Business is almost always international. Technology and evolving business infrastructure have made our small world even smaller. Even local Canadian companies often have inputs that are imported, ingredients that are sourced overseas, or software teams that are international.
When revenues are in a foreign currency, it’s important to protect them from loss due to currency fluctuation.
When expenses are in a foreign currency, it’s imperative to ensure that they don’t increase with currency movements.
Global Currency Services has several tools to protect your income, and minimize your expenses:
Perhaps you own a business and need to send funds overseas to pay for an invoice. Maybe you have staff members who work internationally and payroll needs to be sent to them regularly. These and dozens of other scenarios are well served by wire transfers. For a $15 service fee, and an unbeatable exchange rate, you can transfer funds into a bank account almost anywhere in the world. These transfers are safe, secure, and sent through traditional banking systems.
Incoming wire transfers are typically used by businesses when they have clients in other countries that send revenues to Canada. By having these transfers come to Global Currency Services, you can have greater control over the exchange rate on your funds. As always, the best rates of exchange are guaranteed (incoming funds must be converted to another currency).
This service is available in person at our office, or can be transacted through email/phone so that you never have to leave your office.
Do you have USD funds in your bank account that you need to move into Canadian dollars? Do you have Canadian dollars that you want to move into your USD account? We can do this at unbeatable rates. This service is available in person at our office, or can be transacted through email/phone so that you never have to leave your office.
Clients are invited to bring cheques from their Canadian bank accounts (in USD or in CAD) to convert currency. These cheques must be made payable to Global Currency Services, and must be dated within six months of the transaction date. As an alternative to presenting a cheque, Global Currency Services is also happy to electronically debit your CAD or your USD account so that no exchange of cheques is necessary. These trades are done at unbeatable rates and with no service fee.
Waiting for a specific rate? Let us know and we’ll watch the market for you.
Global Currency Services is happy to offer two free services to ensure that you never miss a market movement that you’ve been waiting for.
Our rate watch and automatic trade services allow you to manage your business while we watch the market for you. There are no fees for these services. This service is available in person at our office, or can be transacted through email/phone so that you never have to leave your office.
Save today’s exchange rate for a trade on a future date!
Currency volatility can present a significant risk to business. Forward contracts are a tool that can be used to mitigate this risk. Essentially, forward contracts establish a trade commitment for a future date (up to a year away), at a rate that reflects today’s current exchange rate.
If you’re buying product internationally, this tool can ensure that the cost of your inventory is fixed, which in turn allows you to price your product while respecting your desired profit margin.
Similarly, if your revenues are in a foreign currency, using a forward contract will protect the value of your future revenue against currency devaluation.
A deposit is required for this type of trade, and there is a minimum trade value of $10,000. Upon maturity, forward contracts can be settled into wire transfers or cheques.
This service is available in person at our office, or can be transacted through email/phone so that you never have to leave your office.
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