If your primary currency is the Australian dollar, as the exchange rate rises and falls it can often be extremely beneficial to make purchases abroad; there are savings that can be made by purchasing an item from America (for example) and converting the currency into American dollars rather than buying from your home country. Many designer clothes, accessories, cars, machinery, and electronics can be cheaper to buy from America than they are to purchase in Australian dollars due to varying tax legislation and manufacturing logistics.
If you are making an international online purchase in Australian dollars it is highly recommend that you use the services of Escrow.com who will provide you with a safe and secure third party transaction management system to ensure that you get the best exchange rate and lowest service fees so that you can take full advantage of the savings that are made in the initial purchase. Completing a transaction using Escrow.com is a very simple process which will leave both the purchaser and seller fully protected with the savings where they should be; in their pockets.
Once a buyer (who is using Australian dollars) and a seller (who is using American dollars or Euros) have agreed on a transaction they both sign up to Escrow.com and the transaction begins. This is where the both agree to terms and conditions of the sale which originates for the purchaser in Australian dollars.
The buyer then transfers their funds for the item into a holding account which is where it will remain until the seller has completed their obligations. If the financial institution of the purchaser operates in Australian dollars, their bank or credit card company will perform the currency conversion and charge their rates and fees. It is important that the seller takes these extra fees into account as they may reduce the savings buying online provides. From this point on the transaction is no longer in Australian dollars but in the currency of the seller's choice.
Once the seller has been informed that their funds are being held by Escrow.com and that they are no longer in Australian dollars, they will despatch the item to the buyer. The buyer will advise Escrow.com to release those funds, and they will be deposited into the bank account of the seller in their currency of choice.
If your everyday currency is the Australian dollar, you are strongly encouraged to use the services of Escrow.com for your online purchases. This provides security to the purchaser as they are guaranteed to receive the item that they have paid for as the seller is bound by the terms and conditions of Escrow.com, it also allows them to take advantage of the savings that are on offer by purchasing in a currency other than Australian dollars. Escrow.com provides benefits to the seller as the currency conversion that is on offer means that their customers can purchase from all over the world leaving their earning potential limitless. If your primary currency is the Australian dollar and you want to purchase online in another currency contact Escrow.com today to find out how we can help.