Smart BPOs are transforming how they send salaries and payments to SA. Here’s how, with real-world examples showing the impact:
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Work with a forex specialist
Partnering with a dedicated forex provider saves more than just 1% to 2% per transaction. It offers better rates, faster processing, and platforms tailored for international payroll. A UK-based BPO with 100 staff across SA was paying £15 per bank transfer, totalling £1,500 monthly in fees. By switching to a forex specialist, they eliminated these costs, saving thousands annually while ensuring next-day payments.
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Consolidate payments
Processing individual salaries drives up fees and increases the risk of errors. Consolidating payments into batches reduces costs and simplifies reconciliation. A Cape Town BPO handling customer data for a UK client faced staff complaints over delayed salaries due to slow bank transfers. After adopting batch processing through a forex platform, payments arrived within 24 hours, boosting employee satisfaction and retention by 15%.
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Protect your budget with hedging
Volatility in the Rand can wreck budgets. Forward contracts let you lock in rates, protecting against market swings. A mid-sized BPO with employees across SA saved 20% on forex fees – roughly R3 million annually, by partnering with a specialist to hedge rates. Unlike banks, which rarely offer such tools to smaller firms, forex providers make them accessible, keeping costs stable and predictable.
