5 Reasons to Use a Foreign Exchange Service for Currency Transfers

5 Reasons to Use a Foreign Exchange Service for Currency Transfers
Last Updated: 28 Apr 2022


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:

  1. You get better value for your money with a more competitive exchange rate.
  2. You can automate and streamline your cross-border business processes.
  3. Our global transfers and currency conversion services are faster and more convenient.
  4. MTFX provides business support tools and specialized services.
  5. 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:

1. Better Value

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, export products, or import 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!

2. Streamlining incoming and outgoing payments

MTFX can streamline your international payments processes.

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 a direct connection to your business accounting systems.

For outgoing payments, MTFX has payment solutions to manage your overseas foreign exchange payments all in one place.

Forward contracts and market orders

If you have scheduled business transactions involving foreign currency exchange, you can lock in today’s favorable rate with a forward contract. Likewise, if you are flexible on the dates you can target a more favorable exchange rate.

3. Faster and more convenient

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 converts 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.

4. A wide range of foreign exchange tools

MTFX provides industry-leading currency exchange tools. They include:

  • live currency rate calculator to match the Canadian dollar with over 100 world currencies in real-time and at mid-market rates.
  • 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 are 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.

5. 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.

Open an account today with MTFX. Register in less than five minutes and unlock competitive rates and low fees for long-term savings.

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