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How companies can save on foreign exchange?

February 18, 2016

Polish businessmen who are successful in foreign markets often wonder how not to overspend money while making transactions with currency exchange – which is common when importing or exporting goods. They have many options to choose from – the offers of the banks, stationary and Internet exchange offices. The fundamental question is which one will be best for them and, above all, what to look for when selecting the offer, which will not be generating considerable costs associated with the currency exchange at unfavorable rates.

Currency exchange and foreign transfers online

It is worth noting that the Internet currency exchange is much cheaper than the execution of such order in the banks. By selecting the option "Internet" we can be sure that we minimalize costs associated both with currency exchange and transfers of sources and the time - which (as we well know) is also money.

The service is available online 24/7 and can generate savings through favorable exchange rates ant the minimal spread (the difference is usually around 100 to 300 basis points). Exchange rates and spread are much higher in the banks and stationary exchange offices. As a result, the exchange rate offered to the customer differs significantly from the average rate. However, in Internet exchange offices, where the spread is minimal, transactions are concluded at much more favorable rates, so you can save up to 7%.

Let’s compare the costs of exchanging foreign currency online and in one of the banks, assuming that we sold some kind of goods to a trading partner in Germany for EUR 10 000.

Name of

the institution

Buying rate

Selling rate

Average rate

Spread

The amount received

from the transaction

Savings
Trejdoo.com 4,1977 4,2163 4,2007 0,0186 41 893,05 PLN 1 105,05 PLN
Bank 4,0788 4,3312 4,2007 0,2524 40 788,00 PLN -

Own  description

Negotiated exchange rates

A convenient service is also the ability to negotiate exchange rates. In Internet exchange offices you can negotiate the rate if you want to exchange the equivalent  of 1 000 PLN or more, which is undoubtedly a big plus for businessmen. In the banks negotiations limit is the equivalent of 10 000 PLN for a single transaction, and in stationary exchange offices there is no such possibility. Those kind of „restrictions” provide inconvenience for the businessmen. That is why it is worth to check which exchange office offers this service. Trejdoo platform gives the ability to negotiate exchange rates from 1000 units of the currency, so that in each transaction of exchange there is the possibility of negotiation.

The suport from FX dealer

It is known that businessmen are making a turnover of pretty large amount of money. The decision of using the services of the Internet exchange office can sometimes be quite difficult. Therefore, such companies offer the suport from FX dealer, who can explain how the platform works and advise when to exchange currency for the most appropriate rate. How to do it best? Just make a phone call to the FX dealer to dispel any doubts. The conversation lasts couple of minutes and can bring measurable benefits.
It takes a couple of minutes to exchange currency on the Internet, send funds to the business partner and save time and money. An essential part of business is profit. So it is worth considering and comparing the services available on the market.

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