There’s a story behind every transfer: Arkonik
Back in 2006, founder, Andy Hayes, purchased his first Land Rover Defender. He took that across Europe for a few months of adventure and went on to buy a second Defender on his return. That was the beginning of Arkonik’s intrepid journey. Their mission is to create the most authentic, restored Land Rover Defenders in the world.
Today Arkonik build custom Land Rover Defenders for clients mostly based in America and Canada. They work closely with their clients to develop a concept that is both practical and inspirational.
With hundreds of customers in USA, and divisions in both UK and America, they need a money transfer company they can trust to manage their foreign exchange needs. As every build is bespoke, Arkonik purchase car parts internationally. They also need to receive revenue from America and bring it home to the UK.
That’s where OFX comes in. Penny, Commercial & HR Director at Arkonik, works with Alex (OFXpert since 2007) to seamlessly manage their currency. And getting expert help can be even more important during the volatile periods we’ve seen recently. The economic impact caused by COVID-19, and the Russia-Ukraine war caused fluctuations across major currencies like the pound, euro, and US dollar.
Exchange rate shifts between the time you receive and pay an invoice can mean foreign exchange exposure. And even small movements can make a big impact on your bottom line. Penny works with Alex to stay ahead of market moves so she can plan for her business.
Alex gives us FX knowledge to help us run our business better. Penny says
Penny has even used OFX Forward Contracts to help protect the business from adverse currency movements. Forward Contracts allow businesses to lock in a rate for up to 12 months. They can take the sting out of a jump in exchange rates and help protect your profits.
“Working with OFX has been hugely beneficial,” Penny says
OFXpert, Alex, shares some of his top tips for staying ahead of currency volatility:
- We monitor global events and FX markets day and night, so you don’t have to. Sign up to OFX daily currency updates.
- Consider using Forward Contracts which let you lock in a rate now to help get more certainty over your future FX costs.
- In times of uncertainty, saving money on FX can make a big difference for your business. Talk to an OFXpert today.