In this blog we discuss Send Payments - all about how to send your money internationally...

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INTERNATIONAL MONEY PAYMENTS

Today's topic is international money payments. Okay, so what I wanted to talk to you guys about is a company called Send Payments. Send Payments is partnered with PEXA who handle our Queensland property electronic settlements. What this company does is allows us to send international money transfers - fast.

Many property transactions across Queensland involve people who are either overseas or possibly relocating overseas. So, there is demand to send money internationally with international currency. How do we manage that? Well, up until recently, the process for us was - we would settle your property transaction, we would then get your sale proceeds into our trust account - usually as a bank cheque. Then we have to go to the bank, deposit that bank cheque wait up to three business days for that money to clear, get all of your international banking details, pay the exchange rate, pay the bank fees, and then send it overseas.

That could take an additional three business days on top, so the chances of seeing your money within, call it one week was pretty unlikely. However, Send Payments allows it to be done electronically. What that looks like is: usually same business day transfer for your funds: it integrates directly with the electronic settlement platform, PEXA. So, we load everything in in advance, we set it all up, and then when your settlement goes through - you get paid.

Okay, so what is Send? Send isn't a bank, it's actually an international money transfer company. Send is also a foreign exchange platform and it allows a seamless transaction for everybody. So for you as the Seller, for us as the conveyancer, it makes the process nice and simple.

There is a 24/7 platform available so we can arrange all of the details for the transfer at any time - it's fast and it's secure. Oh, and also you don't need to visit a bank, which is great. 

Some benefits of Send Payments - fast, international money transfer - usually within one business day to 130 different currencies. There's competitive exchange rates with no fees, us as the lawyers have access to a dedicated account manager, so if there's any queries or problems, we have a direct line to communicate with the right people to arrange your money and check that everything's going as expected. And of course, peace of mind - Send is ASIC certified and regulated. 

So what I want to do here is just educate everybody listening about the process for international money transfers. Whilst it doesn't happen often, there's still a market for it and when it happens, you can now talk to your clients and your customers about what that looks like.

Because electronic settlements are mandated in Queensland, we have that option. You should be talking to your solicitor to make sure that they're signed up for Send and that they know how to use Send. We've been on send for months now and we rate it - we've done multiple transactions and we definitely think it's a faster, safer, more secure process that everybody should be using so that our international clients get their money safe and fast.

Thank you guys. 

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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.