If your business has to move money abroad – to finance the import/export of goods, manage a foreign payroll or purchase overseas real estate – taking the time to look into your options for managing such money transfer could save you thousands.

Business foreign currency transfers are also referred to as corporate foreign currency transfers, or CFX. The type of CFX transfers your company has to handle will impact the approach you take, but leading currency brokers can offer you invaluable guidance in this area and ensure that your transactions are as profitable as possible.

The volatile nature of the foreign currency market means that exchange rates can shift by as much as 10% within weeks. Consequently, companies with CFX requirements are constantly exposed to the risks associated with erratic foreign exchange movements. Failure to defend against currency risk can prove costly, but currency brokers can help with this too.

As well as keeping you informed of the latest currency movements and market trends, currency brokers can give you access to a range of specialist services, all designed to help you get the most for your exchange.

One-off CFX Transfers

If your company purchases foreign assets or invests in property overseas, your CFX transfers are likely to be occasional and may involve large amounts of money.

In this instance, securing a competitive exchange rate and minimising your exposure to currency risk could help your company save thousands of Pounds.

Currency brokers can secure your company the most competitive exchange rates, beating those offered by banks by as much as 3%, and won’t charge transfer fees or commission costs for managing the transaction.

Specialist services, such as the ability to fix a favourable rate up to two years in advance of a trade, means you can defend your transfer from adverse market movements and budget for future outlays more effectively.

Fixing a favourable rate can prevent profits from being eroded by negative fluctuations in the market and help you budget effectively for future expenses – ideal if you intend to purchase a business premises or make another form of substantial business investment.

Companies who wish to get the best deal on their CFX currency transfers may also be interested in Limit Orders (where a currency is purchased automatically once it hits a pre-agreed rate) and Stop Orders (where a currency is bought as soon as it drops to a pre-set minimum level).

Regular CFX Transfers

If your company needs to make regular foreign currency transfers (to pay or receive overseas wages, royalties or service fees, for example) the Regular Overseas Payments service (ROPs) offered by leading currency brokers could prove particularly useful.

With a Regular Overseas Payments account, companies can secure commercial rates on their foreign currency exchange requirements and pay nothing in transfer fees or commission costs. Regular payments are also carried out automatically on a pre-set date without your company having to do a thing.

This highly cost-effective service is available for businesses which need to make regular transfers of between £500 and £10,000 on a monthly, bi-monthly or quarterly basis over a minimum period of 6 months, and more than one plan can be taken out at a time.

No matter what corporate foreign exchange requirements you have to manage, leading currency brokers will ensure you get the most for your money – and make your business more profitable in the process.

Author's Bio: 

I’m Nancy, a homesteader, I love everything that has to do with simple living. This is my personal blog sharing everything about homesteading, DIY tips and very clear tutorial for everyone who loves improving their house.