Setting up her table at a local craft fair in San Francisco, Emma Godstein got talking to a fellow crafter at the booth next to her. Her new acquaintance, Marlene, was interested in the hand-crafted, antique-style silver jewelry that Emma was selling. Marlene designs and makes unique period garments, and thought that Emma’s armlets would go fantastically with her line of ladies dress gloves.
After some discussion, it transpired that both women bought supplies from companies in the UK, which is something they agreed gave them a greater range of supplier options; although Emma thought that the downside was that it was much more difficult to send funds overseas than buy locally—every time she wanted to pay an invoice, she had to line up at the bank, then spend a good 10 minutes arranging the payment.
Then Marlene told her about WUSMOnlineFX, a simple and straightforward way that she had found to settle her international invoices online. Because the service was online, Marlene was able to save time and make payments whenever she wanted, even on her mobile phone outside of office hours. Not only that, but Marlene was able to save herself quite a bit of money. She also appreciated the level of transparency offered and the fact that there were no hidden fees.
After hearing this, Emma jumped on her laptop and signed up for an Online FX account, a process that was completed in seconds. She could then instantly check Online FX's customer rates and decided to compare them with those offered by her bank. Her order for the month was £18,000 GBP. When she called her bank that same morning, she was offered an exchange rate of $1 USD = £0.642 GBP—meaning that she would need to send $28,037 USD to ensure her British supplier received £18,000 GBP.
Just seconds later, when she checked the rate with Online FX, she was offered $1 USD = £0.657 GBP—meaning that the same £18,000 GBP would only cost her $27,397 USD. That equates to a savings of $640 USD due to the better exchange rate.
After seeing how much she could save each month, Emma decided to make all of her monthly payments with Online FX. With the money she saved, she plans to set up a website to sell her jewelry online and expand her sales beyond the local and regional scale.
Sign up today to see how Online FX can help you to grow your sole proprietorship business.
*Comparison made on February 28, 2013 with a leading US 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.