On Thu, 30 Nov 2023 at 03:48, Alan Hopkins <hopp...@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 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
