It is essential for manufacturing businesses to find a quality foreign exchange provider, especially with more organizations beginning to operate internationally.
According to American Express FX International Payments General Manager Barry Fletcher, there are several key things to keep in mind when looking for a foreign exchange provider.
“It’s your money, so it’s important you choose a provider who you can trust, and can quickly respond to any of your queries,” Fletcher told Ferret. “You should look at the overall service package – not just competitive rates, but that their online system is secure, flexible and simple to use, and settlement is efficient and prompt.”
Another thing to keep in mind, according to Fletcher, is risk management. With international currencies sometimes being volatile, managers must ensure they understand what could impact an organization’s bottom line.
For example, Fletcher told the news source that a business needs to determine whether its costs are fixed or fluid when it is establishing a hedging strategy. This is because fixed costs will give companies greater opportunities to lock in rates in advance.
“Currencies can fluctuate considerably and it’s essential to have the confidence that your risk is being managed, so you can focus on growing your business,” Fletcher said.
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