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June 5, 2015
Most companies involved in the travel and tourism industry have a need for the convenient and cost effective solutions offered by international money transfer firms. Incoming payments may come in the form of a foreign currency from international clients and outgoing payments often need to be converted to other currencies for the booking of hotel accommodations and tours.
If your business is involved in multiple global remittances monthly, then finding the right FX service is vital. Increasing the speed at which money is transferred from one location to another can improve positive cash flow and saving just a couple of percent on each transaction adds up quickly.
In the travel industry, the daily fluctuations of currency exchange values can have a huge impact on the bottom line. They also add an element of uncertainty to net profits. Accurately predicting the value of a foreign currency and hedging against sudden drops in exchange rates can often mean the difference between profiting and losing on an individual transaction.
A famous poet once said, “It isn’t the mountain ahead that wears you out — it’s the grain of sand in your shoe.” There is no better way to describe the effect losing a couple of percent on each and every transaction can have on your business. It’s the financial equivalent of dying the death of a thousand cuts.
Don’t let your travel company get bleed dry by the large banks. Instead of sticking with the same outdated money transfer methods your organization has been using for years, consider working with a dedicated currency specialist at an international money transfer firm. They offer payment solutions for incoming and outgoing payments that will save time and money.
These are just some examples of the benefits a travel company can realize by working with an international money transfer firm. By speaking with a currency specialist, most organizations can find additional custom solutions tailored to their business needs.
Any travel industry professional knows that perception of the overall costs is often different from the reality. Navigating the obstacle course of hidden fees, poor exchange rates and transfer inefficiencies can be crippling with just one or two missteps. Competition is fiercer than ever before and the pressure to cut costs and increase profit margins has never been greater.
It’s time to revamp your approach to international payments and collections. Work with a dedicated FX firm to automate and streamline the process freeing up man hours and increasing the bottom line. It’s time to break from tradition and find innovative international payment solutions that give your company a competitive edge.