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A SMARTER WAY TO SEND AND RECEIVE PAYMENTS
Why use Goodada International Payments
Lower Banking fees
Better exchange rates
24/7 customer support
Top accounting software add-ons
If you need to send money from one country to another, our team can process this payment for you faster than using the bank. Using our global bank account network we simply collect funds in one country and pay out of our bank account in another, thereby cutting down on bank fees and speeding up payments.
If you need to receive payment from an overseas payee, simply login and process your payment request using our 24 hour online system. Your business will receive payment faster than using the bank and without the usual bank charges. Again by using our global bank account network you receive more money and faster.
If you have funds in one currency and would simply like to exchange those funds into another currency, we can secure better exchange rates for you saving your money every time. Often clients will have multi currency bank accounts and will seek to secure better exchange rates transferring funds between them using our service.
Flexible Spot Contract
If you need to lock in exchange rates for a period of time, say 6 months, our team can do this for you. For business, it is important to take a view on what way key currencies are moving or likely to move as it will have an effect on pricing and margins.
For example your business may import product and fix prices at a 20% margin. A swing of 15% would not be unusual even with major currency pairs like Euro/Gbp, Usd/Aud, Cad/Usd and such a swing can have a serious effect on your margins.
One approach would be to look at how much currency you are likely to require over a period ie UK business paying USD$500,000 over 12 months. One approach might be to lock in exchange rates today for the full amount so that adverse currency movement doesn’t wipe out your margins. Another approach might be to fix todays exchange rates for 50% of your exposure thereby balancing out the risk of full committing to either option.
It is possible to set a target exchange rate that you would like to convert currency at.
This target rate may not exist today but you may lock this in with our team and once that exchange rate hits, even momentarily, your secure that exchange rates. Imagine for a moment that you are an Irish business and you need to make a large USD payment however it is not urgent. You have watched euro/Usd move from 1.07 to 1.09 today . You may want to place an order for 1.10 so that if it lands over the next 24 hours you secure that exchange rate.ional BB Payments & Foreign Exchan
The Currency Problem
The currency problem creates a risk factor for any company importing and/or exporting. While your product is being shipped, you may be losing profits due to relative changes in currencies against the US dollar or whichever base currency is used in the country you’re in.
Overseas buyers usually pay for imports in their own currency so they know exactly what they are paying, before the intermediary bank converts the funds into the local currency to pay the exporter.
You had calculated that you were to receive USD $400,000 for a shipment of 10 new automobiles that your company has exported to Germany. However, before your shipment arrives overseas and your buyer is due to take delivery, USD has weakened against Euro leading to you receiving only USD $375,000.
On the contrary: Instead of a weakening US Dollar, it strengthens against your buyer’s local currency. By the time your stock arrives, the buyer ends up paying more in their own currency to equal the US Dollar value which you both initially agreed upon but now they don’t want to accept the delivery and end the sale.
Currency savvy importers and exporters protect their companies from currency fluctuation risks through hedging. All global companies use currency hedging to ensure that profits aren’t being eroded. If you have a small to medium size business, you can hedge too!
Some ways your company can mitigate against the risk of currency fluctuation
Leading banks offer what’s known as a “currency forward contracts”. This is effectively an agreement to exchange a certain amount of domestic currency for a certain amount of foreign currency at or by a future date. As a buyer, this essentially allows you to fix your exchange rate for an import purchase. Similarly, as a seller, your export sale is made at the live exchange rate, guaranteeing both parties a fixed price for the transaction.
But there’s a better solution, read on….
Our Global Payments offer an alternative better way of mitigating against currency risk, through a Variable Flexible Spot Contract.
Why is it better?
- Lock in your exchange rates – Certainty improves your cash flow
- No international wire fees – Simply pay in your local currency
- No draw down fees – no additional charges or fees for making a draw down
- Make your drawdowns online – Simplify your transfers, no need to phone in or email
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