exchange rate

International Money Transfers: How to Feel Safe and Secure

International Money Transfers: How to Feel Safe and Secure

Businesses are no longer confined to the restraints of operating within domestic markets and are now more global than ever before. Whether individuals are seeking a better work/life balance or want to take advantage of development opportunities abroad, many organisations are now working on an international scale. But with these newfound opportunities and practices comes a new way of working, including the need to send money abroad. It’s widely reported that the banks aren’t the best option when you want to transfer money abroad – slow business practices and high fees are just two common complaints.  Aside from transferring money, you’ll also need to consider setting up a bank account and whether you require debit or credit cards for costs such as expenses. With so much to take into account... »

Currency Fluctuations

SMEs lose out to currency fluctuations

Small firms importing from the US and the EU lost almost £900 million last year by failing to protect transactions from currency fluctuations, according to foreign exchange firm World First. This year, the pound fell by nearly 20% in value against the dollar between July and October and by 7% in two days between 20 and 22 October. World First’s head of corporate foreign exchange Alex Sullivan said: “The recent dramatic slump in the value of the pound against both the euro and the dollar now means that otherwise profitable sales can become heavily loss–making,” “In the past, following a purchase of goods from an overseas supplier, a small company finance director may well have simply spoken to his bank and opted to exchange money due to be paid at the pre... »