[GNC] Have I got my USD accounts set up wrong?

[David Kirkby]

On Thu, 30 Nov 2023 at 03:48, Alan Hopkins <hoppo52 at gmail.com> wrote:

>    Hello David
>    We receive and pay for a multitude of currencies.  This made life
>    complicated for a small business so we decided to use a FX service - we
>    use OFX because we managed to get to them in their early days and were
>    offered a special continuing deal.
>    However, there are quite a few others too - TransferWise (now just
>    called Wise) were probably the initiators in this area.
>    The way it works is that we tell them what we need to pay in FX, we pay
>    in our local currency and the bill is paid to the supplier in their
>    currency.  On the receipt side, the client pays into a bank account
>    local to them, the OFX service notifies us of the receipt, and then we
>    can either convert to our local currency immediately or at some time
>    over the next 2 months when we wish - this has an advantage (generally)
>    in being able to get a more favourable exchange rate and thus a better
>    return.
>    The service costs less than banks - they provide a better exchange rate
>    and have lower fees - and our accounts are all in local currency.  We
>    just adjust our invoices/bills according to the rate received/paid.
>    Easy peasy.
>    I'm not sure that will help you but it just might!
>    Cheers
>    Hop
>

A  significant percentage of my transactions go via PayPal, so I don't
think that would work too well for me. It might sometimes, especially on
the rare higher value transaction which is paid by bank transfer.

Dave