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 supplier
The new supplier Ozzie is working with in China has asked him to settle all bills in USD. They have a great turn around in getting what Ozzie needs, so he wants to work out how to get this done, without spending a fortune on international payments or conversion costs.

How Ozzie makes payments
Ozzie's business is growing and needs to make sure costs are kept down so they don’t eat into profit margins. One cost is converting USD to AUD. Ozzie's distributor in the US pays in USD which is automatically converted to AUD each month.
"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?"

Ozzie’s attitude towards expanding into other markets
"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:
- The option to hold and access funds in major global currencies
- The option to convert funds into other currencies with complete control over when, and how much they convert
- Online access using CommBiz and visibility of transactions in real time
- Easy self-service options for opening an account, so long as they are a current CommBank account holder.
