It’s hard to overstate the importance of the foreign exchange market in international business. The foreign exchange (FX) market trades roughly US$5.3 trillion a day.1 To put that in perspective, the New York Stock Exchange (NYSE) only trades about 28 billion per day (that’s 189 times smaller).
Here are some of the ways that the currency markets can affect your profit margins:
- Imports and Exports. Whether you’re sourcing materials from overseas or selling products abroad, currency fluctuations can affect your margins. If you don’t want to have to pass those costs onto your customers, partner with OFX and find out how we can help you keep your margins where you want them.
- Suppliers and Staff. If you’ve got to make regular payments overseas, each transaction may come at a different exchange rate making it difficult to predict your cash flow. Foreign exchange rates move by the minute, so timing may make the difference between profit and loss for your business. Partner with OFX to make prompt, reliable payments at a price you can predict.
- Incoming receipts. If you’re receiving cash from overseas, how you bring your money back home matters. The OFX platform makes your transfers as simple and seamless as possible, and we offer special accounts for Online Sellers who sell via global marketplaces like Amazon and Ebay.