If you’re a conveyancing practitioner, the chances are you’ve been kept up late at night by the fear of submitting wrong payment details in PEXA vendor destinations.
Of course our conveyancing community appreciates that providing funds to clients via PEXA is a superior alternative to the erstwhile practice of banking cheques after settlement, but still I think we all live with the worry that something may yet go wrong.
And then, when your client requests an international transfer of funds requiring currency conversion, your anxiety levels enter a new league.
A seamless Send to Switzerland
Our team faced just such a scenario a couple of weeks ago, when we received a request from a vendor client to send significant proceeds of a sale to Switzerland.
We recalled seeing an email explaining that PEXA now has the capacity for sending funds overseas, so we retrieved the email and followed a link which took us to the Send website. After entering a few details we immediately received an activation email enabling us to set up an account really easily. There was already a feeling of seamlessness in the process.
No sooner had we set up our account, the phone rang and a friendly voice from the Australia-based Send team was asking us what we needed and if they could help us further in any way.
With such a high-risk aspect to the service we provide at stake, the peace of mind that comes when you see such true professionalism from the people looking after you really does help manage those anxiety levels - the impressive customer service was incredibly reassuring.
We just told the Send rep what our client told us, they ‘interpreted’ the instructions for us and executed the brief flawlessly, talking us effortlessly through every step.
The secret to the perfect Send
If you’re anything like us, hard-wired to conveyancing terms, phrasing and data, your brain can switch off when it comes to the very different language of international bank account numbers, Swift codes, and all that jazz.
Thankfully the Send partnership with PEXA means you don’t need to worry about the devil in those details. As you may have noticed on PEXA, there is no place to insert international bank details. This is because when the vendor account destination is set for overseas, you are not actually sending to an overseas bank account. Instead, Send provides you with your own unique Australian BSB and account info, and your vendor funds go directly to Send. You simply give Send the destination overseas bank account details, which can be done ahead of time if it suits you.
As soon as Send receives the AUD transfer via PEXA, they convert to the required currency and transfer the funds overseas to your client’s desired destination.
4 important facts about Send
- The Send team ‘decodes’ the account details supplied by your client, which can often be expressed incorrectly in the notes given to you, and a secure verification process happens between you, your client and Send.
- Funds will be transferred to your client the same day if the request is received before 2pm, requests received after 2pm will be transferred the following business day.
- In most cases, funds will be deposited into the foreign bank account within 24 hours, which is faster than many Australian banks.
- The Send payment transfer platform is only for transactions requiring conversion into foreign currency, so if your client needs the funds to be received into an AUD account overseas, you cannot do this through Send.
The Verdict: Both thumbs-up for Send
For a start, the Send platform saves your client upwards of $30 in bank fees through the traditional international transfer system, and it saves you the time and inconvenience of having to receive the funds and complete all the admin involved.
And Send is currently the only payment provider that collaborates with PEXA with a special transaction set up to suit conveyancing practitioners.
We put our heads together to give you this ‘top 5’ reasons to switch to Send:
- Seamless process, well-designed website with easy-to-use, conveyancer-friendly interface
- Real people with real expertise on hand to assist users in real time
- Australian owned, operated and accredited with an Australian Financial Services Licence
- Gives your clients a new level of satisfaction with how you’re able to help them
- Saves you the time and inconvenience of arranging an international telegraphic transfer
If you’d like to know more about our experience with Send, email us at hello@contrax.com.au or give us a buzz on 02 9884 7473.
If you’d like to speak to Send directly, please contact Ian Cragg at ian@sendpayments.com or 0499 988 497.
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Contrax is an Australian, family-owned software platform, co-founded and operated by husband and wife team – Judith Hammerschlag and Danny Sandler. To find out more visit contrax.com.au call 02 9884 7473 during Australian business hours.
