Businesses that trade internationally and use FX are open to an average of 10-14% volatility over a 12-month period. However, as we have seen in previous years with the UK general elections and Brexit vote. There have been much bigger fluctuations of up to 40%. Yet we constantly hear the following from new business customers about their current FX process:
“We keep meaning to do it, but just don’t have the time to implement an FX policy”
“We don’t understand how to implement a company FX policy”
We tell our business customers that an FX policy or hedging strategy is far more important than solely using the most competitive FX provider.
Our experienced business team will aim to deliver on both and it is for this reason, that our clients are reluctant to use any other provider.
Your 7 steps to an effective FX policy start here
Set out your strategy
Identify the company's overall FX exposure
Quantify the risk
Define your objectives
Communicate the policy
Review and revise