How to avoid exchange fees
If you are receiving payment in a foreign currency you may be paying fees without knowing it!
I used to pay an extra fee when I was sending money to my family or when I was accepting payment from another currency. I remember paying almost 50USD in fees when sending 200USD to my mom, it’s a quarter of the total amount! Thankfully, I recently found the best way to accept payments from all over the world!
Watch this 90-seconds video before continuing.
The issue you’re always facing with your bank
Let’s say your business is in Canada and you sell digital or physical products worldwide. If your clients are buying your products in CAD or even US, that’s easy, but what happens when they’re buying in Euro or Japanese yen? All entrepreneurs have been faced with this issue during their career, including myself!
Your clients could pay in CAD, meaning they would absorb the extra cost, which could have a negative effect on the client experience. As you’ve learned, a positive client experience is essential, so you should have a strategy in place to deal with foreign exchange fees.
Most entrepreneurs have a business account with a bank offering a « special rate » thinking it’s the only option for dealing with foreign currencies, but it’s not. Let me show you an example from PCM Research.
Below is a graph demonstrating the hidden cost of exchanging foreign currencies.
Time to use Transferwise
It’s time for you to get paid like a local using the mid-market exchange rate (as seen on Google).
Here are the benefits of using TransferWise and their borderless account:
1. You get the mid-market rate
Transferwise is using a peer-to-peer system to match your request with someone else in the world. So if you are in Canada and need Euros and at the same time someone in Europe needs CAD, your transfer will match and you both get the mid-market rate.
As simple as that.
2. You get your own international bank details
A borderless account is the best thing you can hope for. With this account (which is free by the way!!) you can get paid like a local. You can hold up to 28 currencies plus all their bank details.
So if you have a client in France you can easily give them your French bank details. Oh, and your British client? No problem, you can send them your British banking info, which is stored in the same place!
3. TransferWise is regulated and has over 2 millions customers so you know they’re legit.
Clients are really satisfied with their services, a quick Google search will reveal all the great reviews.
Safety and security is a huge priority for all of us and TransferWise is constantly maintaining bank-level security as they’re continually tested and audited independently.
Why would you avoid doing business with foreign countries?
I often hear freelancers and entrepreneurs complaining about the fees charged by their bank. Sometimes, they even decide to not do business with certain countries due to the overwhelming fees.
Now you know it doesn’t have to be that way, you shouldn’t avoid doing business with a country due to crazy banking fees.
Whether it is selling your product in Japan or Los Angeles, it’s time for you to do business worldwide.
So jump in and create you free Borderless account with Transferwise.
Let’s unleash your wallet!