Paying overseas suppliers in their own foreign currency

PAYING OVERSEAS SUPPLIERS FOR GOODS AND SERVICES

Business purchases: how we can help

Successful businesses must react quickly to the marketplace. Whether your company relies on imported Irish butter for your culinary creations or the latest Romanian software for your augmented reality app, having the confidence to make purchases from anywhere in the world empowers your business to make the most profitable buys.

And like all good purchases, you'll need solid advice, ensuring your money is transferred securely and efficiently. For regular purchases, your business will want to minimise the risk posed by a volatile exchange rate. If you know you’re making a big purchase in the future, your broker can arrange a ‘forward contract’, which locks in your money to the current exchange rate, allowing you to make the most of a good rate. This can have a surprisingly big effect in a short period of time. For example, if you had locked in £100,000 in September 2014 for a purchase in Brazilian real in December of the same year, you could have saved up to £18,000 on your transaction.

To learn more about saving company funds when paying overseas suppliers, download our International Business Payments 101 guide by completing the form below:

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