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Managing Business Payments for Overseas Suppliers

Businesses need to send money overseas for all manner of reasons, from paying overseas vendors and suppliers to managing their company's foreign exchange risk. Whatever your business Forex requirements it’s important to know that you are getting a good deal and the right advice.

#Business #Risk
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Maximise your cash flow and limit your exposure to currency movements

An area where currency brokers can help is with the deployment of risk management strategies and tools. Brokers are able to offer international money transfer services which many banks don’t provide, like forward contracts and order types. The way you chose to manage your transfer may depend on how much you’re moving and where you’re sending the money to, but a currency broker will be able to assess your situation and ensure you come up with the best solution.

If you’ve got a foreign currency exchange requirement coming up and want to employ risk management strategies to keep your funds secure, you may want to get in touch with a currency broker and discuss the options available to you.

Our BER partner brokers provide businesses advanced techniques to help manage their Forex risk and exposure:

  • Limit Orders – A limit order lets clients instruct their broker to buy or sell one currency for another currency at a target rate that is better than the current market rate.
  • Forward Exchange Contracts – A forward foreign exchange rate is the exchange rate at which one currency can be exchanged for another currency for settlement on a predetermined future date (maturity date).
  • FX Options – A foreign exchange option is an agreement that gives the buyer the right, but not the obligation, to enter into a foreign currency transaction at a pre-determined exchange rate (“strike price”) on a pre-determined date in the future (“expiry date”).

Read more about scenarios where the above techniques could come in handy for your business FX.

Compare Specialist Business FX Providers for your own Business

 

Further Reading

 

Disruptors Challenging Australian Banks in Forex Price and Service: ACCC Report

Key Takeaways from the ACCC inquiry into currency conversion services. BestExchangeRates referenced among comparison sites playing an important role in customer awareness of the excessive currency margins charged by banks.

Last update: 1 Oct, 2019

AUD/GBP Between a Rock and a Hard Place – USD Strength

AUD/GBP versus AUD/USD and GBP/USD

Both the Australian dollar and British pound sterling have had a hard time of late caught between the rock of the China/US trade war and the Brexit hard place.

Last update: 27 Aug, 2019

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 6 Jul, 2019

  

Posted to: Business Risk

 
   

Get a Better FX Deal when you Send and Spend Abroad.

 

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