5 Reasons to use a Foreign Exchange service for Currency Transfers
Whether you’re a business with overseas customers or suppliers or an individual looking to buy a vacation home in the U.S., using a full-service foreign exchange service like MTFX is your optimum choice.
Here are 5 good reasons to use MTFX for currency conversions and international payments:
You get better value for your money with a more competitive exchange rate.
You can automate and streamline your cross-border business processes.
Our global transfers and currency conversion services are faster and more convenient.
MTFX provides business support tools and specialized services.
Our team of foreign exchange specialists will help ensure your transfers get to where they need to be, quickly and efficiently.
Let’s go into more detail on the above 5 reasons:
Sending money abroad to pay your vendors, especially for large transactions, can affect your bottom line. If your business depends on income from overseas operations, exports products, or imports goods into Canada, currency fluctuations and bank charges can eat into profits. You need the best possible exchange rate.
The MTFX platform offers better value with exchange rates guaranteed to be better than any bank—2% to 5% in your favor!
If your cash flow has been undermined by snail-paced incoming payments or bank processing delays, MTFX has the technologies to automate overseas receivable processes with direct connection to your business accounting systems.
For outgoing payments, MTFX has payments solutions to manage your overseas foreign exchange payments all in one place.
MTFX offers a secure online account with all the benefits. You can make money transfers and manage your overseas payments online, anywhere, anytime—regardless of your time zone or mobile device.
Moreover, when you pay a foreign vendor in Canadian dollars, those funds need to be converted, usually at the foreign vendor’s bank. Add another institution to the mix as the agent converting the funds and you’re looking at more time and additional expense with the transaction. With MTFX, you can pay your overseas vendor in their local currency and enjoy all the related benefits.
A wide range of foreign exchange tools
MTFX provides industry-leading currency exchange tools. They include:
Currency history charts for an overhead view of Canadian vs. a selected currency pair. The MTFX live foreign exchange chart shows those trends in real-time to help you spot trends for future business planning.
Currency rate alerts where you can set your target rate for pairing the Canadian dollar with another foreign currency. You receive rate alert emails to tell you when the market is in your favor so you can make currency transfers at your ideal rate.
Currency conversion with a human touch
Using MTFX gives you a more personalized experience when sending or receiving payments. There are times when you need to speak with an expert to mitigate the uncertainty in the volatile environment of international money exchange.
Our foreign exchange specialists can answer any questions about our funds transfer process. Also, our foreign exchange specialists will make sure the currency transfer platform is set up to meet your needs.
Read all about the MTFX platform and its full-service foreign exchange platform. Log on to our FAQ page or click on the pop-up live chat panel at the bottom of the page.
Sign up to receive the latest market news from our experts.
Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.