From expanding sales to mitigating Brexit risk, many companies are securing presence overseas.
Some companies have already set up an office in the EU to avoid trade barriers in the future, others are considering a move or a satellite office in the EU or further afield to take advantage of new opportunities in emerging geographic markets. Modern communications and the online marketplace are making it possible for more and more businesses to place roots across the world.
Advantages of an international office
A local office provides an indication to overseas customers of your commitment to their requirements and can also provide a means to deliver personalised customer support. For example, UK software company Redgate cited both the benefits of supporting European customers post-Brexit and the opportunity to build stronger relationships as reasons for setting up a new office in Berlin last year. Companies making the move cover a broad range of industries, including media companies, IT, advertising, life sciences and health. If you are concerned about the UK’s departure from the EU and what the implications can be, a European office can be a way to fulfil the requirements of certain safety or other European standards. In addition, depending on the location, an overseas office can provide a new base for further international expansion.
On top of the running costs, there are local taxes, regulatory requirements and employment laws to take into account. You may want to balance the team with someone from the UK office with the product and brand knowledge with local team members who can offer local market and cultural understanding. This can be particularly important if you are relocating a specialist business that requires particular skills.
If you’re planning on sending members of your UK team to either launch or run the UK office, you’ll need to consider the costs and benefits of paying in sterling or local currency. The key is to ensure that staff aren’t losing out due to the currency exchange, but at the same time it’s important to limit the costs on the company. UK staff may prefer to continue to be paid in sterling if it’s a short-term post so it’s worth consulting with your team. If you’re paying local staff then an international payroll will be required; using a currency specialist can help you manage those payments alongside other international running costs and support your team while on overseas postings.
Planning for the future
A move overseas can also facilitate growth, improve access to new, growing markets and international skills. If you’re concerned about currency costs, moneycorp provides all clients with expert guidance on the foreign exchange market. In addition, dedicated FX specialist provide more information on a wealth of currency tools for everything from international payroll and paying international invoices to ways to help companies identify and manage foreign exchange risk.
International Payments with moneycorp
A specialist foreign exchange service for companies competing on the world stage
Fluctuating currency markets could have a big impact on the bottom line; moneycorp provides tailored services to help companies make international payments and manage their foreign exchange risk. Our specialist team can provide insight and guidance as you identify and analyse your foreign currency exposures and develop a suitable hedging policy. Depending on your strategy, moneycorp has a range of tools at your disposal, from global payment solutions to opportunities to track, target or fix an exchange rate to suit your business goals.
Corporate customers benefit from 10 free transfers, as well as:
- Low fees and great rates on a range of currencies
- Online platform to manage and track your payments
- Wholesale currency and bulk currency delivery
- Fix, track and target rates for major and scheduled payments
- Currency exchange specialists offering expert guidance and support
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Lee McDarby: As the Managing Director of Corporate Foreign Exchange and International Payments at moneycorp, I manage an expert team delivering currency and FX risk management services to businesses across the UK. From blue chip corporations to targeted FX support for UK SMEs, our team offers expertise in banking, money markets, financial services and foreign exchange. With over 15 years’ experience in foreign exchange, I also hold an LLB from the University of Manchester.
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.