The volatile nature of the economy over the last few years means that the face of business has changed. Where exchange rates used to be relatively stable, nowadays within the blink of an eye, rates can plummet spelling huge loss for businesses making international transfers. For companies who make regular currency transfers, this risk just isn’t acceptable.
Smart Currency Business’s Glasgow-based client knows better than anyone else how vital it is to secure favourable exchange rates. As an importer of train batteries, each year they have to buy several hundred thousand dollars per year to pay their suppliers in the Far East. Transferring such large quantities means that even a one cent movement either way in the exchange rate could cause significant financial loss for their business.
Their Director spoke to us about the service provided by Smart Currency Business, which first attracted him to enlist their services. “It genuinely surprises me how many companies are unaware of the Forward Contracts offered by Smart Currency Business, which have helped us to completely eradicate our foreign exchange risk. This type of contract allows me to secure a satisfactory exchange rate today and pay only when the order becomes due months down the line. By utilising this resource, we preserve cash flow in the business whilst locking in exchange rates that we are happy with”.
He described one of his successful transactions with Smart Currency Business: “Through our trader, Carl Hasty, we bought €150,000 on a forward contract. The rates that Smart Currency Business gave us straight away saved us $1,000 against what our usual bank was offering – that’s a huge saving for us. With Smart Currency Business I can relax safe in the knowledge that I know the exact margins and know it won’t be changed if things should take a turn for the worse”.
When elaborating on the service that they have received, Denis mentioned, “In addition, Smart Currency Business helped us to buy at the right time when the dollar was high compared with the exchange rate today. By utilising their in-depth knowledge of the currency market they were able to help us avoid a £5,000 loss on the contract – that’s a service that every business needs!”
For more information, get in touch with the team at Smart Currency Business, contact us on 020 7898 0500 or email firstname.lastname@example.org