<figure class="image"><img src="https://content.mtfxgroup.com/uploads/large_04_foreign_supplier_hero_image_8cdae1c2d8_610ec4ef63.webp" alt="Benefits of Paying your Overseas Suppliers in their Local Currency"></figure>Paying foreign suppliers in local currency offers many benefits in the global B2B world, and using a currency specialist is the key to unlocking these benefits.As a global business, there are many benefits to paying suppliers in their own local currency rather than in your local currency. Perhaps you’re thinking, “Doesn’t this involve expensive and complex foreign exchange processes?”The good news is that making payments in foreign currency can be as efficient and cost-effective as paying in Canadian dollars. Using specialist currency exchange services lets you take advantage of this beneficial payment method for international invoices. But first, let’s break down the benefits of paying overseas suppliers in their local currency.<h2>Take advantage of purchase discounts</h2>There are hidden costs that come with failing to pay foreign beneficiaries in their currency. Your foreign supplier has to convert the payment to their local currency, which exposes them to currency risk and banking fees. Instead of absorbing the extra costs, your foreign supplier simply builds a buffer into their prices and invoices.By paying in the international supplier’s local currency, you can avoid these additional costs that would otherwise be passed on to you. If you’re making regular payments to your supplier, your business can save money and reduce the cost of doing business internationally in the long run. In addition, you’ll have more leeway to negotiate purchase discounts and a win-win contractual agreement.&nbsp;<h2>Negotiate extended payment terms</h2>When you pay your trade partners directly in their local currency, you may also have the privilege of negotiating more flexible payment terms. Since foreign suppliers no longer face the hassle of currency conversions, they’ll be more likely to extend payment terms if you agree to pay in their local currency.<h2>Improve relations with your trade partners</h2>When paying international suppliers, it doesn’t have to be your way or the highway. You can show respect and consideration by asking whether the supplier is willing to be paid in their regional currency. Most foreign firms appreciate being given a choice, which engenders loyalty and goodwill, helping you improve relations with your trade partners.By offering convenience to your international suppliers, you can arrive at a mutually beneficial purchase agreement. This positive interaction helps change the tenor of your relationship for the better. Ultimately, improving relations with your trade partners sharpens your competitive advantage in the global marketplace.<h2>Enjoy better control over the exchange rate</h2>When Canadian importers pay an international invoice in foreign currency, they take on the currency risk instead of passing it on to the supplier. Fortunately, global businesses that have a solid strategy for hedging currency risk can still come out on top.For instance, you can use a forward contract to arrange for scheduled and specified payments that only happen at a pre-agreed, locked-in rate. Another risk management instrument you can take advantage of is the market order which allows you to target a specific rate. The exchange only happens when the target rate is achieved. All this gives you better control over FX processes and lets you enjoy fixed settlement terms that don’t water down your profit margins.<h2>Facilitate global business expansion</h2>When your company handles cross-border payments optimally, this could open up more investment opportunities. If you’re looking for ways to optimize your international payments, consider using a currency specialist like MTFX, which offers tailored global payment solutions. MTFX allows you to leverage multi-currency accounts to reduce currency risk exposure while strengthening your business expansion strategy.Regardless of where your international business partners are located, you can transfer funds in foreign currency and optimize cash flow by maintaining a balance in multiple currencies.&nbsp;<h2>What’s the best way to pay foreign suppliers in their local currency?</h2>The best way to pay foreign suppliers directly in their currency is through a specialist currency exchange service like MTFX. Here’s why:<ul><li>Better rates than banks. MTFX offers exchange rates 3-5% lower than banks, plus lower transfer fees to sweeten the deal.</li><li>Access to FX tools and expert guidance. You can mitigate the risk of exchange-rate fluctuations with the right FX tools like <a target="_blank" href="https://www.mtfxgroup.com/tools/currency-rate-alerts/">currency rate alerts</a>.</li><li>Secure, online platform. MTFX’s 24/7 online platform with world-class technology enables you to pay cross-border suppliers safely and securely from any device.</li><li>Streamline payments. You can utilize automated technologies to streamline regular payments and establish a successful relationship with your foreign supplier.</li></ul><figure class="image"><a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=benefits-of-paying-your-overseas-suppliers-in-their-local-currency&amp;_ga=2.44994084.1602325124.1683528203-705279685.1663052342" target="_blank" rel="noopener noreferrer"><img src="https://content.mtfxgroup.com/uploads/01_pay_foreign_suppliers_sep_8_03eb06494b_e51b7e59d8.webp" alt="Get the best exchange rates with MTFX"></a></figure><h2> Start paying foreign suppliers in their local currency today</h2>Paying your international suppliers can be surprisingly easy.Your MTFX business account unlocks many business benefits in the world of exchange. As a leading currency exchange specialist, you can rely on our;<ol><li>&nbsp;Strong international trade and foreign exchange capabilities</li><li>&nbsp;Specialists that offer expert guidance</li><li>&nbsp;Online platform for initiating foreign currency payments and more</li></ol><a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=benefits-of-paying-your-overseas-suppliers-in-their-local-currency">Open an account</a> with MTFX and start paying overseas suppliers in their local currency today.&nbsp;Popular related articles;<ul><li><a target="_blank" href="https://www.mtfxgroup.com/post/are-you-paying-your-vendors-in-their-local-currency/">Are you paying your vendors in their local currency</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/b2b-ecommerce-marketplaces-diversifying-international-payment-options/">Diversifying International Payment Options</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/blog-how-to-maximize-profits-when-invoicing-overseas-clients/">How to Maximize Profits When Invoicing Overseas Clients?</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/ensure-better-overseas-payment-processes-with-a-third-party-digital-platform/">Ensure Better Overseas Payment Processes with a Third party Digital Platform</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/with-mtfx-you-gain-access-100-plus-currencies-across-140-countries/">With MTFX gain access to +100 currencies</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/is-billing-foreign-customers-in-their-local-currency-better/">Is Billing Foreign Customers In Their Local Currency Better?</a></li></ul>

