BusinessReport

Changing Money Can Cost Big Bucks If you’re buying goods overseas with U.S. dollars, you’re practically leaving money on the table for someone else to take. A bank or the company you’re buying goods from can easily add a mark-up to the exchange rate it quotes you. Even companies that pay overseas vendors in foreign currency may be overlooking ways to save money. Last March, Isaac Meisels, president of Priceless Resources Inc., a watch wholesaler in Brooklyn, began working with Sonnet Financial, which offers wholesale currency rates. That means the rates don’t include the typical mark-up, or “spread.” Sonnet makes money, instead, on transaction fees of $40 for trades up to $2,000, $75 for trades between $2,000 and $9,999, and $150 for transactions over $10,000. After comparing his bank’s rates with those of Sonnet, Meisels soon began doing all of his currency buying th
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