The Western Union Business Solutions Learning Center is a blog provided for general informational purposes only and should not be construed as legal, financial, tax or accounting advice. Consult your own independent advisors regarding your particular needs and circumstances.
Once a business owner has sent a foreign exchange payment, the speed of the foreign transaction and the amount that is received on the other end is hard to control. This is why it's imperative that entrepreneurs do their research on the integrity of an online foreign exchange service before they send money overseas for international payments.
According to Steven Hunter, head of small enterprises at Western Union Business Solutions, international businesses can keep their foreign transactions secure by working with an online foreign exchange provider that manages the payment process from start to finish.
International business owners should focus on reliability and transparency when entrusting their money to a foreign currency exchange partner.
Learn More About Using Online FX
Before sending money overseas, Hunter recommends that business owners find out what institutions will handle the international payment before it arrives at its final destination. Because it is part of Western Union, Western Union Business Solutions Online FX has a long and established history serving customers around the globe.
It's important to take advantage of a preferred exchange rate at the time a foreign transaction is initiated because it eliminates the risk that an insufficient payment is sent. For example, if a U.S. business owner needs to send a Turkish vendor a payment, the business could sign up for email market-rate alerts. When the business owner is alerted to a preferred exchange rate, she could sign into her account and secure the most recent currency exchange rate. Even if the exchange rate shifts unfavorably before the payment arrives, the Turkish vendor would receive the full amount.
Another way to ensure that cross-border payments are safe is to send funds through a trusted online foreign exchange service that allows international business owners to track their foreign transactions. For instance, if a Canadian employer added a payment reference to a foreign currency exchange payment that was sent to an Australian employee, both the sender and receiver could track where the money transfer to Australia is and who initiated the transaction.
The most important factor proprietors should consider when taking precautions to protect their money transfers is the brand reputability and financial stability of their foreign exchange partner. Businesses can find information on a company's financials via the U.S. Securities and Exchange Commission.
To obtain the best international payment experience, business owners should seek a trusted online foreign exchange service that offers helpful tools and educational resources that can make it easier to manage risk associated with currency exchange.
Example: 1USD = xx INR
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