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.


Leveraging an Online Foreign Exchange Service

As any small business owner knows, there never seems to be enough time in the day. Doing business on a global scale can be complicated with fluctuations in currency value that can impact finances on a moment's notice.

Having different ways to send and secure overseas payments is crucial for today's small enterprises because it helps them gain greater control over their cash flow, says Steven Hunter, head of small enterprises for Western Union Business Solutions.

Support When You Need It

Using a trusted online FX provider gives international business owners more control in sending money overseas around the clock.

“Transparency is key in any business. It’s really important for business owners to fully understand the end-to-end process when sending funds overseas.”

— Steven Hunter, head of small enterprises for Western Union Business Solutions

"We give customers the opportunity to manage their foreign exchange at any time of day in multiple ways, as every customer is not the same," Hunter says. "We provide 24-hour support for our customers, so should they need any assistance, help is on hand."

Plus, international payments can be initiated online and via mobile devices. "Online trading enables our customers to trade when it is convenient for them, without the need to call through to the dealing floor to secure a trade," Hunter says. "They can also see their transaction history online which makes it really easy to check back on previous payments made overseas."

Business owners can also take advantage of online FX resources, such as email market-rate alerts, to monitor and secure the latest exchange rates.

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It's Transparent

When businesses don't know the cost of their foreign exchange transactions, it's hard to know whether payment obligations have been met. It's also difficult to know whether the business is receiving a competitive price for their transactions.

With an online FX service, there aren't any hidden charges for securing payments when sending money online. "Live rates are quoted, and you can fully see the cost of your transaction before securing your payment," Hunter says. "We even give customers the choice of how quickly funds can get to the beneficiary, which allows business owners to save money if their payment is not urgent, by routing it in a cheaper manner." Customers can also see their transaction history and check on a previous deal from home.

"Transparency is key in any business," Hunter says. "It's really important for business owners to fully understand the end-to-end process when sending funds overseas. We meet this expectation by providing the full cost of the transaction up front, before the payment is locked in."

It's Flexible

Western Union Business Solutions, thanks to an extensive network as part of Western Union, facilitates money transfer services for individuals and businesses through its 510,000 locations in more than 200 countries. This is done by completing money transfers through bank accounts, mobile phones and prepaid cards to employees and others business associates in more than 135 currencies. Using an online FX service provider also eliminates risks associated with passing funds through multiple entities.

"Multiple payment options are provided depending on how quickly funds are needed to reach the beneficiary, and we provide multiple ways for our customers to pay," Hunter says.

"The days of standing in the queue at the bank, filling in a paper form to send money overseas with hefty charges are long gone," Hunter says. "Online foreign exchange allows you to quickly and simply log in to your account for free."

Live Cross Rates

USD 69.1780 1.3128 0.7872 53.3650 1.0000 0.8808
CAD 52.6620 1.0000 0.5993 40.6280 0.7609 0.6706
AUD 50.0830 0.9505 0.5700 38.6390 0.7236 0.6378
EUR 78.4920 1.4897 0.8933 60.5560 1.1342 1.0000
GBP 87.8300 1.6669 1.0000 67.7600 1.2692 1.1185

Example: 1USD = xx INR

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