Case Study: Matt conducts business through his foreign currency account
Matt buys products from China to sell to his customers in North America. Without a foreign currency account, he converted US dollars into Chinese renminbi when purchasing items from suppliers and then converted Canadian dollars or Mexican pesos to US dollars when receiving payments from customers.
The process not only took time for banks to move his money and fees per transaction, but also introduced the risk of losing his hard-earned profits to exchange rate fluctuations when converting across currencies.
Today, his foreign currency account integrates the ability to send and receive money in the currencies he frequently conducts business in. He can buy from suppliers using Chinese renminbi and receive payments from customers in their own currencies directly into his US-based bank account. When the exchange rate is strong, he converts the foreign currencies in his account to US dollars quickly and affordably.
I am running a money transfer business but finding very difficulty to open a foreign currency account. I need your kind help please in order to open an account.
Hi Ansar,
Thank you for reaching out.
This page you accessed is for users in the US and may not works the same if you are overseas. As a gentle reminder, you have reached Finder, we are a general information and comparison website. This page has guidelines on how you can manage your transactions abroad with a foreign currency account.
You can try to contact the banks who offers business accounts and see if they offer a foreign currency account that you can use for your money transfer business.
Hope this helps! 😊
Kind Regards,
Mai