Many people use services like American Express or Traveler’s checks to pay for expenses when travelling overseas. But what if you’ll have recurring payments for things like:

  • A child who is getting an advanced degree at Oxford
  • The purchase of a rental property in another country
  • Your business accepts payments in foreign currency?

If you’ll be sending money overseas on a regular basis you may want additional peace of mind that the money will be transferred safely and that you’re getting the best deal to do so. Fortunately, companies like OFX offer services to assist individuals and business owners with currency conversion. While major money center banks like Citi or Santander offer similar services, their fees can be expensive when compared to other options. Consider that there are fees from each bank on either side of the transaction as well as a margin for the currency conversion itself. In addition many of these banks have terrible disciplinary records for fraud giving you more reason to be reluctant to trust them. In this interview, Nathan, speaks with Ben Winterroth to get a better understanding of how the average retiree or business owner could benefit from working with a company like OFX and why their benefits aren’t available through other services like Bitcoin.

VIDEO HIGHLIGHTS

1:45 – Why not just go through banks?

2:15 – The 3 fees banks charge to convert currency

3:40 – How OFX is more efficient

4:46 – How much can the average person save for a transfer?

5:47 – Is Bitcoin an alternative way to send money?

7:32 – When should someone start converting currency when travelling abroad?

8:20 – Can you use OFX for currency diversification in your investment portfolio?

9:32 – Are there business uses for OFX?

11:34 – Are these accounts insured?

 

If you’re interested in learning more about OFX click here.

**Note – Strategic Wealth and OFX do not receive any financial benefit from OFX or Ben Winterroth.

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