A Canadian Software company with product distribution internationally, was struggling to find an alternative solution to accepting  and holding foreign currencies as payment. With operations in Europe, Australia and the United States, bringing revenue back to Canada meant that these currencies, once received, would need to be immediately exchanged to Canadian Dollars in order to hold the funds in their account.

Foreign currency exchange may be affecting your bottom line, but it doesn’t have to.

For Canadian import and export companies, fluctuations in exchange rates can make it challenging to budget up-front costs or determine revenues in foreign currencies. 

If your business deals with international manufacturers, suppliers or overseas employees, chances are you will need to send international money transfers or international wire transfers on a regular basis. It takes an estimated one to three days for an international payment to clear.

Regardless of the size or nature of your company, an international invoice is likely to land on your desk at some point in time. International import and export is becoming commonplace for small and large businesses alike. Perhaps a contractor in Europe specializes in a problem you are facing, or a supplier in Australia has a machine you need for manufacturing. 

The Challenge

A mining company with international operations in Canada, Africa, and the Middle East was having problems effectively making global payments. Their annual currency exchange volume was between $500,000 to $2 million.

When it comes to Foreign Exchange, which one should I go with?

Whether you are importing/exporting goods, making a large purchase or sale in another country, you will encounter the need for foreign exchange services.

The Challenge

A BC nursery was experiencing frustrations and challenges with its bank over inconsistent and confusing trading fees when executing its foreign exchange transaction.

Variables that influence currency value

There are many variables that shape a country’s currency value. However, currencies much like any other tradable item are priced based on the laws of supply and demand. Here are some of the factors that impact the supply and demand.