Exporters could lose out as a result of the strength of the pound this year. In July British retail giants Burberry warned that sterling’s strength would have a “material impact”, and could knock as much as £55m from their profits.
Dealing with currency exchange fluctuations effectively is a key element of the working day for companies who export their products to customers abroad, and getting this right can help to protect your bottom line – but it is not easy.
So having access to a personal dealer who is an expert in the foreign exchange market and who can guide you through the process of making international money transfers cost-effective should be something that every business has.
By using the City A.M. International Payments service you will have your company’s own personal dealer at Moneycorp – which provides the service – who can learn about your business and give you guidance on the best way to execute your exchange deals to protect your profit margins.
Your personal dealer has access to a range of tools that will help you protect your business from currency fluctuations, such as a ‘forward contract’ which gives you the option of locking into an exchange rate for up to 24 months, allowing you to budget more effectively.
The rates on offer are typically 1- 3pc better than you could get from your business bank too, which on a stock order of £100,000 can mean a saving of up to £3,000.
Finding time to move your money at the right moment in the working day can be hard, but with the City A.M. service you have access to Moneycorp’s online platform 24 hours a day, seven days a week. So if you have not had time to deal with a transfer during the day, it will not Save money on your international currency transfers be too late when you get home.
You can track your payments and view payment history, as well as storing details to make ongoing transactions more convenient. Last year alone Moneycorp undertook £10 billion of currency transactions for 6.4m customer transactions in more than 150 countries, so with the City A.M. International Payments service, you know you have a premier team working on the currency needs of your business.