Foreign currency payments

[essio]

Hey all, have a question regarding foreign currency payments. I use Xero and need to pay invoices overseas. Do any of you have any recommendations on best methodology? I saw there are a bunch of add-ons in Xero for foreign payments and have heard of TransferWise before, but would be great to get any feedback.

Thanks!

 

[tsubibo]

I usually use bank to bank payments when dealing with foreign payments. Not too sure about other methods cause I have not yet tried them.

 

[We Love Barcodes]

Using bank to bank payments is probably the easiest but not the cheapest as the exchange rates will always be in their favour but it really depends on how much you are sending and how often.

If you are looking to pay suppliers etc.. on a regular basis you will be better looking into some fx companies who will offer you better rates.

 

[Raw Rob]

TransferWise is great, also look at CurrencyFair.com - both are a lot cheaper than banks and more standard FX companies.

 

[Office Cleaning]

Ive used midpoint (peer to peer) currency transfer, pretty much interbank rate plus they charge a smaill'ish fee.

 

[Frankie Freeman-Dark]

i've used SGM-FX for years. find them by far the cheapest and most efficient.

my broker is Tom Staton - 02072201740 deals with anything from small mortgage payments, to moving much larger corporate trades.