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A survey done by Money Transfer Australia highlights an expense that could be costing small to medium-sized businesses (SMEs) thousands of dollars per year when they could be paying much less.
The survey found that 62% of SMEs are using the big four banks to process international trade transactions. The big four tend to charge higher exchange rate mark-ups and fees than specialist money transfer providers.
Money Transfer Australia estimates that for every $20,000 exchanged through the banks, businesses could be paying up to $850 currently, compared with around $100 through a non-bank money transfer provider.
Money Transfer Australia founder Alon Rajic said, “In the volatile economy of the past few years, it makes good sense for businesses to identify where they could further cut costs.”
#accountant #businesscosts #SMEs
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