Overseas Suppliers in their Own Currency

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/medium_5_step_overseas_payment_a5b783232a_2117ec2dcf.webp" alt="fingerprint hero image"></figure><p>In an overseas payment transaction where you receive money from customers, the process is relatively straightforward. Your customers pay through a variety of methods and portals, and the money shows up in your account.</p><p>However, your outbound <a target="_blank"  href="https://www.mtfxgroup.com/transfer-money/">overseas payments</a> to suppliers, employees, etc., are more complicated. Your payments run a gauntlet of verification, foreign exchange filters, and compliance checks, which slow everything down and add additional costs of doing business.</p><p>You can either run that gauntlet on your own, or you can use a payment platform to automate and expedite your cross-border payments. The process includes the following basic steps:</p><h2>1. The Beginning, or the “Who”</h2><p>The payer has to collect all the necessary information on the payee or the beneficiary of the payment. That includes the person’s, or the company’s name, how they prefer to receive the funds, and where they are located. That will determine what country and currency in which they will receive the payment.</p><p>Then there is the added complication of how different countries identify their banks and what additional information they need as regards members’ accounts. For example, in the US, the payer needs to know the receiver’s bank routing number as well as the account number. Most of Europe, on the other hand, requires a single international bank account number for <a target="_blank"  href="https://www.mtfxgroup.com/business/global-payment-solutions/international-payments/">money transfers</a>.</p><p>The good news is that most internationally compatible payment systems account for those differences by altering required submission fields. That is where an automated third-party payment platform can help.</p><h2>2. Knowing What the Exchange Rate is</h2><p>Big banks offer an apparent convenience of static <a target="_blank"  href="https://www.mtfxgroup.com/">foreign exchange rates</a>. Those rates do not account for fluctuations in FX values, and the banks typically apply an inflation factor or “spread.” They make money on the spread, and they conceal those earnings in service and fee charges.</p><p>MTFX, on the other hand, updates <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange rates</a> in real-time. Users can use the latest exchange rates to approve this stage of the payment before continuing with the transaction.</p><h2>3. When and Where the Payer Submits the Payment</h2><p>At this point, the payer is ready to press the “send” button. This last step involves the user’s close check of all the transaction-specific data. The data must include everything the overseas country requires as compliance details necessary for processing the payment.</p><p>This step is a summary of the transaction. It itemizes the reasons for the fund transfer—the goods or services being purchased—and it confirms the exact amount of funds required in exchange for the latter.</p><p>This review of transaction details represents the tally of charges and must take into account accompanying local taxes and FX exchange rates described above.</p><h2>4. Why Compliance Checks and Screening are Necessary</h2><p>This is a screening stage where the host bank or payment provider like <a target="_blank"  href="https://www.mtfxgroup.com/">MTFX</a> initially receives the payment. The screening includes checks that include region-specific tests, including safeguards against identity fraud, among other protections.</p><p>Compliance checks, while varying slightly from country to country, usually include cross-checking transaction information for consistency with existing records as well as verifying the identity of the beneficiary of the payment.</p><h2>5. The End: The Transaction is Finished</h2><p>This is the end of the transaction. Funds are paid to the beneficiary’s account.</p><h2>Not so Fast. There could be an Additional Waiting Period…</h2><p>Even when the agreed-upon funds arrive in the beneficiary’s account, some countries impose a break in the process before the account holder can actually access the money. Many banks in Asia or Africa, for example, commonly ask for additional proof of a transaction invoice before they execute the final transaction.</p><h2>Expediting the Process with MTFX</h2><p>The 5-step process described above can move at a snail’s pace or lightning-fast, depending on whether multiple parties perform the steps manually, or if it is automated and transparent.</p><p>For example, if you passively accept bank FX exchange rates as a cost of doing business, you might be paying additional fees if that bank has to outsource its currency exchange services. Service fees and ancillary charges could add as much as 7 percent to your payment.</p><p>On the other hand, you can automate and expedite your overseas payments through a payment platform like MTFX. From start to finish your overseas business process can be simplified and unencumbered by high costs, delays, and compliance complications.</p><p>To learn more about how our platform does that, <a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=5-important-steps-in-the-overseas-payment-process">contact us</a>. We’ll save you time, money, and headaches and help widen your overseas business footprint.</p><h3><strong>Popular related articles; </strong></h3><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/best-way-to-transfer-money-to-a-foreign-bank-account/">Best Way to Transfer Money to a Foreign Bank Account</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/invoice-international-clients-cheaper-faster-and-easier/">How to Invoice International clients - Cheaper, Faster and Easier</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/transferring-money-overseas-what-you-need-to-know/">Transferring Money Overseas: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/international-money-transfers-to-foreign-countries/">International Money Transfers to Foreign Countries: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/the-best-way-to-pay-your-global-workforce/">The Best Way to Pay your Global Workforce</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/paper-cheques-still-have-a-role-in-the-digital-age-but-not-so-much-within-fx-transactions/">Paper Cheques Still Have a Role in the Digital Age--But Not So Much within FX Transactions</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/still-using-a-bank-for-your-fx-business/">Still Using a Bank for your FX Business - Blog MTFX</a></li></ul><p><span style="color:hsl(0,0%,0%);">To ensure compliance, choose a platform that adheres to global AML and KYC regulations. Automated compliance tools and fraud detection systems can simplify the process and minimize risks.</span></p><h4><span style="color:hsl(0,0%,0%);">10. What are the benefits of using a multi-currency account for international payments?</span></h4><p><span style="color:hsl(0,0%,0%);">A multi-currency account allows businesses to hold and manage funds in multiple currencies, reducing conversion fees and processing times. It also provides flexibility for transactions with global suppliers and clients.</span></p>

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5 Important Steps in the Overseas Payment Process

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Stay connected <br> Keep updated <br> Make informed decisions

<p>MTFX’s rates are fair and transparent, which can save you thousands on your currency transfers. The rate you receive is based on the interbank market rate and, because we transact large volumes, we pass on the savings to our clients. Compare our rates to those of your bank and see what the difference really is. you will be surprised at how much you can save.</p>

Why are MTFX’s rates so competitive?

<p>We maintain a low, standard transfer fee of $15 for transactions less than $10,000. Any transactions over $10,000 will have no fees. Compare this fee with that of your bank, which will typically charge you $40-50 in transfer fees.</p>

What does MTFX charge to send money transfers?

<p>Dealing with MTFX is easy. Simply register with us online for instantaneous access to our online dealing platform. After you complete your registration, an MTFX currency specialist will call you to discuss your transfer and make sure the platform is set up and customized to meet your needs. For more information about our online platform, <a href="https://www.mtfxgroup.com/transfer-money/?_ga=2.192877219.829883386.1726729097-1644942358.1714661560">click here</a><a href="https://beta.mtfxgroup.com/transfer-money/">.</a> You can book your exchange rates with us 24/7, manage your beneficiaries, and send funds seamlessly from any device. We have made it that simple!</p>

What is the process of working with MTFX?

<p>Yes, MTFX supports both personal and business transfers, providing tailored solutions for a variety of transfer needs.</p>

What things to consider when buying overseas property?

<p>Yes, creating an MTFX account is quick and easy, giving you access to secure, efficient transfer options and additional services.</p>

What countries does MTFX support for property purchase transfers?

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