Cars And Coffee Byron Bay Posted 1December, 2017 Report Share Posted 1December, 2017 After importing 2 cars from USA, i learnt first hand of the high costs of converting funds from AUD to USD. Banks charge around 5% margin on all conversion, which means I was spending $5,000 on a $100,000 transaction. So, in response to this, today I have launched Instant Global Payments. https://www.instantglobalpayments.com Our goal is to send more of your funds to the recipient, and take less as fees. Western Union can charge up to 15%. Banks can charge up to 6%. We charge less than 2%. At least one member has already used us to send funds to the USA for a purchase, and saved around $2,000. Link to comment Share on other sites More sharing options...
edgy Posted 1December, 2017 Report Share Posted 1December, 2017 Good idea! As a general consumer, you're definitely over a barrel when it comes to choices in foreign payment methods! Link to comment Share on other sites More sharing options...
Gavn Posted 1December, 2017 Report Share Posted 1December, 2017 Just sent funds in US to Canada a few days back...will be using this next time. Link to comment Share on other sites More sharing options...
TrevMcRev Posted 1December, 2017 Report Share Posted 1December, 2017 Chris your inbox is full... Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 1December, 2017 Author Report Share Posted 1December, 2017 8 hours ago, TrevMcRev said: Chris your inbox is full... Thats to goal @TrevMcRev. Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 27May, 2018 Author Report Share Posted 27May, 2018 Just a further update. Due to some amazing work from the team, we now have 28 currencies and 180 + countries (including NZ). As a special "thank you" to everyone at PFA for putting up with me over the years, the PFA rate for sending funds from Australia to most places in the world is now just 0.5%. That is 5.5% better than the bank rate, and better than anything we have found. Of course, I may be wrong (just ask Mrs BBC). And here is the challenge. I want you to show me that your bank gives you a better rate than I can. I don't think they will. But, they might. So, could you signup for an account at https://InstantGlobalPayments.com (just need your email - no money involved) and compare our rate to your bank rate. If the bank rate is better than mine - send me a screenshot of your bank (or whoever you use) and I will send you a gift from Byron Bay Speedshop. Thanks for helping out a fellow Porsche nut in need. Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 27May, 2018 Author Report Share Posted 27May, 2018 and feel free to checkout the website (https://instantglobalpayments.com) and tell me what is wrong with it. Link to comment Share on other sites More sharing options...
MFX Posted 27May, 2018 Report Share Posted 27May, 2018 I wish I had seen this a few days ago. I just sent a bunch of cash to the US for my engine with OFX, but I would much prefer to keep things in the PFA family. I will keep it in mind for next time for sure. Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 27May, 2018 Author Report Share Posted 27May, 2018 14 minutes ago, MFX said: I wish I had seen this a few days ago. I just sent a bunch of cash to the US for my engine with OFX, but I would much prefer to keep things in the PFA family. I will keep it in mind for next time for sure. That would be great. Thanks Link to comment Share on other sites More sharing options...
flamingporsche Posted 27May, 2018 Report Share Posted 27May, 2018 Can you send money from offshore to Aus? The page let’s you price sending AUD to other currencies, but not other currencies back to AUD. Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 27May, 2018 Author Report Share Posted 27May, 2018 2 hours ago, flamingporsche said: Can you send money from offshore to Aus? The page let’s you price sending AUD to other currencies, but not other currencies back to AUD. To send money from another country to Australia, we need to be legally registered and compliant in each of those countries. This is the reason I have been selling my Porsches........as the timeframes and costs are huge. At the moment we can send money from Australia as we are registered, and we will be able to send funds from EU within the next short while. USA will be a long way off, as I don't like the idea of spending years in jail. Link to comment Share on other sites More sharing options...
Coastr Posted 28May, 2018 Report Share Posted 28May, 2018 5 hours ago, flamingporsche said: Can you send money from offshore to Aus? The page let’s you price sending AUD to other currencies, but not other currencies back to AUD. Ask your bank to open a foreign currency account for you. Then get wired to your local foreign currency account. You can then convert it at your leisure to AUD as it is your account. $20 to receive a wire, doesn’t matter what amount. you generally will get an ok spread when you convert to AUD - noting like the counter rate. Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 31May, 2018 Author Report Share Posted 31May, 2018 On 5/28/2018 at 1:12 PM, Coastr said: Ask your bank to open a foreign currency account for you. Then get wired to your local foreign currency account. You can then convert it at your leisure to AUD as it is your account. $20 to receive a wire, doesn’t matter what amount. you generally will get an ok spread when you convert to AUD - noting like the counter rate. That's true, yes, but the main difference is the spread. It is possible move money from bank to overseas bank for between $18 and $30 AUD (depends on bank). It is the moving between the currencies where we come into the equation. For a small amount - it is easy enough to use the bank and pay the extra. But if you want to buy a 356 from overseas, and need to convert AUD to USD, then using a company like us will save around $4,000. Enough for shipping, or compliance, or to keep in the kitty for speeding fines. Link to comment Share on other sites More sharing options...
SteveF Posted 26June, 2018 Report Share Posted 26June, 2018 I had to send a small amount of money (less than $100) over to the UK today and remembered this thread. Very easy and quick. Thanks Chris for your help. Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 18July, 2018 Author Report Share Posted 18July, 2018 On 5/28/2018 at 7:38 AM, flamingporsche said: Can you send money from offshore to Aus? The page let’s you price sending AUD to other currencies, but not other currencies back to AUD. Yes we now can. We are compliant to send funds both inbound and outbound. From all low-risk countries (ie, not North Korea etc). Once you login to your account, it is a simple process to enable the Inbound payments. Link to comment Share on other sites More sharing options...
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