Benefits of Paying your Overseas Suppliers in their Local Currency

medium_large_04_foreign_supplier_hero_image_8cdae1c2d8.webp

small_large_04_foreign_supplier_hero_image_8cdae1c2d8.webp

thumbnail_large_04_foreign_supplier_hero_image_8cdae1c2d8.webp

large_04_foreign_supplier_hero_image_8cdae1c2d8.webp

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/large_gp_hero_image_2_f1ffcf76ef_579d0fbe24.webp" alt="A business professional using a laptop, with digital icons representing global currency symbols and payment networks, symbolizing MTFX's integrated payment solutions."></figure>Discover how to cut costs on forex transfers, streamline international&nbsp;payments, and more ways to save money and make money with an MTFX business account.Whether yours is a <a target="_blank" href="https://www.mtfxgroup.com/business/small-business/">small business</a>, <a target="_blank" href="https://www.mtfxgroup.com/business/medium-business/">medium business</a>, <a target="_blank" href="https://www.mtfxgroup.com/business/multinationals/">multinational</a> or online store, there are always ways to escalate your savings. For instance, by opening an MTFX business account and using it to transfer money internationally, you can unlock more value for your money.&nbsp;This is in contrast to bank transfers which erode the value of your money with poor exchange rate and high transfer fees. In a numbers-driven world, you should expect to hear business language like "competitive exchange rates," "low transfer fees" and "currency risk management."This is precisely what MTFX offers and more. Here's what's on the table.<h2>Secure International Payments</h2>MTFX offers an easy, fast and cost-effective way to send secure international payments.Today, geographic borders are no longer a barrier to exchanging goods and services. You can also eliminate significant cost barriers using your MTFX online business portal to transfer funds internationally. The process is convenient and secure, whether you're paying overseas suppliers or transferring money to your staff overseas.With our custom global payment solutions, you can expedite all your overseas transactions. The quick and easy transfers mean you can save time and focus more on core business matters. You also get to save money with our competitive exchange rates and low transfer fees.&nbsp;Since time is money, you'll gain much more by skipping the bank and maximizing the efficiency of your cross-border payments processes.<h2>Versatile Multi-Currency Accounts</h2>When doing business internationally, you need the flexibility a multi-currency account brings. At MTFX, we help you keep track of various exchange rates that matter to your transactions. An MTFX multi-currency account allows you to maintain a balance in multiple currencies.&nbsp;For instance, you can hold US Dollars, Euros, Pounds and other foreign currency funds relevant to your business. This instantly eliminates the hassle of opening and managing foreign bank accounts. Instead, you get a better deal that allows you to tap into overseas opportunities in a way that makes financial sense.&nbsp;Our multi-currency account supports your business by reducing transaction costs and protecting against forex volatility. You'll appreciate the convenience, simplicity and speed that enable you to go "international" and stay versatile.<h2>Improved Control and Visibility&nbsp;</h2>The FX marketplace can seem pretty wild with constant fluctuations and foreign exchange risk around every corner. The excellent news is that MTFX protects your business from market volatility while allowing for better currency risk management.You can leverage a forward contract to target your desired rate and lock it in place for future exchanges. With market orders, you must set your preferred amount and currency for your business. Then, we will execute your order immediately once the market aligns with your terms.Clear and 24/7 visibility in the marketplace means you can control your downside risk and keep a tight rein on your cash flow.<h2>Better Management of Your International Revenue</h2>Are you an online seller looking to increase your international revenue? Your MTFX business account is your all-in-one gateway to the online global marketplace. MTFX provides easy access to its partners and market leaders, allowing you to capitalize on various revenue channels.&nbsp;You can easily manage your international revenue in one place and this will transform the way your business works and transacts. As an online seller, the ultimate goal is to boost profitability, so it's good that our rates are better than your bank. The convenience is unmatched, too, since you can set up regular payments via our automated technologies and customize your transactions to get more bang for your foreign exchange buck.<h2>All-In-One-Place-Batch Payments</h2>Do you deal in high-volume international transfers? MTFX has a batch payments solution to meet your needs. This all-in-one solution allows you to easily upload multiple payment batches in various currencies. MTFX can deliver your transfers in the right amount to the right people at the right time.How does this work? First, you upload and validate your payment instructions. Next, you receive and review your quote. Then you approve and send to make your payments in a single batch. The process ensures payment control and accuracy so you can grow your business without strenuous effort.&nbsp;<h2>Easy Incoming Payments&nbsp;</h2>MTFX offers a simple and secure two-way street for all your international payments. That means you can not only send money, but you can also receive foreign exchange payments in a way that meets local expectations. We provide your business with the ability to improve customer experience by offering various payment options.You can keep your customers happy by allowing them to pay in local currency. In turn, we will keep your business happy using our automated technologies to streamline your receivable processes and support growth. 24/7 accessibility and an all-in-one dedicated online portal mean that the complexities of overseas payments have gone the way of the dinosaur.<h2>Valuable Market Insights</h2>As a business, it pays to be smart and strategic with your international money transfers. MTFX makes this possible with a wide range of handy FX tools.<ul><li>Rate calculator&nbsp;– The MTFX live currency <a target="_blank" href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/">rate calculator</a> lets you view exchange rates in real-time. Hence, you can make&nbsp;an informed decision when initiating your transfer.</li><li>Currency charts&nbsp;– You can view current and <a target="_blank" href="https://www.mtfxgroup.com/tools/historical-currency-exchange-rates/">historical charts</a> for various currency pairs if you want to monitor market trends.</li><li>Currency rates alert&nbsp;– Stay informed whenever a specific currency pair reaches your desired rate.</li><li>Historical currency exchange rates&nbsp;– With this tool, you can quickly review past market movements and analyze rate trends for your target currencies.</li><li>Foreign exchange market updates&nbsp;– MTFX helps you transact confidently with foreign exchange market updates that keep you abreast of significant developments.</li></ul><figure class="image"><a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=mtfx-offers-exciting-global-payment-solutions-for-businesses&amp;_ga=2.41709090.1602325124.1683528203-705279685.1663052342" target="_blank" rel="noopener noreferrer"><img src="https://content.mtfxgroup.com/uploads/final_cta_global_96e86fe324_b36953afb9.webp" alt="Get the best exchange rates with MTFX"></a></figure><h2> Send Money for Your Business Internationally – How it Works?</h2>If you are ready to start making international transfers the easy way, create a business account with MTFX within five minutes. This is a simple and quick process where an MTFX member will guide you to complete the setup. You can then send your funds after entering the crucial details, such as your recipient's bank name and address.&nbsp;MTFX will take over from there to securely deliver your funds to your recipient within 1-2 business days. It's fast, efficient and convenient, and you get to save money with bank-beating rates for every transaction.&nbsp;<a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=mtfx-offers-exciting-global-payment-solutions-for-businesses">Register your account</a>&nbsp;with MTFX today to start enjoying exciting global payments solutions for your business.Popular related articles;<ul><li><a target="_blank" href="https://www.mtfxgroup.com/post/5-important-steps-in-the-overseas-payment-process/">5 Important Steps in the Overseas Payment Process</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/send-money-to-pay-overseas-suppliers-from-canada/">Send Money to Pay Overseas Suppliers from Canada</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/pay-overseas-suppliers-in-foreign-currency/">Should Your Business Pay Overseas suppliers in U.S dollars or Local Currency?</a></li></ul>

