Why send FX instead of USD?
Switching to local currency payments isn't just a logistical improvement—it's a strategic move that can lead to cost savings, faster transactions, and stronger international relationships. Embrace the future of cross-border payments and position your business for global success.
While some countries and currencies like Guatemala (GTQ) and Columbia (COP) may require extra compliance for local currency delivery, we encourage selecting the local option for major currencies like EUR, GBP, CAD, AUD, JPY.
1. Significant Cost Savings
Better Exchange Rates: By converting currency before sending, you often secure more favorable exchange rates than your beneficiary would receive locally.
Reduced Fees: Avoid unexpected intermediary and recipient bank charges associated with USD conversions, ensuring more money reaches your beneficiary.
2. Faster Transaction Times
Streamlined Processing: Local currency payments bypass the complexities of international USD transfers, leading to quicker clearing and settlement.
Improved Cash Flow: Faster payments mean your beneficiaries receive funds sooner, enhancing your business relationships.
3. Enhanced Transparency and Trust
Predictable Amounts: Eliminate uncertainties caused by fluctuating exchange rates and hidden fees, so your beneficiary knows exactly how much they'll receive.
Strengthened Partnerships: Demonstrating consideration for your partner's convenience builds trust and fosters stronger business ties.
4. Simplified Compliance
Regulatory Alignment: Local currency transactions often align better with local regulations, reducing the risk of compliance issues or payment rejections.
Reduced Paperwork: Minimize the administrative burden associated with cross-border USD payments, saving time and resources.
5. Competitive Advantage
Eliminate Supplier Currency Risk: Vendors often upcharge 5-10% when invoicing in USD to cover currency risk. Vendors can be willing to negotiate contract pricing if you are able to send in their preferred currency.a
Customer-Centric Approach: Offering payments in local currency sets you apart from competitors, showcasing your commitment to seamless international partnerships.
Global Reach with Local Touch: Operate globally while respecting local preferences and practices, enhancing your company's international reputation.