Finding a solution
Asking the right questions is the first step to finding the right solution.
Click through the slides to discover how a solution was determined.
Ozzie’s response – Supplier answer
Take a look at Ozzie’s response to your question below: “The new supplier we are working with in China has asked us to settle our bills in USD. They have a great turn around in getting us what we need, so I need to work out how to get this done, without spending a fortune on these international payments or conversion costs”.

Ozzie’s Response - Payments answer
Take a look at Ozzie’s response to your question below: “The distributor in the US is also paying in USD. We are sending so much new stock that we have monthly payments that come in, and at the moment this gets automatically converted into Aussie money. Given the way the Aussie dollar changes day-to-day, this can mean a big difference on some of our larger invoices. Is there any way I can get some more control over this? We are growing and we need to make sure we keep a lid on these costs – so they don’t eat into our margins”.

Ozzie’s Response – Other markets answer
Take a look at Ozzie’s response to your question below: “We would be mad not to consider it – we have orders coming in from all over the place. We really want to think global – there is no end to the possibilities for us now and if we have production capacity, we just need to manage the money side of things”.

The solution
It’s important that we took the time to really understand the needs of Ozzie Cozzies. Now that we know some major payables and receivables are done each month in USD, we can see that the features of the Foreign Currency Account would offer an ideal solution.
A Foreign Currency Account offers account holders:
- Hold and access funds in major global currencies
- The option to convert funds into other currencies with complete control on when, and how much they convert
- Online access using CommBiz and view transactions in real time
- Easy self-service options for opening an account, so long as they are a current CommBank account holder.