A business professional using a laptop, with digital icons representing global currency symbols and payment networks, symbolizing MTFX's integrated payment solutions.

medium_large_gp_hero_image_2_f1ffcf76ef.webp

small_large_gp_hero_image_2_f1ffcf76ef.webp

thumbnail_large_gp_hero_image_2_f1ffcf76ef.webp

large_gp_hero_image_2_f1ffcf76ef.webp

MTFX Offers Exciting Global Payment Solutions for Businesses

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/large_overseas_supplier_canada_30c3c76b38_d7b32b1eea.webp" alt="Aerial view of a busy port with container ships, cranes, and colorful freight trains, symbolizing international trade and cross-border supplier payments."></figure>Many Canadian businesses are looking further afield and sourcing products from overseas suppliers. How can they reduce costs when making international payments?&nbsp;The global marketplace is rapidly expanding, and innovative Canadian businesses are carving out a piece of the pie for themselves. If your business already has suppliers based overseas, it’s high time you considered the cost of doing business internationally and what you can do to save more money.&nbsp;When you begin sending money transfers to your overseas suppliers, banks might seem like the most convenient option. Yet, there are better opportunities to tap into more flexible and cost-effective business money exchange services. So, if you’re looking to pay overseas suppliers on the regular, here’s what you need to know.&nbsp;<h2>Sending money overseas? Here’s why banks are not the best option</h2>Sending money overseas to suppliers can be convenient and fast with minimal impact on the value of your international transfer — but only if you choose the right provider. Thus, the question is, “Should you use your bank to pay your across-the-border suppliers?” Here’s a checklist that shows why banks are not the ideal candidate.&nbsp;<ul><li>Cost – Banks don’t offer specialized money transfer services, so the exchange rate you get is rarely the best on the market. You also have to shell out extra to cover banking fees.&nbsp;</li><li>Speed – Deadlines can make or break a good deal, but it’s challenging to come out on top with costly delays and waiting times of 4-6 days (the norm for most banks).&nbsp;</li><li>Accessibility – You can usually only make international money transfers during office hours when using a bank. If you want to improve business agility, it’s better to look for options that offer 24/7 online access.&nbsp;</li><li>Convenience – Since most banks don’t provide specialized money transfer services, you’re missing out on automated technologies and foreign exchange tools that streamline your outgoing payments.&nbsp;</li><li>Regular transfers – Repeat money transfers can be costly when using banks, given the not-so-competitive exchange rates and high fees. &nbsp;</li><li>Customer service – You might be hard-pressed to find foreign exchange specialists at banks that help create a more personalized experience.&nbsp;</li></ul><h2>The best way to send money overseas</h2>It may be necessary to consider various currency pairs when your suppliers are scattered across the globe. For example, let’s say you have an upcoming payment due to a European supplier. You need to carefully consider the Canadian dollar to euro exchange rate before you transfer money to a foreign bank account. With a US supplier, the USD/CAD comes into play. &nbsp;To avoid this, you need to ask the right questions, including the following:&nbsp;<ul><li>What’s the exchange rate right now? – Stay current with MTFX’s <a target="_blank" href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/?from=usd&amp;to=cad">live rate calculator</a>.&nbsp;</li><li>What is a good exchange rate? – Check <a target="_blank" href="https://www.mtfxgroup.com/tools/currency-charts/?to=cad&amp;from=usd">currency charts</a> to get the bigger picture.&nbsp;</li><li>Is it a good time to pay my suppliers? – Get <a target="_blank" href="https://www.mtfxgroup.com/tools/currency-rate-alerts/?from=usd&amp;to=cad">rate alerts</a> to keep you in the loop.&nbsp;</li><li>How can I protect my business from fluctuating exchange rates? – Consider <a target="_blank" href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">forward contracts</a> and market orders to lock in favorable rates.