Home Case Studies There’s a story behind every transfer: Crawford Boots
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There’s a story behind every transfer: Crawford Boots

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Penny Crawford

Meet Penny Crawford, Director, Crawford Boots

Podiatrist by trade, Penny Crawford is making her imprint in underground mines across Australia.

Her business, Crawford Boots, offers a footwear solution for Australian miners that answer many of the problems associated with your traditional gumboots on the market: comfort, stability and cost.

A concept eight years in the making has now been operational for over two years, becoming a successful business that has taken Penny’s boots to 45 underground mines across Australia and into Asia as her manufacturing base.

In any given year, juggling multiple currencies and managing foreign exchange can be a challenge for a business with an ever growing to-do list. This is only compounded when events such as the COVID pandemic present itself.

“Trying to predict the currency markets and understand it has been extremely difficult, particularly in the last year when you’re importing and the rate drops to $0.55 US cents and you’re like ‘omg, what do I do’.”

Importing from Asia and dealing in US dollars means Penny is closely tied to the AUD-USD currency pair. The very currency pair that ranged from 0.55 in March’20 to 0.78 in Jan’21; market movements that you’d typically see in a decade. For Penny, finding a currency solution that could give her some level of predictability and confidence on her cost base and end prices domestically was imperative.

Even with the extreme currency volatility through 2020 I certainly didn’t want to raise my prices and pass the problem on to our customers. With the help of Shameem (my personal OFXpert) who’s always on call, I now confidently know what I’m spending through the year by fixing my exchange rates. Plus the rates have been extremely competitive, so I get to save some money.

Azher, The Happy Prawn Co.

Rate fluctuations have a knock-on effect on the business. Shipping costs, suppliers, and the farmers need to be paid in US dollars. By working with an OFXpert, The Happy Prawn Co. has been able to make informed decisions about when to transfer and even use Forward Contracts which allow you to secure today’s rate for delivery in the future.

Fast transfers are also important. “Press the button. Away it goes. And I get an email from Alex saying thank you”. Azher needs to move money quickly and easily to meet orders, whether that means jumping onto OFX’s online platform or speaking with an OFXpert.

The Happy Prawn Co. has been working with OFX for over 6 years. “Fair rates were what first attracted me to OFX. But it’s not just about the rates. It’s the real people that give real help and care about you and your business.” It doesn’t stop there. The Happy Prawn Co. is growing and would like to have a wider global reach within the next 5 years. We’re excited to support Rosida and Azher on that journey. We’re real people here to help our clients every step of the way.

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