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Foreign Exchange for Overseas Businesses
If you want to start a successful business overseas then you will need to be aware of the foreign exchange market, as the price of goods and labour can vary greatly depending on where in the world you are looking to operate in.
Transferring money abroad will be a necessity to ensure your businesses success and knowing the foreign exchange market could save you a small fortune. The foreign exchange market is massive and is continuing to grow with a daily turnover of a massive $3.98 trillion. The UK handles up to 36% of all transactions making the country the most important foreign exchange centre in the world.
The foreign exchange market is one of the most fluid markets in the world as it is constantly changing.
In a typical exchange, one party buys a quantity of a currency by paying a quantity of another currency. Various factors influence the value of currencies ranging from Government policy, economic factors such as recessions and consumer confidence.
The foreign exchange market is incredibly volatile, with rates sometimes fluctuating by up to 30% in a matter of days. If you wish to plan and budget your business venture efficiently it is vital to know how much you are getting for your money.
Many people make the mistake of using their bank for their currency needs and as a result are charged more than they should be. To save money on your foreign exchange transactions use a specialist currency broker such as TorFX. They deal directly with the currency markets which means they can offer highly competitive exchange rates on all major currencies, often beating the rates of the high street banks by as much as 3%.
TorFX can offer your business:
- Excellent exchange rates – consistently saving you money.
- Free transfers – with no hidden costs.
- Forward Contracts – allowing you to fix your exchange rate for a future trade.
- Order Types – so you can buy your currency at a predetermined level, or set a maximum or minimum buying rate.
- Currency Analysis by market professionals – tailored to fit the needs of your business.
- Regular Overseas Payment Plan – a simple and cost-effective way for businesses to transfer money abroad on a regular basis.
TorFX can provide your business with a dedicated dealer and give you access to fully qualified, fully committed expert analysts who will take the time to really understand how your business functions. Working in partnership with them your business will be able to trust that all foreign exchange transactions are being executed to optimal affect.
To find out more request a Free Quote from TorFX today.