&nbsp;</li></ul>Being smart about exchange rates and using the right foreign exchange tools can potentially save you thousands of dollars and boost your bottom line by more than a blip.&nbsp;<h2>Top Canada imports and trading partners</h2><img src="https://content.mtfxgroup.com/uploads/large_blogbanner001_ffcf450fa5_1ebb688414.webp" alt="Top Canada imports and trading partners Data credits tradingeconomics">Data credits tradingeconomicsCanadian businesses have a whole host of options to choose from when sourcing products from overseas suppliers. Canada’s top imports include:&nbsp;<ul><li>Cars, car parts, and accessories&nbsp;</li><li>Trucks&nbsp;</li><li>Crude oil and processed petroleum oil&nbsp;</li><li>Computers and phones&nbsp;</li><li>Medications&nbsp;</li><li>Precious minerals&nbsp;</li></ul>These imports all run into the billions of dollars. Canada’s trading partners by imports for 2021 include the following from top to bottom:&nbsp;<ul><li>United States &nbsp;</li><li>China&nbsp;</li><li>Mexico&nbsp;</li><li>Germany&nbsp;</li><li>Japan &nbsp;</li><li>Italy&nbsp;</li></ul>There are several benefits to Canadian businesses of sourcing products from international brands. The list includes improved innovation, a sharper competitive edge, and a better cost-quality balance. &nbsp;Prioritizing <a target="_blank" href="https://www.mtfxgroup.com/tools/live-exchange-rates/">competitive exchange rates</a> and low fees when paying suppliers can enhance these benefits.<h2>What information do I need to send money to pay for overseas suppliers?</h2>Make sure you have the following information on hand when sending money to pay for overseas suppliers:&nbsp;<ul><li>Beneficiary name&nbsp;</li><li>Beneficiary account number&nbsp;</li><li>Beneficiary address&nbsp;</li><li>Bank name&nbsp;</li><li>Bank Swift code&nbsp;</li><li>Bank address&nbsp;</li><li>Reason for transfer &nbsp;</li></ul><h2>Can I set up regular payments to pay my overseas suppliers?</h2>Yes. The first step is registering an MTFX business account in under a few minutes. With your account, you can easily automate your payment and send transfers in 50+ different currencies to 200+ different countries. MTFX’s 24/7 online platform offers industry-leading automation technologies that eliminate manual errors while improving the efficiency and security of your transfers.&nbsp;<h2>Why MTFX?</h2>MTFX offers several benefits for your business:&nbsp;<ul><li>Exchange rates are 3-5% lower than banks (send 30,000, save up to 1,500)&nbsp;</li><li>Competitive transaction fees&nbsp;</li><li>A variety of payment options&nbsp;</li><li>Secure, multi-currency account to streamline payments to overseas suppliers&nbsp;</li><li>Efficient services and fast turnaround times of 1-2 days&nbsp;</li><li>Combination of foreign exchange tools and specialists for a better transfer experience&nbsp;</li><li>And more&nbsp;</li></ul>These are all the reasons you need to <a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=send-money-to-pay-overseas-suppliers-from-canada">register your MTFX business account</a> today. Start saving money with your first transfer, today.&nbsp;Popular related articles;<ul><li><a target="_blank" href="https://www.mtfxgroup.com/post/invoice-international-clients-cheaper-faster-and-easier/">How to Invoice International clients - Cheaper, Faster and Easier</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/5-important-steps-in-the-overseas-payment-process/">5 Important Steps in the Overseas Payment Process</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/reduce-costs-of-international-business/">How to reduce costs when doing business internationally?</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/pay-suppliers-in-china/">Send Money to Pay Suppliers in China</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/forward-contract-add-certainty-in-uncertain-times-for-import-export/">Are you an Importer or Exporter? A Forward Contract could Add Certainty in Uncertain Times</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/the-vaccine-is-here-now-what-are-fintechs-the-new-normal/">The Vaccine is here. Now What? Are fintech’s ‘The New Normal’?</a></li></ul>

Aerial view of a busy port with container ships, cranes, and colorful freight trains, symbolizing international trade and cross-border supplier payments.

