If your company imports goods, hires services from abroad, or makes international transfers, there’s one key fact you can’t overlook: all these payments are made using the foreign exchange (FX) rate—different from the rates you see on news sites or social media.
The foreign exchange (FX) rate is the wholesale value banks use for international transactions. It’s not the MEP, blue, or CCL rates. It’s a separate exchange rate with its own rules—and often with hidden costs.
The main costs associated with foreign currency transfers include:
• Bank spread, which can add between 1% and 2.5% on top of the official exchange rate.
• SWIFT fee for international transfers, typically ranging from USD 50 to USD 150 per transaction.
• Withholdings and taxes, which may still apply to certain services depending on the sector and proper documentation compliance.
It all adds up. And without the right strategy, these costs can seriously impact your profitability.
How can Magforce help you?
We offer a comprehensive approach to make every dollar count:
• Optimization of your currency exchange strategy
• Coordination of documentation with customs brokers and accounting firms
• Assessment of external financing sources
• Integration of payments and logistics into a single efficient operation
Don’t overpay.
Connect with Magforce and make your international operation profitable from end to end.
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