In this world of frauds, scams, phishing, data breaches, hacks and all things cybercrime … it is getting to the point where businesses need to take extra care when venturing into unfamiliar territory, especially where there are financial risks. Recently, FeeSynergy needed to transfer a large sum of money from its NZ company to its Australian company. One would think that this should be a pretty easy thing for a well established company like ours to do. Not so, unless you know where to go for safe and cost effective money transfers. Our research eventually lead us to OzForex Limited (OFX) which is an Australian company listed on the ASX. After the required onboarding process (including mandatory AML/CTF checks) the transaction was concluded quickly … and even better we saved $000’s in fees over other providers.
We recognise that many of our accounting and legal clients … and their clients … will have the same need from time to time. Additionally, with American Express’ recent announcement that it will be “decommissioning” its Foreign Exchange International Payments (FXIP) offering for customers outside of the USA, many of our clients will be looking for an alternative provider for typical transaction types such as …
- Importing & exporting
- Customers buying products or services from overseas suppliers
- Payroll for offshore staff or contractors
- Customers looking to repatriate funds from overseas (eg from asset sales / cash on deposit / equities)
- Royalties for brands under licence
- Freight and logistics – often in USD
- Australian universities receiving foreign payments (eg fees)
- Forward currency exchange contracts
In partnering with OFX we are able to tap into their global insights in a range of areas including:
- Regularly updated currency outlooks
- Rate alerts
- Frauds and scams – investment scams / identity theft / phishing / spoofing / invoice scams / payroll scams
If you would like to know more about this topic or talk with our OFX contact Vince LoMoro please email info@feesynergy.com.au or click to book a free demo today
