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Compare the Options Exchange Rate
International Payments Tech (IPT) provides a cost saving transparent payment
solution and a clear alternative to banks when it comes to moving money overseas.
If you have foreign exchange requirements, such as funding a house purchase,
emigration, moving wages overseas, or paying cross border invoices then doing
your homework and comparing different options is highly recommend. Banks tend to offer “day rates” for the pricing of their customers payment
needs. Put quite simply this a rate of exchange that may be up to 6 % away from
the actual prices banks can themselves deal at and allows banks to account for
any movements in the underlying currency markets that may mean they end
up losing money. IPT offers live rates, and this means prices displayed to clients
track the underlying currency markets passing on this saving to the end client
when it comes to pricing their payments.
Banks of course offer this service, but it can be opaque and expensive, however
the growth of fintech solutions now allows a much wider choice of options with
price transparency and in most cases zero cost of payment. There are services
fintech payment platforms can offer which banks can’t so if you want maximum
flexibility and several options for safeguarding your transfer from currency risk,
using an alternative payment platform might be right for you.
In fact, a fintech payment platform could help you save up to 80% of the
costs commonly attached to international money transfers. At the same time
giving you full transparency on pricing and several ongoing payment options.
Banks offer international currency exchange services, but as the area isn’t their
specialism they offer no real transparency in the entire payment cycle from the
initial exchange rate given to the ongoing payment itself. This means the cost
of a payment can be up to 6 % more than those offered by payment platforms.
Pricing and Payment Options
The main differences between Banks and Payment Platforms is the exchange
rate and payment options.
Payment
Banks then charge to send the ongoing payment again adding to the overall
cost. IPT offers clients 2 options for payment both of which are zero cost.
• Urgent
Like the Banks this is sent via the SWIFT network but is free for the client.
The downside is the client may be charged a fee if the payment is sent via
several banks and may result in a slight reduction of around $ 25 in the final
amount credited. Advantage is funds will credit end account in 24 hours.
• Standard
IPT can offer a domestic payment option to over 30 global locations.
Advantage being funds are credited locally in the final payment jurisdiction
meaning no fees are taken by the bank and the full amount of transfer is
credited. Downside is it may take 3-5 days but is an ideal way to send small
value payments quickly and cheaply.
Opening an account with an IPT is free and comes with no obligation to trade.
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