Gaining the best possible service from your chosen currency dealer often means striving for a service that’s made to measure your business, something that a designated currency dealer should strive to accomplish. But how?
1. Offer fast and efficient payments
Sending international payments can be time-consuming with plenty of room for error.
There are ways to ensure the process goes through as quickly as it possibly can. For instance, making sure that payee bank details include all accurate information required will help to make your payment as quick as possible.
Details like the correct BIC and IBAN codes are essential in identifying and applying the funds to your bank accounts worldwide.
Whether you are making regular or infrequent international payments, an intuitive international payments portal can help to simplify the process. This is an essential tool that your chosen FX specialist should be able to provide you with.
2. Offer bulk payment functionality
As mentioned above, an international payments portal is an essential tool with many capabilities, and something that your FX provider should provide, with the added function of allowing you to load up and make multiple payments, paying multiple beneficiaries at once.
This can help to reduce your time and energy, while ensuring accuracy every time. The use of such foreign exchange technology should ensure that you have formatted the payment fields accurately to guarantee that your payments are delivered when you want them to be.
3. Work to secure your funds
All UK-based firms handling overseas money transfers must be either a href=”https://centralfx.co.uk/about/legal-regulatory/”>authorised or registered by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017. So, you can be assured that you’re dealing with a fully regulated and accredited provider and that your security is their top priority.
Additionally, all transactions should go through segregated client accounts held within Tier 1 Financial Institutions, allowing for ring-fencing of client funds, and principally matched trades.
4. Provide exchange rates that beat the banks
Given the volatility in global markets, it is vital you consider the impact fluctuating exchange rates will have on your profits. After all, currency risk is one of the biggest challenges you will face as a UK business dealing with international trade.
A specialist foreign currency broker has the knowledge and power to offer you exchange rates guaranteed to beat the banks. So, when completing international money transfers, you’ll find that even the smallest of differences in exchange rates, can have a significant impact on your savings.
Navigating the foreign currency market is challenging, so having your own personal currency dealer can help to guide you through what many businesses consider to be a ‘financial snake pit’, offering you up-to-date market intelligence to enable you to make a much more informed decision about when to make your currency conversion.
5. Supply key budgeting and forecast services
Tools such as forward contracts provide businesses with the ability to fix a rate for up to one year ahead of time, enabling you to tackle the risk of foreign exchange exposure efficiently by budgeting and forecasting for the year ahead. Using these tools means your margins are secured for an amount of turnover equal to the value of the contract and they will be protected from fluctuations in exchange rates.
Other tools you might consider in order to efficiently budget and forecast for the year ahead include spot transactions which allow your business to take fast delivery of currency and take immediate advantage of market movements, and market orders which let you take advantage of mid-term movements in the currency markets.
Need Further Assistance? Central FX Can Help…
Why not talk to an FX specialist to find out how you could better protect your bottom line? At Central FX, from the moment you register, your dedicated FX Specialist will work with you to understand your business and develop a strategy for mitigating risk. To receive great savings as well as specialist advice, get in touch.