Foreign currency for importing or exporting explained

If your business exports or imports goods or services, you need to consider how you will protect yourself against changes in the exchange rate. A tiny variation in the rate could cost your business thousands of pounds. You'll also need to decide how to make and receive payments in foreign currencies. This guide provided by Foreign Exchange UK .com is aimed at businesses that regularly deal with foreign customers. It explains how to price goods or services, how to combat the risk of exchange rate changes and the practicalities of dealing in foreign currencies.

Foreign currency issues when importing or exporting

Businesses which import or export goods need to bear in mind a number of key issues when making transactions in foreign currencies.

Foreign currency transactions are sensitive to fluctuations in the exchange rate. A price you agree with a customer or supplier on one day could rise or fall if the exchange rate changes. But there are steps you can take to protect yourself against these. Foreign Exchange UK .com can help you identify foreign exchange risks.

If you're exporting, you must decide whether it's best to price your goods or services in the local currency of the country with which you're trading. The decision will depend on individual circumstances and on factors such as how you want to present yourself in that market and how your competitors set their prices.

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