ECA

OFX and Export Council of Australia partner to help Australian exporters to expand and benefit from FX services

05.06.2020 Export Council of Australia

We are proud to announce that we have launched a partnership with OFX to help Australian businesses’ take advantage of opportunities in the global market and move money globally with confidence.  

For Australian businesses exporting into new markets, fee shock and uncertainty around how to best navigate currency volatility, particularly in the current climate, can be a natural hindrance to many. In fact, the 2019 OFX Cross-Border Confidence Index* report found a lack of confidence in managing exchange rates has stopped a third (33.6%) of Australian SMEs from trading internationally or dealing with overseas suppliers. This can be partly attributed to a lack of transparency on fees when it comes to foreign exchange transfers, with Australian SMEs identifying this as a primary concern (58.7%).

Through this partnership, OFX and ECA hope to enhance members’ cross-border trading capabilities, secure competitive, bank-beating currency exchange rates and provide access to specialist support to help members plan ahead and manage currency volatility.

These materials build on ECA’s existing resources for members and dedicated focus on developing international business skills, building Australian business capacity, conducting international market research, supporting with overcoming barriers to international trade, building global networks and informing Australian trade policy to support Australian exporters.

Dianne Tipping, Chair of Export Council of Australia, said: “All companies dealing in the international trade arena need to consider a range of risk probabilities. One of the many risks to manage is their foreign exchange strategy. The ECA is pleased to be able to partner with OFX to promote their experience, aligned with their competitive advice on how exporters can understand and then manage this risk.”

Yung Ngo, President, Asia Pacific at OFX, said: “Understanding how to best overcome challenges with currency fluctuations and leverage FX risk management strategies to help plan ahead is absolutely key to protecting Australian exporters’ bottom line and effectively engaging in cross-border trade.

“The Export Council of Australia has a strong, rich history of empowering and educating Australian businesses about international trade, so we are looking forward to helping equip these businesses with our specialist capabilities and currency expertise to enable this community to manage FX with confidence.”

To start saving on global money transfers, ECA Members can sign up via the partner page www.ofx.com/exportcouncil

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