Since we have started naming storms, is it me or have they been getting progressively worse? Waking up this morning all over the UK it was either a thick blanket of snow that greeted you or such gloomy skies you might have thought it was still night outside. Combine this with the current weakness of the pound, those of you who trade internationally might be thinking that these gloomy skies are going to continue for quite a while.
This need not cause you to lose out when selling internationally, there are ways that your business can save money to help weather the drop in the value of the pound. This could be; getting a better exchange rate if you have to import goods or some prepaid company bank cards if you travel overseas for business purposes. Savings made in both these areas can be significant enough to increase your bottom line and maximise your profit.
Currency Brokers have been around for a while, they provide better exchange rates than the banks and often complete your currency transfers without charge. Mix this with a much more personal service and you should be very well looked after, compared to being treated like just another number by your bank.
The newest offering from currency brokers are free collection bank accounts. These are aimed at businesses that trade internationally and have a need to collect revenue in various currencies. The alternative is paying for expensive overseas bank accounts or relying on international marketplaces (such as Amazon, Rakuten or Ebay) to transfer your sales revenue to you themselves. If the latter is your preferred method then you will be losing out on a large amount of money.
Online marketplaces add an exchange rate margin on to your international sales revenue when they transfer it to you, this margin is around 4-5% which can make a huge dent in your sales figures. Currency brokers can reduce this margin to between 0.5 & 1% in a matter of minutes (depending on how much you sell), as well as offer you a similar rate for sending money overseas to purchase your stock.
You can setup these collection bank accounts in any of the following currencies:
GBP, EUR, USD, AUD, CAD, HKD, & JPY.
So if you are a business selling products to international marketplaces, get in touch and have a chat with a Currency Pal adviser. We will then be able to help you choose the best broker to work with based on where you sell, how much you sell and of course who will offer you the best exchange rate.