FBAA offers brokers new revenue stream

by Madison Utley21 Apr 2020

The Finance Brokers Association of Australia (FBAA) has partnered with an international money transfer company to make an additional income stream available to its finance and mortgage brokers, something which has become especially crucial given the current uncertainty in the market.

The company, Send, provides international transfers for individuals and businesses more quickly and at a lower rate than banks, a service which can meet the needs of many broker clients who need to transfer money overseas, or brokers themselves who are in need of moving funds. 

“As brokers will be paid a commission, this will assist them and their clients,” said FBAA managing director Peter White AM.

Send co-founder Ian Cragg highlighted the many ways FBAA members and their private and SME clients are positioned to benefit from the service, “including assisting an SME to pay a foreign supplier when importing, expats living in Australia, Aussies overseas, and real estate investors.

“An increasing reason at the moment, given the current climate, is money transfers to support family members around the world who are struggling financially with the COVID-19 outbreak,” he added.

“By offering cheaper, faster and better international payments than the banks, Send helps thousands of Australians transfer money more efficiently and cost-effectively.”

White used the news of the partnership to appeal to brokers to always be looking for new opportunities to expand their business. 

“We should take advantage of partnerships like this and keep increasing our services,” he said.