Still using a bank for your FX business - Blog MTFX
Are you still using your bank for your foreign exchange business? There is a more cost-effective alternative.
Businesses are traditionally reliant on banks for their international payment needs and remain working with them due to the trust, security, and advisory services they provide. Even though banks and financial institutions have been the default over the years, they also come with a multitude of challenges -- especially when it comes to global payments as is it not a primary focus of their business.
When analyzing your service offerings from your bank it can be hard to truly understand the costs of your FX conversions, creating a barrier for your business when it comes to growing your transaction volume across borders.
When it comes down to it, working with institutions is expensive, can expose your business to market volatility, and their lack of transparency in the transfer process creates data gaps that lead to the inability of you to manage your business's cash flow effectively.
This is where MTFX comes into play
MTFX’s full suite of solutions for domestic and international payments provides companies with more choice and flexibility on how to better manage their business.
Through next-generation technologies and a sophisticated set of APIs, businesses can experience reduced costs, data transparency, speed to market, and the ability to offer the level of customer service and customization that their consumers are demanding from them.
1. MTFX provides customization, process efficiency, and solution flexibility
When you choose to partner with MTFX you gain the ability to work with a team of market experts with years of experience in the foreign exchange and international paymentsspace. Our team will work with you to create customized solutions specifically tailored to your business needs.
MTFX’s payment processing solutions are as easy as a plug-and-pay option through an API integration instantly enabling your business to accept payments from customers and pay suppliers in alternative and vendor preferred methods in a matter of minutes around the globe.
Our goal is to grow your business's transaction volume while at the same time enable you to offer next-generation digital payment solutions and enhanced user experiences at the click of a button.
2. MTFX provides your business access to local in-country payments with +100 different currencies
MTFX was built to save your business money on overseas transfers while providing you low exchange rates and transfer options for every type of business. Our solutions reduce your business's exposure and improve your cash flow by having the ability to make payments and hold funds in local currencies that you can access at any time, 24/7.
With MTFX’s local in-country payments solution your business has the ability to open and hold money in domestic multi-currency accounts across +100 currency types, including exotics, removing the complexity of trying to open and manage multiple bank accounts across borders saving your business from paying high conversion and processing fees.
3. MTFX directly integrates into your company’s ERP system
Doing business overseas can make accounting and finance management taxing. MTFX’s innovative payment solution enables direct integration into your business's ERP and AP systems removing all the manual reconciliation work that is normally required to balance and record your overseas business transactions.
MTFX’s international payouts solution is compatible with all of the top ERP systems in the market including, Quickbooks, Oracle, SAP, Dynamics 365, Sage, among others. This solution facilitates, through API automation, the generation of your payables as well as the settlement of your overseas business payments, all in one easy-to-use online portal so you can keep your business on the right track.
4. MTFX’s gives you clear visibility on your transactions and your cash flow
At MTFX our solutions are specifically developed to provide your business with a complete set of rich data so you can manage your customer's information more efficiently, removing the challenge of transfer payment failures resulting from inaccurate input or lack of beneficiary information.
MTFX utilizes bank-level security measures to safeguard customer data and protect overseas business transactions so you can monitor and gain end-to-end transfer visibility in real-time allowing you to take more control of your business forecasting and cash flow.
Making international money transfers with MTFX eliminates the costly fees traditionally incurred when working with large banks and FI’s as our solutions will protect your business against market volatility with additional offerings of innovative risk management strategies that are more competitive than what the industry currently offers.
MTFX is your solution for your online global payments processes
Banks are no longer able to provide your business a competitive offering when it comes to your international business needs. MTFX will meet the demands of your customers by providing options, transparency, customization, and an overall better user experience.
Learn more about how our solutions can help you retain your local customers and expand your international business. Contact one of our market experts and we will show you how foreign exchange currency risk management strategies can protect your business while increasing profits.
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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.