BusinessBusiness

Scouting international film locations

Set Scouter connects film producers with the perfect set by working with homeowners to rent out their space for production. Now operating globally, here's how OFX were able to help manage currency risk so the company could get back to what's important: running their business.

A sense of control

Operating an international company from Toronto, CEO of Set Scouter, Alex Kolodkin knew he needed to think smartly about moving money between countries and currencies. A colleague recommended OFX and Set Scouter has felt in control of their currency risk ever since. “The ease of being able to make a currency transfer at a great rate and know it will be received quickly gives me confidence” says Kolodkin, especially since his business regularly moves money between a volatile currency pair: the Canadian Dollar and the US Dollar.

Alex Kolodkin

Quiet on set

Set Scouter’s money transfer needs arise frequently as they search for ideal film locations to support local commercial production companies in Canada and the United States. Their business is based on the ability to match international film production companies with available set locations that fit their creative requirements. Basically, Set Scouter’s online marketplace of thousands of film locations helps commercial producers and brands confidently find spaces — faster and easier than ever before. Since they operate in many counties they also need to receive and make payments in multiple currencies. This is where OFX came in to help Set Scouter and their customers with competitive exchange rates.

In fact, Set Scouter was able to scale their business faster because they had a ‘global-first’ mindset and launched in multiple markets at once. A recent acquisition means that today their business has grown to now offer thousands of location listings.

Set Scouter on film set with actors

A winning combination

Kolodkin is effusive about the simplicity of the OFX platform: “The control that I get from the dashboard is terrific. It allows me to easily hedge a transaction against future currency rate fluctuations. And, the rates are unbeatable! It’s important to me to be able to check a rate and be able to book it right away.” Saving even a few hundred dollars on a transfer helps Set Scouter pursue the growth they aspire to and allows them to invest in growing culture within the organization.

After trying other money service providers Set Scouter’s Kolodkin is happier with OFX because of the personal service he knows he can get any time of day or night. “While I enjoy the control of placing my own transfers, I know that there’s a real person there if I ever need support which is very helpful.”

At the end of the day, Kolodkin knows he doesn’t have to worry about getting money where it needs to be on time or losing on the exchange. “Most of all, I love the spot rates,” he says. We couldn’t have said it better ourselves.

IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.