Reckon users to get better rates on foreign currencies

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Reckon users to get better rates on foreign currencies

A Reckon partnership with OFX may benefit businesses that trade overseas.

Accounting software company Reckon has joined forces with international payments provider OFX to offer customers better rates when dealing with foreign currencies.

The arrangement initially provides Reckon customers with better-than-bank rates on 55 currencies, no OFX fees on transfers (though there's still a possibility that the receiving bank will deduct its fee) and 24x7 access to OFX customer service.

In addition, plans are afoot to enable Reckon One users to make international payments against invoices via OFX.

"We chose to work with OFX as they are a market leader in global payments, using trusted payment systems that give businesses access to lower cost international payments," said Sam Allert, Reckon's ANZ managing director.

"Most SME businesses simply don't realise how much they are paying to transact with customers, suppliers, or employees in other countries."

In addition, Reckon partners (such as accountants) will be provided with foreign exchange tools to help them service their clients.

The deal follows OFX's recent announcement of a collection service aimed specifically at sellers on eBay and similar marketplaces.

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