medium_large_overseas_supplier_canada_30c3c76b38.webp

small_large_overseas_supplier_canada_30c3c76b38.webp

thumbnail_large_overseas_supplier_canada_30c3c76b38.webp

large_overseas_supplier_canada_30c3c76b38.webp

Send Money to Pay Overseas Suppliers from Canada

<img src="https://content.mtfxgroup.com/uploads/large_untitled_1_4ef9780aec_ea0e214082.webp" alt="How to Reduce Costs when Doing Business Internationally?"> &nbsp;If you’re dealing with overseas customers, you are undoubtedly experiencing additional costs for doing business, especially in currency exchange. Wire transfers, bank foreign currency exchange transaction fees, and other opaque costs could be costing you 5 cents on every dollar in revenue—simply because of inefficiencies in your overseas payment collection processing.&nbsp;You also can relate to the&nbsp;survey results¹ reported on Yahoo! CISION. As the global economy bounces back from the COVID-19 pandemic, business finance leaders listed expanding their products into new global regions among the top five choices in driving new revenue.&nbsp;&nbsp;In 2022, digital payments are on the rise, with between 50% and 89% of accounts receivables paid over the internet—compared to less than half in 2021. What survey respondents say are still continuing obstacles to moving to digital payments are the following:&nbsp;<ul><li>47% feared cybersecurity attacks and payment fraud.&nbsp;</li><li>44% lacked payment systems and the infrastructure to handle cross-border payments online.&nbsp;</li><li>40% cited the cost of services as a major concern.&nbsp;&nbsp;</li></ul>So, the reason it costs your business money when your overseas customer settles a bill is all about how currency exchange rates and bank conversion fees can chip away at your business profits.For example, if your customer sends you a wire payment for&nbsp;USD 125,000, a&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/tools/currency-charts/?to=cad&amp;from=usd">fluctuation</a>&nbsp;of just 3 cents in the&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange rate</a> between the dollar and the customer’s currency could result in a CAD 3750 difference—a loss or a gain, depending on which side of the exchange you are on.&nbsp;<h2>How Can I Receive Money from my Overseas Customer?</h2><a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=how-to-reduce-costs-when-doing-business-internationally?">Register for a business account</a>&nbsp;at MTFX and your business can offer a variety of payment options. For example, your overseas customers can pay in their local currency without the hassles and complexity of having to open and manage foreign bank accounts—and paying additional currency conversion costs every time your customer transfers money.&nbsp;<h2>Why is MTFX a Better Choice Than Your Bank?</h2>MTFX rates of currency exchange are guaranteed to be <a target="_blank" href="https://www.mtfxgroup.com/">2-5% better</a> than any offered by the banks.  MTFX’s rates are transparent and fair and can save you thousands annually on currency conversions.The MTFX exchange rate is based on the&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/?from=usd&amp;to=cad">interbank market rate</a>. Because we deal with large volumes of currency exchanges, we pass those along to our business clients.<h2>Can I Pay My Overseas Vendors on the MTFX Platform?</h2>Absolutely. Again, just register for a <a target="_blank" href="https://online.mtfxgroup.com/register/sign-up/business/">business account online</a>. Following registration, you have access to our online dealing platform and will receive a call from an MTFX currency specialist. During that call, you can ask any questions about our funds transfer process, and our rep will make sure the currency transfer platform is set up to meet your needs.&nbsp;Again, your own bank may offer currency exchange rates, but <a target="_blank" href="https://www.mtfxgroup.com/">MTFX</a> offers lower currency rates. Wire transfers between your business and your overseas supplier can be processed between one and two days.&nbsp;<h2>Can I Set Up a Regular Money Transfer To and From Overseas?</h2>Once you have registered for your MTFX Business Account, you can automate your payments to and from your clients with an all-in-one business solution. Quickly accessible with 24/7 access, the MTFX platform simplifies payments and speeds up your invoice processing through electronic funds transfer or payment services.With MTFX automation technologies, error-prone manual data entry is eliminated. Automation technologies validate the data and transfer your funds—including batch payments--securely and quickly.&nbsp;<h2>How MTFX can Help Reduce Costs when Doing Business Internationally?</h2>If you know how to get the&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/tools/live-exchange-rates/">best exchange rates</a>&nbsp;you can save thousands each year. MTFX guarantees bank-beating exchange rates that are lower than banks. Its benefits for your business include:<ul><li>A business portal to manage all transactions and import invoices from your business accounting software—Manage your international payments more efficiently and seamlessly with a&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/business/global-payment-solutions/multi-currency-accounts/">multi-currency account</a>.</li><li>A platform for online entrepreneurs who want better access to the global market— level the playing field by paying your overseas online customers in their local currency.</li><li>Automatic&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/tools/currency-rate-alerts/">currency exchange rate alerts</a>&nbsp;to notify you when an exchange rate becomes more favorable—Don’t make that high-value deal without a timely heads up on currency exchange rates.</li><li><a target="_blank" href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">Forward contracts</a>&nbsp;to lock in the desired rate for a future exchange—Stay in control of your business’s funds and protect against foreign exchange risks.</li><li><a target="_blank" href="https://www.mtfxgroup.com/fx-daily/">Daily Market Analysis</a>&nbsp;and weekly Analysis from financial experts along with a monthly currency outlook—Stay current with timely updates and market intelligence in managing your currency accounts.</li></ul><h3>Let’s Get Started!</h3><a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=the-keys-to-managing-risk-in-volatile-markets">Open an account with MTFX today</a> in just a few minutes, to benefit from currency risk management and reduce costs when doing business internationally.Popular related articles;<ul><li><a target="_blank" href="https://www.mtfxgroup.com/post/money-transfer-checklist-a-few-things-to-consider/">Money transfer checklist</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/are-you-a-multinational-then-you-should-have-a-strategic-fx-management-plan-in-place/">Best Strategic FX Management Plan</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/5-steps-in-the-overseas-payment-process/">5 Steps in Overseas Payment Process</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/4-steps-for-an-effective-hedging-strategy/">4 steps for an effective hedging strategy</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/how-to-minimize-currency-risk-for-overseas-money-transfers/">How to Minimize Currency Exchange Risk when Paying Overseas Suppliers</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/why-you-need-an-exchange-hedging-strategy-to-protect-business-profits/">Why you Need an Exchange Hedging Strategy to Protect Business Profits</a></li></ul>Sources:<ol><li><a target="_blank" href="https://www.yahoo.com/?err=404&amp;err_url=https://www.yahoo.com/now/2022-trends-finance-survey-results-140000468.html?guce_referrer=ahr0chm6ly9izxrhlm10znhncm91cc5jb20v&amp;guce_referrer_sig=aqaaajlsjc1hp6la9_68f-pu38c0yvos_rcb78km9gkdhdps1omruc9mhjabxvy_27xi-stjfwvy39pjekcse0jbvgkjtw8zyv_vkr5zjofuorqthhuijzo057vc7yyvp2kmmh4qbxucedkvqx_pn5rplxipp4cxtgwcxkmmzhxdeosx">Yahoo</a></li></ol>

medium_large_untitled_1_4ef9780aec.webp

small_large_untitled_1_4ef9780aec.webp

thumbnail_large_untitled_1_4ef9780aec.webp

large_untitled_1_4ef9780aec.webp

How to Reduce Costs when Doing Business Internationally?

