Recently, Robert was at his downtown Vancouver store, where he was meeting with Joe, a loyal customer, who had placed a large order of made-to-measure shirts for his son’s upcoming wedding. The conversation turned to the high cost of paying for a wedding overseas, and Joe told Robert how they had managed to cut costs by sending their international payments through the WUSMOnlineFX solution instead of through their regular bank.
Intrigued, Robert decided to look into getting an Online FX account with Western Union Business Solutions, to see if it could help him cut costs on his monthly textiles order from Hong Kong. On average, his textiles order costs about $330,000 HKD per month. When he called his bank about his November 2012 order, he was told that they would convert at a rate of $1 CAD = $7.492 HKD—meaning that he would need to send $44,047 CAD to ensure his supplier in Hong Kong received $330,000 HKD.
When he opened an Online FX account that same night, Robert was offered an exchange rate of $1 CAD = $7.755 HKD for his order—meaning that he would only need to send $42,553 CAD for the same order. That equates to a savings of $1,494 CAD due to the better exchange rate.
Not only that, but because he would be a regular customer, transferring a large monthly sum, Western Union Business Solutions decided to wave the wire transfer fee that his bank would charge, saving him an additional $25 CAD a month.
After seeing how much he could save each year just by switching to Online FX, Robert decided to make all of his international payments through the service. He plans to use the extra money to help him expand his business and branch out into making other types of custom garments.
Sign up today to see how Online FX can help you to grow your sole proprietorship business.
*Comparison made on Nov 22, 2012 with a leading Canadian bank.
**Annual savings assumes a constant difference between providers’ rates.
^The above scenario provides an example of how a customer can use our services to efficiently meet their payment needs. The example given is not based on an actual Western Union client story, but is presented for illustrative purposes only.