HiFx or Bank Transfer to Pay Alibaba Supplier?

[ecommrg]

Im looking to pay a supplier $2000 via the Alibaba Trade Assurance scheme. I was originally going to do a bank wire via my local bank but I have seen HiFX potentially offering a better price. Is this a recommended way of paying suppliers and would it save significant cost?

 

[midnight_caller2002]

We pay foreign suppliers quite often. Switching to hi fx saved us not only the banking fees but also we seem to get better rates than the bank too....

 

[ecommrg]

Thanks for the response. How long does the payment take to arrive?

 

[KevinRockett]

I would highly recommend TransferWise for US Dollar transfers.

I have had to do a lot of work on finding the best solution to pay a US supplier fortnightly (between $15,000 - $20,000 each transfer) and having registered with 5 different online foreign exchange solutions I have found TranserWise to be the best.

They have the best exchange rate and the recipient does not get charged for receiving the funds into their bank. The website/process is easy also. Funds arrive next working day.

Hope this helps.