IMPORTING GOODS FROM ABROAD
As a business, your margins are key. You do not want these to shrink because of the currency exchange rates. Here’s a few things to think about if you are importing goods from overseas:
- The exchange rates can be very turbulent. The rate fluctuation can make a huge impact on your margins when you buy each month. If you had your own personal foreign exchange advisor, they would keep an eye on the rates for you and make sure that you buy currency at the right time.
- It can get complicated when sending small amounts of money to lots of different countries. It’s worth thinking about setting up a multi-currency account with your bank (this is normally free), letting the funds build up to a sizeable amount and then using an external foreign exchange company to do the currency exchange for you.
- There are several different services readily available that can help minimize your currency risk and also maximize on any beneficial exchange rate movement in the markets. One of these is a forward contract. This allows you to fix a preferable rate to use at a time in the future.
- Getting your currency transferred quickly is key to good customer relations. An external foreign exchange company can transfer your funds far quicker than traditional high street banks. A customer who receives his funds in a timely and professional manner is more likely to do repeat business with you.
FOR FURTHER INFORMATION OR TO DISCUSS YOUR FOREIGN EXCHANGE REQUIREMENTS
PLEASE SPEAK WITH ONE OF OUR CLIENT MANAGERS IN CONFIDENCE
Tel: 020 333 222 21