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/medium_currency_risk_blog2_7f5a6c6665_83aaf979d2.webp" alt="Line chart showing a financial trend that moves from profit to loss. The red horizontal line divides the chart, with &quot;PROFIT&quot; above and &quot;LOSS&quot; below. The blue line dips sharply below the line, indicating a loss, then begins to recover."></figure>Whether you’re selling or buying overseas, much of your business strategy should include managing the effects of exchange rate changes. Foreign currency conversion fees can also increase the cost of doing business when purchasing raw materials and making supplier payments. &nbsp;Know how foreign exchange rates can affect your bottom line and leverage that knowledge to make the best overseas deals. You are not only exchanging goods and services, but you are also exchanging the value of one currency for another.&nbsp;<h2>What should you know about exchange rates?</h2>Exchange rates fluctuate with the economic and political fortunes of countries. Volatility in the foreign currency exchange market results from the practice of currency pairing. That pairing is based on liquidity, trading volume, and volatility. Exotic pairings like <a target="_blank" href="https://www.mtfxgroup.com/tools/currency-charts/?to=huf&amp;from=cad">USD/HUF</a> (US dollar vs. Hungarian Forint) can be prone to high volatility due to local or global events.Even in developed countries, speculators like George Soros have made fortunes on foreign exchange volatility. When Great Britain was forced to devalue the pound sterling, Soros took a short position on a $10 billion trade and ended up with a profit of $1 billion.<a target="_blank" href="https://www.mtfxgroup.com/tools/live-exchange-rates/">Exchange rates</a> can also have an indirect effect on a business, even when the business doesn’t deal in foreign exchange. For example, transportation costs are directly connected to the price of fuel. When fuel prices and foreign currency exchange rates fluctuate, the cost of doing business can be indirectly impacted.Let’s explore the more direct impacts of foreign currency exchange rates on your business.<h2>How can foreign exchange transactions affect your business?</h2>For those who need to keep their business running profitably, currency fluctuations and exchange rate movements can be a big deal if your business:<ol><li>Depends on income from overseas operations.</li><li>Exports or imports services and goods to/from abroad.</li><li>Must pay invoices overseas.</li><li>Interacts in any way with foreign currencies.</li></ol>When closing a deal worth thousands of dollars, a fluctuation one way or the other of just a few cents on either side of the bottom line can be the tiebreaker in the success of the deal.Do the math: if you ship a load of goods to an overseas buyer worth $50,000, a fluctuation of just 3 cents in the currency exchange rate could result in a $1,500 loss—or gain--depending on which side of the deal you’re on.<h2>What happens when your domestic currency exchange rate falls?</h2>You also need to be aware of how your currency compares to the rest of the world. If your currency devalues, the decrease in value of your currency can result in the following:&nbsp;<ul><li>Investing in overseas operations becomes more expensive.</li><li>Your business becomes more attractive to foreign investors.</li><li>Higher costs for imported goods can reduce the profits for importers, but attract investments for exporters.</li><li>Domestically produced products become more competitive against imports.</li><li>Capital expenditure, such as importing equipment, becomes more expensive.</li><li>Servicing foreign currency debt also becomes more expensive.</li></ul><h3>But when your domestic currency exchange rate rises, the opposite occurs:</h3><ul><li>Exports become less competitive, and the exporter's profitability is reduced.</li><li>The value of an investment in foreign businesses and monetary assets decreases.</li><li>The income from foreign currency from investments is reduced.</li><li>The cost of foreign raw materials decreases, and importers gain a competitive advantage.</li><li>The value of foreign currency liabilities and the cost of servicing those liabilities are lowered.</li><li>Capital expenditure costs on imported equipment go down.</li><li>Your business is less attractive to foreign investors.</li></ul><h2>Managing the effects of exchange rate changes with MTFX</h2>So, no matter which side of the currency exchange equation your business is on, exchange rates can affect your business’s bottom line.Then there is the hassle and expense that come with banks getting involved in conversion or transaction fees. Banks typically reduce their own risk in handling foreign currency by charging their premium. They frequently use an intermediary bank, which adds its transaction fee in turn.Also,&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/post/pay-overseas-suppliers-in-foreign-currency/">converting foreign exchange to a local currency</a> has its advantages. You either have no choice or prefer to pay your overseas customer in the local currency. However, you need a simpler, less time-consuming way to send direct, fast payments.Maybe you have a long-range overseas business expansion plan, but want to wait for a more favourable foreign exchange rate to make your big investment move. With a <a target="_blank" href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">forward contract</a>, you can get today’s lower rate for future purchases without worrying about market volatility.MTFX does all of the above and more for&nbsp;<a target="_blank" href="https://www.mtfxgroup.com/industry-solutions/business/">small and medium-sized businesses</a> across various industries. You will also receive up-to-date foreign currency exchange rates as well as daily/weekly/monthly market analysis from experts who are dedicated to helping your business stay ahead of foreign currency exchange volatility.<a target="_blank" href="https://online.mtfxgroup.com/register/?source_page=currency-exchange-fluctuations-can-put-your-business-at-risk">Open an account with MTFX today</a>&nbsp;to benefit from currency risk management in volatile markets and quick, easy money transfers.<hr><h4>Popular related articles:</h4><ul><li><a target="_blank" href="https://www.mtfxgroup.com/post/money-transfer-checklist-a-few-things-to-consider/">Money Transfer Checklist</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/are-you-a-multinational-then-you-should-have-a-strategic-fx-management-plan-in-place/">Best Strategic FX Management Plan</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/5-steps-in-the-overseas-payment-process/">5 Steps in Overseas Payment Process</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/4-steps-for-an-effective-hedging-strategy/">4 Steps for an Effective Hedging Strategy</a></li><li><a target="_blank" href="https://www.mtfxgroup.com/post/how-to-minimize-currency-risk-for-overseas-money-transfers/">How to Minimize Currency Exchange Risk when Paying Overseas Suppliers</a></li></ul><h4>Sources:</h4><ol><li><a target="_blank" href="https://www.investopedia.com/terms/s/short.asp">Investopedia</a></li></ol>

