Wholesale Foreign Exchange Rates

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Are you frustrated with how much the banks charge for exchange rate transactions?

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Now you can save 10 to 50 basis points on each foreign exchange transaction.

After researching the best foreign exchange rates for our own internal company use, we discovered PSL FX, a NZ-based company with a branch in Australia.

They are specialists in Foreign Exchange conversions and we have found that their exchange rates are consistently among the most competitive in the market.

Do you have a need for any of the following foreign exchange services:

  • Estimates: Although the amounts will vary between an estimate and an on the spot (Binding) quote, it is very easy to compare PSL FX rates with other service providers. And they also have low or no banking/TT charges.
  • Spot Contracts: Need to pay an account in US Dollars (or almost any other currency) somewhere in the world? Do you have to send a large sum of money to settle a house purchase in Australia? In literally 2 minutes, PSL FX can lock in a foreign exchange transaction for settlement within the next two business days at their competitive rates. This is an instant service requiring your immediate confirmation and leads to a binding deal.
  • Forward Exchange Contracts: Face the future with certainty. Avoid fluctuating exchange rates by locking in a price today for a transaction that will take place at a future time. Forward contracts allow an exchange rate to be confirmed immediately. Payment is not required for the purchased currency until the future date. This strategy allows protection of your future cash flow from negative currency fluctuations.
  • Global Market Watch: PSL FX keeps an eye on things so you don’t have to. PSL FX allow you to undertake transactions around the globe when a specific price is reached at a time when off shore markets are open. Even when you are not available.
  • Letters of Credit: Arranging letters of credit to complete importing formalities are time consuming and challenging. Documentation has to be accurate and dealing with banks and customs/freight forwarding agents in a specific tight frame is a skill set all on its own.

    • Many businesses dedicate significant staffing resource to this one area alone. And smaller businesses can find preparing letters of credit takes a lot longer than it should because it is an ad hoc activity relative to other activities performed on a regular basis. The ramifications for not correctly actioning letters of credit can be considerable.

    PSL FX has a specialist team with many years of experience in this vital area and it may well be worth letting PSL FX co-ordinate this function as the most cost effective option for your business.

After testing out their services, we found that their pricing was consistently between 10 to 50 basis points better than the best deal the banks could offer. They achieve this because they partner with some of the industry’s leading foreign exchange providers (to get volume discounts) and use the international banking system. Combined with low overheads (when compared to the banks), the rates are almost always lower than the main banks.

We also liked how secure our money was. PSL FX operates a Trust Account that is subject to regular, independent audit. This Trust account is dedicated solely for Payment Services Limited’s Foreign Exchange Division (PSL FX). There are no overdraft facilities for their Trust Account and a positive balance is always maintained.

PSL FX uses the secure international banking system to transfer the funds directly to the recipient’s bank account. Because of their international connections, they are able to charge far less than most banks for the same service.

Having researched them, then trialled them for our own transactions, we liked their pricing and service so much that we decided to put together a deal for our Buying Group members.

So which of our members would find this service useful?

  • Individuals: those who need to send funds offshore for any reason including real estate transactions, settlement of estates, purchases of businesses or simply sending money to family and friends. They want to get the best foreign exchange rates available and they want to ensure the money gets to where it is supposed to go, on time, without paying exorbitant fees.
  • Businesses: if your business is undertaking regular foreign exchange payments such as importers, lawyers, share brokers and accountants, then consider these reasons to use PSL FX:
  • The convenience of being able to complete a transaction without having to leave your office,
  • Wholesale FX rates normally reserved for big businesses, which gives you more money at the other end,
  • Significantly lower fees which add value directly to your business’ bottom line,
  • The security of knowing the funds are transferred directly to the recipient’s bank account via the international banking system,
  • The ability to offer your clients a better deal on FX transactions.

We have also negotiated a reduction on their fees for the next two months as a special benefit to our members, so if you have $2,000 or $2 million that you would like to transfer overseas, then get an estimate from PSL FX. This link will take you to a web page only for members of The Buying Group.

Client References

Here are just some of the references that we have received from our clients…

The Buying Group was happy to provide us with the most current figures and the best options for our business. When we decided to go ahead with them, the change was handled very quickly and seamlessly. The communication between Glynne and his team has been excellent and I feel confident recommending them to other Flooring Xtra members.
Taryn Beattie, Store Manager, Hubbers Flooring Xtra, Nelson

The competitive pricing initially caught our interest with The Buying Group plus were using quite a range of fuel cards amongst our fleet of vehicles. We have successfully changed the habits of our staff to shop where we know fuel is the cheapest, and we have minimised the amount of fuel cards that our company is using. Our monthly invoice is itemised to each vehicle and is easy to follow. Any little teething problems we had with the likes of pin numbers were dealt with efficiently and in a friendly manner.
Karen Prestidge, Office Secretary, Sunrise Cleaning Services (Nelson) Ltd, Nelson

We have been using The Buying Group for 5 years to facilitate our purchases of packaging, safety equipment and general engineering consumables.  When they originally approached our Company we were concerned about limiting our purchases to one supplier for packaging supplies, the first category they offered.  Their review of our expenditure at that time identified significant cost savings and after obtaining assurances in their service and delivery levels we changed to The Buying Group’s supplier.

