Blog

5 Things about Foreign Currency Payments your CEO Needs to Know

May 23, 2017 8:22 am Published by

Choosing the right provider to handle your international payments is vital to ensure that not only are you saving money on your currency transfers, but that you have the right tools at your disposal to protect your business against fluctuating currency markets.

To help you navigate the currency market, here are our top 5 foreign currency payment tips:

1. If you are looking for a simple, one-step solution to paying overseas suppliers, invoices or staff; use a time-saving tool such as BatchPay.  All you have to do is send us a single spreadsheet of the payments you need to make and we will tell you the total sum we require to fulfil all of your currency transfers. Making your batch payments has never been easier! You will also save valuable administration time every month, allowing you to take your business forward.

2. Booking a Forward Contract.  If your business has a foreign currency requirement in the next 12 months you should consider protecting yourself against potential losses caused by market movements. A Forward secures the exchange rate for your payments over the next 12 months, enabling you to forecast your profits for the year ahead and relax knowing that if the market moves against you, your rate is secure and you won’t have to pay any more for your currency.

3. A simple way to receive international payments is through our AutoPay Service. We’ll provide you with a unique reference code to give to those paying you. Once we have received your funds, we will automatically exchange them into your chosen currency and send to your nominated bank account so you don’t have to do anything! We’ll keep you in the loop via email so you know each time we send and receive your funds.

4. Place an Order to achieve your target rate. When you need to exchange your currency and the market is not in your favour, consider placing a Profit Order. Just tell us your desired exchange rate and we will monitor the market for you 24/7, booking your currency transfer if your rate becomes available.

5. Faster and cheaper currency transfers than your bank. When you have an urgent payment, FTT’s international payments service will ensure your British Pounds, Euro’s, US and Canadian Dollars reach your beneficiary the same day, providing we receive your funds by midday. We keep also keep our fees low, it costs just £10 to send a payment under £3,000 and free if it’s over this amount.

Getting started is easy; simply register an account in minutes and you can start making payments today! Our friendly Support Team will assist with your bookings and transfers, via email 24/7 and telephone during UK office hours.

Tags: , ,

Categorised in:

This post was written by Kayleigh Driscoll

Comments are closed here.