thumbnail_currency-risk-center.webp

currency-risk-center.webp

Currency Exchange Fluctuations Can Put your Business at Risk

Explore strategies to streamline cross-border payments, manage FX risk, and grow your global operations. See how MTFX supports businesses with smarter, cost-effective payment solutions.

Business Blogs

Explore smarter business money transfer solutions with MTFX. Gain expert insights on international payments, currency exchange, compliance, and cutting transfer costs.

Guides & Tips for Business Money Transfers with MTFX

United States flag icon representing USD or U.S. payments

us.svg

European Union flag icon representing EUR or EU-wide transactions

eu.svg

United Kingdom flag icon representing GBP or UK-based transactions

gb.svg

Japanese flag icon representing JPY or Japan-based transactions

jp.svg

German flag icon representing EUR or Germany-based transactions

de.svg

French flag icon representing EUR or France-based transactions

fr.svg

Italian flag icon representing EUR or Italy-based transactions

it.svg

Spanish flag icon representing EUR or Spain-based transactions

es.svg

Swiss flag icon representing CHF or Switzerland-based transactions

ch.svg

UAE flag icon representing AED or UAE-based transactions

uae-flag-icon.svg

Chinese flag icon representing CNY or China-based payments

cn.svg

Indian flag icon representing INR or India-based payments

in.svg

Canadian flag icon representing CAD or Canada-based payments

ca.svg

Hong Kong flag icon representing HKD or Hong Kong-based payments

hk.svg

Australian flag icon representing AUD or Australia-based transactions

au.svg

Singapore flag icon representing SGD or Singapore-based payments

sg.svg

Polish flag icon representing PLN or Poland-based transactions

pl.svg

South African flag icon representing ZAR or South Africa-based payments

za.svg

New Zealand flag icon representing NZD or New Zealand-based transactions

nz.svg

Turkish flag icon representing TRY or Turkey-based payments

tr.svg

With MTFX, you can send money to over 190 countries in 50+ currencies—quickly, securely and at competitive rates.

Popular currencies and destinations for sending money from Canada

Create an account in minutes and make a transfer today.

blogs-cta-A

Send money abroad

Experience seamless global payments and discover how simple money transfers can be.

blogs-cta-B

Best rates, low fees, and quick transfers

Access tools to help you track, manage, and simplify your global payments.

Person typing on a laptop displaying a world map with glowing connection points, symbolizing global communication, data flow, or international money transfers.

medium_11523056 (1).webp

small_11523056 (1).webp

thumbnail_11523056 (1).webp

11523056 (1).webp

blogs-cta-C

Stay connected Keep updated Make informed decisions

MTFX’s rates are fair and transparent, which can save you thousands on your currency transfers. The rate you receive is based on the interbank market rate and, because we transact large volumes, we pass on the savings to our clients. Compare our rates to those of your bank and see what the difference really is. you will be surprised at how much you can save.

Why are MTFX’s rates so competitive?

We maintain a low, standard transfer fee of $15 for transactions less than $10,000. Any transactions over $10,000 will have no fees. Compare this fee with that of your bank, which will typically charge you $40-50 in transfer fees.

What does MTFX charge to send money transfers?

Dealing with MTFX is easy. Simply register with us online for instantaneous access to our online dealing platform. After you complete your registration, an MTFX currency specialist will call you to discuss your transfer and make sure the platform is set up and customized to meet your needs. For more information about our online platform, <a href="https://www.mtfxgroup.com/transfer-money/?_ga=2.192877219.829883386.1726729097-1644942358.1714661560">click here</a><a href="https://beta.mtfxgroup.com/transfer-money/">.</a> You can book your exchange rates with us 24/7, manage your beneficiaries, and send funds seamlessly from any device. We have made it that simple!

What is the process of working with MTFX?

Yes, MTFX supports both personal and business transfers, providing tailored solutions for a variety of transfer needs.

What things to consider when buying overseas property?

Yes, creating an MTFX account is quick and easy, giving you access to secure, efficient transfer options and additional services.

What countries does MTFX support for property purchase transfers?

What documents do I need to transfer money for buying property?

Frequently asked questions

Your daily snapshot of the Canadian dollar’s performance and events influencing its value.&nbsp;

Man using a tablet in a modern kitchen with city skyline view, representing convenient access to competitive exchange rates with MTFX.

image 61 (1).svg

Canadian Dollar Daily Update

Explore the week ahead with insights into trends shaping the Canadian dollar’s trajectory.