Since 2005 we have taken advantage of their safety equipment, stationery and engineering consumables categories as well as utilising their fuel card solution.  They have continued to monitor their suppliers’ pricing versus the market while improving our cost savings through their group buying power.  We have found The Buying Group’s management willing to understand our business and support Westco Lagan in dealing with supplier issues.  Their experience in the procurement sector has benefited our business in terms of reduced costs and improved service.

We would recommend The Buying Group as the providers of an excellent service to our industry.
Craig Dawson, Financial Controller, Westco Lagan Limited, Christchurch and West Coast

When we were first approached by The Buying Group, we were sceptical whether they could achieve any decent savings on our main categories of consumables.

However, after researching our purchases, they were able to save us 16.9% on average for one category, with sizeable reductions in a number of others.  We have now implemented their solutions for engineering consumables, fuelcard, packaging, and safety equipment/clothing and we are very happy with the pricing and service that we receive.  The Buying Group continually monitors the supplier’s invoices to ensure we are receiving the correct prices.

We would recommend The Buying Group to any company large or small.
Murray Mills, Site Manager, Lindsay & Dixon Limited, Tuatapere, Southland

House of Travel Holdings Ltd is a travel management company with a financial interest in the House of Travel group of companies. The company has a small management team to oversee a variety of projects.  We undertake to review the suppliers and contracts on a regular basis to ensure the group has appropriate pricing and service delivery for various key suppliers to the group.  Running tenders is not a core task and can require a specialist to obtain the best outcome, and as the management team has limited time for the process we engaged The Buying Group Limited to run the projects.

The tenders require a detailed approach to analyse our requirements, select the tender candidates, prepare the tender document, liaise with the suppliers, evaluate responses to the tender documents, preparation of the short listing of suppliers and the interviewing of the shortlisted candidates. In essence The Buying Group look after the detailed work and allow the management team to make the key decisions.

We have over the past 6 years engaged The Buying Group to assist in the running of tenders for printing suppliers, stationery, telecommunications, LCD’s, printers, eftpos terminals and insurance brokers.

On each occasion The Buying Group have been able to provide an objective 3rd party approach to the process considering the clients requirements, timeframes and desired outcomes. The approach to the tenders has been professional, using a consultative process and focused around delivering the desired outcomes within agreed timeframes.  The outcome to our group has resulted in overall saving in costs and ensuring the suppliers selected best suit the group’s needs and requirements. We would be happy to endorse The Buying Group as a professional organisation to assist with cost reduction projects and tender processes.
Andrew Radburnd, Financial Controller, House of Travel Holdings Ltd, Christchurch

I have enjoyed working with The Buying Group.  The relationship has meant worthwhile and sustained savings for Nelson City Council in key purchasing areas.  The Buying Group saved me time and are always professional to work with.
Penny Bloomberg, Manager Public Communications, Nelson City Council

We have utilised The Buying Group’s services for 4 years to assist with the development and maintenance of mutually beneficial relationships with both existing and with new suppliers in a number of key areas.

The relationship with The Buying Group has generated cost benefits primarily by obtaining economies of scale by rationalising suppliers who have been identified as being able to best deliver the appropriate products and/or services to our operations throughout the country.

One of the challenges in implementing this approach is that there are often slightly different requirements in the operations at the 12 major ports in New Zealand.  The Buying Group has had to attain a level of proficiency in understanding not only Southern Cross Stevedores’ requirements but also with the suppliers’ products and/or services.

Additionally, customer/supplier communication channels often needed to be developed and maintained. During and after implementation of new arrangements, problems needed to be promptly identified and resolved.

