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Does Your Company Require International Money Transfers?

The Internet lets any business become an international business 24 hours a day, seven days a week. It's possible to buy products in say, India, China and the Philippines at wholesale rates, and sell them to Canadians, Americans and in the United Kingdom at a sizeable profit. Of course you'll need a way to pay those vendors quickly and efficiently without getting bogged down in currency exchanges. Paper checks sent by postal mail just won't cut it.

Third party payment processors are an option but aren't acceptable in all countries. There are disadvantages as well, since that third party may freeze the account. These services are not banks, so your funds with them are not insured or protected. If you use them for sizeable payments you're at risk. They have been known to make unauthorized refunds from your account.

Wire transfers from your bank to the companies in foreign countries can quickly add up to a sizeable chunk of money. You're also at the mercy of your bank's exchange rate. For example, the exchange rate may currently be in your favor, but by the time the bank adds their higher exchange rate, and the fee for the transfer, you're paying more than you should. Get great rates on International Transfers with HiFX. Another disadvantage with a bank is they keep banker's hours. You only have access to your funds for eight hours a day five days a week.

Online options for transferring funds from one country to another exist. It's important to select a service that has a history and solid reputation. After all you'll be transferring funds through them. Some services have limitations on what countries they service and which currencies they handle. Check that out as well before signing up for an account.

Make Money Transfers Abroad with HiFX quickly and easily. Wiring money through an online service from one country to another requires that your identity be established through proper documentation to avoid money laundering suspicions. That might mean copying your passport or drivers license and faxing it, or scanning it, to the service. Once that's done you need to set up a method to transfer funds from your bank to the service. That's handled through a debit or credit card.

If you transfer money to the same suppliers on a regular basis, it's convenient to set up an account where you input their details once and the transfers are made when you give approval for the amount and date.

Get competitive rates on Online Money Transfers with HiFX

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