Expert view: Top foreign currency tips

By Dean

16 Jan 2013

With the economic climate making life tough for many businesses, it is tempting to look further afield to try to find new markets.

2. Recent strengthening of the euro and weakening of the US dollar can represent a benefit or a challenge, depending on which side of the fence you are on.

4. Do your research on the currency pairs you are dealing with, finding out, for instance, where the pair has traded.

6. Offering to invoice or pay in the currency of your overseas trading partner is risky – but it can provide a strong competitive or cost advantage.

8. Your bank should be able to offer advice on foreign exchange transactions, but there are also specialist providers.

10. Regularly check what you are paying in bank charges and see if you could get a better deal by using a foreign exchange provider.

www.eenw.org

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