We have been impressed with the manner in which The Buying Group personnel have undertaken their role as facilitators in these processes and have been satisfied that significant benefits continue to accrue from the relationship.
Brian N. Webster, ex-General Manager Finance, Southern Cross Stevedores Limited, Auckland

I have had a business arrangement with The Buying Group operated by Glynne since December 2008. I entrusted a significant sum of money into Glynne’s control as a deposit against fuel purchases. His administration of my fuel account and my funds was exemplary. I have found The Buying Group a very honest and pleasant firm to deal with.  I can recommend them as a business partner.
Rod Robinson, Director, Southern Link Coaches Ltd, Chch Engine Reconditioners (2002) Ltd, Christchurch

In the five years I have been dealing with The Buying Group with our company’s fuel cards I have not encountered a friendlier, accommodating or more knowledgeable company of people.  Whenever we had to alter consumption, vehicle details or specifics to meet our needs the staff were very quick, very able and in some ways even had better ideas on how to suit our particular company’s needs.

Our interaction both by email and phone has always been attended to quickly, precisely and professionally. We have always been alerted early about price changes and offers specific to fuel card holders and our accounts have always been accurate and easy to understand and interpret.   All in all our relationship with The Buying Group has been an enjoyable one.
Robin King & Associates Ltd (Commercial Cleaners), Wellington

We were first introduced to Glynne and the concept of joining his buying group in 2007 and have now been clients for more than two and a half years. In every aspect the service and follow up has been excellent and the benefits obtained equally so. I unreservedly recommend the service and the people, they have been proactive in providing savings to us and have been professional in every interaction.
Noel McArthur, Director, Columbia Cruises Ltd, Havelock

On first impressions I thought that there was little to be gained on prices but after speaking with Glynne, I found that I could save 8 cents a litre by changing to The Buying Group. This amounts to a considerable amount when using 40,000 litres a year.

The Buying Group was very easy to join and the paper work is kept to a minimum. And with plenty of help available with regards to pricing of different oil companies, it made it is easy to see which worked best for each person.

Nick Martin, “Pelorus Mailboat”, Havelock

When I first heard about The Buying Group’s fuelcard solution, I have to say I was reluctant to change as what I had was working well.   However, after doing the price comparison, I found that in many cases, but not all, their pricing was cheaper.

What helped me decide was the flexibility, I could have any oil company brand I like ( BP/Caltex/Mobil/Shell) and still get a similar discount across all of them. By signing up with oil companies individually, the discount would not have been as good as I would have been spreading my business too thinly. By using The Buying Group’s Fuelcard solution, I get the best of both worlds – very good pricing and the flexibility of being able to choose which oil company to use.

Glynne and his team provide a very high level of service, they are great to deal with, and best of all, they are real people on the end of the phone, not some stranger in a distant land.  I can highly recommend them to anyone seeking a great deal on their fuel along with a high level of personal service.
Kevin Reddy – Nelson Travel Ltd (operator of the Atomic Travel & Naked Bus NZ Ltd franchises Nelson/West Coast)

I have been utilising the services of  The Buying Group since 2005.  In respect of their fuel charge system, it suited the requirements of my business, due to the ability to select more than one fuel card.  This allows me to have a choice of locations to fill up.  I had previously found that having a single fuel card supplier i.e. Shell directly, caused me to always be on guard for where the next fuel stop might be especially when out of town.   I find The Buying Group billing process to be efficient and I have never needed to query any details on their invoices.  Glynne and his team are very accommodating and friendly to deal with and I would have no hesitation in recommending them to other businesses.
David Allport, Director Strategic Development, New Zealand Mail Limited, Auckland

Flying Kiwi has been a client of The Buying Group for the past several years, over this time with their assistance we have been able to save tens of thousands of dollars in our operation through the ability to access volume discounts.   Glynne and the team have provided a fantastic level of service and support to us.

We use three fuel companies, dealing with The Buying Group has meant that monthly invoices are consolidated into one account, reducing the work and enabling easy comparisons of prices.  This has also enabled us to have one point of contact for fuel card management saving a lot of work for us.
Dennis Christian, Managing Director, Flying Kiwi Adventures (Adventure Travel Operator), Nelson

Design Windows has been using the services of The Buying Group for the past 3 years and during that time we have always found Glynne and his team to be highly customer focussed and professional.  I would therefore, only be too happy to recommend their services to others.
Susan Standing, Financial Controller, Design Windows Group, Cromwell-Hokitika-Nelson

Queenstown Flooring Xtra found the research that The Buying Group had done very enlightening and on that basis we made an informed decision to change to The Buying Group. The application was very simple and the fuelcards for our Company were received promptly enabling us to get on with our business. I recommend dealing wth The Buying Group.
Heather Falconer, Director, Queenstown Flooring Xtra, Queenstown

We have signed up to The Buying Group for our fuel purchases, and have been with them for approximately 6 weeks. The change over was smooth and our dealings with them have been very efficient. We can recommend them as a cost saving option!
Jeanette Cameron, Morrinsville Flooring Xtra, Morrinsville