Does your business do a lot of trading overseas? Are you looking into growing your business globally?
St Helens Chamber has partnered with exchange experts Moneycorp to provide money saving foreign exchange to our Members.
We’ve put together 5 Top Tips for Managing your Finances When Trading Overseas.
1. Address fluctuating exchange rates
If you’re trading overseas, it’s important to look into alternatives regarding foreign exchange and develop a policy that will suit your business and its needs.
2. A global business never sleeps
Remember to take various time zones into account. If you need to make immediate payments or adapt quickly to an emerging opportunity whatever the time of day, an online account can help you initiate currency payments wherever you are.
3. Invoice and pay in currency
To present yourself as an international business, invoicing in the currency of your clients and suppliers not only signals your commitment but also makes it easier for companies to do business with you. Set up a currency account which will help you to make payments promptly, ensuring you are not over or under paying due to fluctuations in currency.
4. International business costs
If you have been successful trading overseas, you may be starting to consider taking on local staff or even opening a local premises. In these cases, you may need to make regular currency payments. A specialist provider can help you make regular automated currency payments.
5. Manage your expenses
If your business is going global you may need to travel abroad more. Its important that you track your expenses as you go, and if you’re picking up the bill at a business meeting in a restaurant, pay in currency whenever you can. Vendors that offer the choice of local currency or sterling payment may offer poor exchange rates and end up costing more: there are many international credit cards available which don’t charge fees on overseas transactions.
John Sawyer from Moneycorp will be visiting the Chamber on the 19th October and will be available for drop in sessions from 9:30am -12 noon. If you are interested in finding out more about trading overseas or foreign exchange payments call the Membership team on 01744 742025 to book a one to one session.
For more information about Chamber Foreign Exchange click here.
