Your business makes global payments, but have you managed your exposure to currency risk?
There is an overall increase in adoption of international imports and exports today, and a growing global marketplace is the main reason for this. As such, there has never been a greater need for fast, secure and low-cost FX payments.
Considering international payments can often be a tricky landscape for those tackling it for the first time, coupling this FX option with support for creating a currency strategy is also really important for growing businesses today.
But this increased opportunity comes with substantial risk to your future business earnings. This risk is made up of unnecessary costs from foreign exchange providers and potential losses incurred by adverse movements in foreign exchange rates.
But how do you know if your business needs to manage its currency risk?
Does your company:
- Make international payments
- Receive international payments
- Pay overseas employees
- Have non-domiciled assets in need of maintenance
If so, your bottom line could be affected by exposure to currency risk, causing uncertainty about how and when to make your payments.
So now that you know whether you need to manage your currency risk, how do you take action?