Success Stories: Practitioner's tips.
Making foreign exchange transactions at the right time will mean you gain cost savings. Jeff Grey, CFO; A Manufacturing & Distribution Company
1. Why did you decide to use FX providers for your international payments?
As our business operates in international markets we are exposed to foreign exchange risk. The currency movements can have significant effect on our profitability and cash flaw. However if we use the correct currency market insight and hedging tools, the risk can be mitigated. Banks are less likely to be on hand to ensure that you receive real-time market information, the best possible rates and guidance on currency solutions. So we were looking for someone with specific knowledge of international payments and with dedication to provide service in a personal manner.
2. Why did you choose CurrencyChange's FX specialists?
Historically we had a panel of currency brokers we worked with but after the best rates for three consecutive requests came from the same FX provider, there was inevitable conclusion. Now we always deal with CurrencyChange as their FX specialists have taken time to really understand our business and specific currency requirements. This adds significant value to our company - we have more time and confidence to run our business.
3. Do you feel that you are getting value for you money?
Yes. Banks typically offer rates of exchange that are not very competitive and you will have little, if any, influence over this rate. Whereas CurrencyChange's FX consultants will monitor the currency movements on your behalf, ensuring you will make transactions at the best possible time and at the best possible rates.
4. What other tangible benefits have you seen from CurrencyChange services?
In my dealings with CurrencyChange over the last two years I have found their service to be prompt, secure and transparent. A professional and friendly team of FX consultants is a pleasure to work with. Every time we make a currency transaction, we can rely on their expertise to get the best value for our money and avoid any unnecessary delays or costs.
5. What advice would you give other businesses that are considering using foreign exchange specialists?
In a tough business environment, protecting your revenue from adverse exchange rates movements is more critical than ever. With exchange rates fluctuating constantly, it is of course better to buy or sell currencies when rates are in your favour. However arranging international transfers at the right time is difficult if you don't have knowledge, internal resources and time to monitor currency volatility. So be proactive and use professional help to reduce your international payments costs.