Canadian Dollar Weekly Outlook

Get a comprehensive forecast of the Canadian dollar’s movements for the month.&nbsp;

Canadian Dollar Monthly Update

Read our latest FX forecasts

Your money goes further with our competitive rates and transparent pricing.

newsletter-default

Save more with every transfer

Discover practical guides on sending money abroad, paying tuition, buying property overseas, and more. Learn how MTFX helps individuals save on international transfers with better rates.

Personal Blogs

Discover the smartest ways to send money abroad with MTFX. Get insights on fees, savings, and tips for secure, fast personal transfers across 190+ countries in 50+ currencies. 

Secure & Fast Personal Money Transfers | Tips & Insights - MTFX

Discover global trends, inspiring customer stories, and how to make the most of your international money transfers.

Explore expert content on tag from MTFX Group. Get trusted advice, tips, and trends to navigate global payments, finance, and currency exchange with confidence.

tag insights, tips & guides – MTFX Blogs

Blogs

Track key currency movements and plan your transfers with confidence.

Key economic events, announcements, and news.

Economic Calendar

Daily Currency Performance

Monthly Currency Performance

FX Daily

FX Weekly

CAD Forecast

USD Forecast

Weekly Currency Performance Table

Stay ahead of the markets with daily and weekly currency updates and monthly forecasts.

Sign up for our newsletters

Currency market updates

FX tools at your fingertips

A panoramic view of the Las Vegas Strip at night, showcasing illuminated hotels, casinos, and the vibrant city skyline.

large_Las Vegas-A Brief Guide for Canadians Buying Property in Nevada.webp

medium_Las Vegas-A Brief Guide for Canadians Buying Property in Nevada.webp

small_Las Vegas-A Brief Guide for Canadians Buying Property in Nevada.webp

thumbnail_Las Vegas-A Brief Guide for Canadians Buying Property in Nevada.webp

Las Vegas-A Brief Guide for Canadians Buying Property in Nevada.webp

A picturesque view of Lake Tahoe with crystal-clear waters, pine-covered shores, and snow-capped mountains in the distance.

large_Lake Tahoe- A Brief Guide for Canadians Buying Property in Nevada (2).webp

medium_Lake Tahoe- A Brief Guide for Canadians Buying Property in Nevada (2).webp

small_Lake Tahoe- A Brief Guide for Canadians Buying Property in Nevada (2).webp

thumbnail_Lake Tahoe- A Brief Guide for Canadians Buying Property in Nevada (2).webp

Lake Tahoe- A Brief Guide for Canadians Buying Property in Nevada (2).webp

A cityscape of Reno highlighting the downtown area with modern buildings, the Truckee River, and nearby mountainous terrain.

large_Reno- A Brief Guide for Canadians Buying Property in Nevada (2).webp

medium_Reno- A Brief Guide for Canadians Buying Property in Nevada (2).webp

small_Reno- A Brief Guide for Canadians Buying Property in Nevada (2).webp

thumbnail_Reno- A Brief Guide for Canadians Buying Property in Nevada (2).webp

Reno- A Brief Guide for Canadians Buying Property in Nevada (2).webp

An aerial view of Henderson displaying suburban homes, green spaces, and the backdrop of desert hills.

large_Henderson-A Brief Guide for Canadians Buying Property in Nevada.webp

medium_Henderson-A Brief Guide for Canadians Buying Property in Nevada.webp

small_Henderson-A Brief Guide for Canadians Buying Property in Nevada.webp

thumbnail_Henderson-A Brief Guide for Canadians Buying Property in Nevada.webp

Henderson-A Brief Guide for Canadians Buying Property in Nevada.webp

A scenic landscape of Mesquite featuring desert terrain, residential neighborhoods, and surrounding mountains under a clear blue sky.

large_Mesquite- A Brief Guide for Canadians Buying Property in Nevada.webp

medium_Mesquite- A Brief Guide for Canadians Buying Property in Nevada.webp

small_Mesquite- A Brief Guide for Canadians Buying Property in Nevada.webp

thumbnail_Mesquite- A Brief Guide for Canadians Buying Property in Nevada.webp

Mesquite- A Brief Guide for Canadians Buying Property in Nevada.webp

A Brief Guide for Canadians Buying Property in Nevada

A panoramic view of downtown Austin, Texas, showcasing the skyline with modern high-rise buildings and the Colorado River in the foreground.

large_1 Austin, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

medium_1 Austin, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

small_1 Austin, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

thumbnail_1 Austin, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

1 Austin, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

A view of San Antonio, Texas, highlighting the historic Alamo mission with surrounding greenery and a clear sky.

large_1 San Antonio, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

medium_1 San Antonio, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

small_1 San Antonio, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

thumbnail_1 San Antonio, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

1 San Antonio, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

A cityscape of Houston, Texas, featuring a mix of modern skyscrapers and green spaces under a bright, sunny sky.​

large_1 Houston, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

medium_1 Houston, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

small_1 Houston, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

thumbnail_1 Houston, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

1 Houston, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

An aerial view of downtown Dallas, Texas, displaying the city's prominent skyscrapers and urban landscape during daylight.

large_Dallas, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

medium_Dallas, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

small_Dallas, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

thumbnail_Dallas, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

Dallas, Texas- A Brief Guide for Canadians Buying Property in Texas.webp

A landscape view of El Paso, Texas, highlighting the city's buildings set against the backdrop of the Franklin Mountains under a partly cloudy sky.

large_El Paso, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

medium_El Paso, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

small_El Paso, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

thumbnail_El Paso, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

El Paso, Texas- A Brief Guide for Canadians Buying Property in Texas (2).webp

A scenic coastal view of Corpus Christi, Texas, featuring the marina with docked boats and the city skyline in the background under a clear blue sky.