Managing foreign currencies shouldn’t be complicated or expensive. Traditionally though, it’s been an area of hidden costs and slow solutions.
Many businesses take the “easy” route of processing everything through their domestic current account, taking the hit of charges and poor exchange rates with every receipt or payment. That can be expensive and, worse, sometimes you don’t even see the full cost tucked into all those individual transactions.
Others operate several foreign currency bank accounts, one for every currency they trade in. That quickly gets complicated, unwieldy and expensive.
Is there another way to manage international currencies?
A new generation of multi-currency accounts are giving clients flexibility and control without the cost and hassle of managing many separate foreign currency accounts.
So, what’s the best solution? Well that depends on your business needs, and that’s why we’ve written a new, free Centtrip Guide: A Better Way to Manage Currency Deposits.
This Centtrip guide looks at three common scenarios:
- Occasional international receipts and payments
- Ongoing international trading relationships
- Dynamic international requirements
We explore the pros and cons of different approaches to help you decide what’s right for your business. We’ve also included things to consider as you review your requirements. You can also read the experience of other businesses in similar situations.