At Fiskal, we understand that many businesses have foreign exchange (FX) requirements but lack a clear strategy to manage FX risk. Often, businesses default to using their bank for FX transactions without realizing the significant costs involved.
Many business owners, financial directors, and company accountants are unaware of the high FX margins charged by their banks or brokers, which can be as much as 4%. Imagine losing £4,000 for every £100,000 exchanged into Euros, USD, or any other currency.
At Fiskal, we provide personalized service and assistance, sourcing the best options in the market for all your commercial finance requirements, including FX transactions. We believe in transparency and aim to help businesses minimize unnecessary costs associated with FX transactions.
If you're curious about how much you're being charged for FX transactions, fear not. There's an easy, non-committal way to find out. Simply provide us with details of your last FX transaction, including the currencies exchanged and the date and time. We'll analyze the transaction and provide you with insights into the margins charged. If the potential savings warrant further discussion, we'll be here to assist you every step of the way.
In addition to bank-beating exchange rates, you can benefit from:
- Company named Multicurrency accounts – ideal for collection of foreign revenue
- Free Single payments
- Cost-effective Mass payments system for payroll – make hundreds of payments simultaneously with a few clicks
- SWIFT, UK Faster Payments, SEPA, ACH and Fedwire all supported
- A dedicated account manager and a service as proactive as you’d like
- Manage everything on your own online portal
- Local Currency Collection multiple overseas jurisdictions
- Same day transaction settlement.
- Forward Contracts (buy when the exchange rate is good, pay when you need it)
- Limit orders and Stop losses to help you time transactions to perfection even out of hours
Do you sell products online? Take control of your overseas revenues with an E-commerce account.
The likes of Shopify charge their users a 2% fee for converting currencies back into their home currency with Shopify Payments.
You could take advantage of local collection in the US and 14 other Countries; meaning you can have your foreign revenues sent directly to your e-commerce account and exchanged at great rates instead, in your own time, adding at least 1% to your turnover on international sales. This facility is one of the few FX payments options which is approved to receive funds in different currencies from Amazon.
HERE'S HOW IT WORKS:
1. COLLECT
Set up collection accounts in up to 15 countries and 35 currencies
Collect in local currency saving transaction time and conversion fees
2. CONVERT
Convert your funds back to your chosen currency
Fix your exchange rate for up to 5 years with Forward Contracts and manage FX risk
3. FINANCE
Receive credit to pay your suppliers
Avoid cash flow gaps and keep your business moving
4. PAY
Pay your suppliers in one of 140+ currencies
Enabling you to build stronger supplier relationships