WorldFirst offers accounting teams managing large-scale companies tailored currency exchange information to help them expand internationally. This article will give an overview of WorldFirst’s dedicated relationship management services.
Company expansion projects are a massive undertaking for e-commerce businesses. The pandemic has meant that brands have had to pivot and find new ways to reach potential customers. For some, this means looking further afield to international markets.
International accounting is a tricky area for businesses to navigate. Economic risks associated with trading abroad include (but are not limited to) minimising financial risk in currency transactions, sourcing reliable suppliers and complying with changing tax protocols.
However, when it comes to managing currency, international accounting teams can access help in bespoke FOREX trading information. Seeking the support of an expert can help minimise risk when transferring large amounts of currency.
Faster currency exchange in international accounting
If you’ve ever needed to change suppliers abroad or buy currency to make an international transaction to an overseas client, you’ll know that time is of the essence when it comes to doing business. Sending funds quickly can make all the difference in satisfying a set of customers, or landing a deal with a new client.
Using traditional SWIFT money transfers can take up to five days, leaving your business’s cash flow at risk for an extended period. Finance teams need to ask themselves, ‘Can we afford to wait five days for a payment to clear? Will waiting for an extended period affect sales or cause a bottleneck in our supply chain?’ If the answer is, ‘no,’ you may need to find a solution for faster international currency payments. Businesses can move money more effectively (and at a better exchange rate than most high street banks) by partnering with reliable FinTech’s with fast and secure money transfer services.
Provided you are looking to exchange currency between two similar markets you can process foreign payments on the same day. WorldFirst has an extended range of cut-off deadlines for businesses looking to make same-day payments. In cases where two markets are not paired, or you miss the cut-off deadlines, we’ll do our best to make the transfer the following day.
Tailored to your business needs
Keeping track of market movements is a full-time job, and developments in geopolitical news stories can tip exchange rates up or down on an hourly basis. International accounting teams need the best data sources to help them perform spot trades or decide on payment windows in their forward contracts. WorldFirst relationship management teams are trained to help larger businesses make the most of the FX market at any time.
Outsource your accounting team’s worries about currencies dipping out of your favour by getting in touch with WorldFirst to learn more on currency-related hedging instruments.
Educating your clients on international accounting options
Part of providing your business clients with an excellent service is educating them on the steps they can take to scale up their brand.
By partnering with WorldFirst and making the most of our relationship management team, we can help you outline the benefits of setting up faster, cheaper currency transfers. You can feel confident that you will have all of the information you need to help you best manage international finance risk within your clients’ business models.
WorldFirst case study with Hivery
Hivery is an advanced analytic software company that creates AI used by multinational clients like Coca-Cola and Molson Coors. By partnering with WorldFirst, the company expanded operations from Australia, setting up headquarters in America and Tokyo. In just six years since its formation, 80% of Hivery’s income now comes from offshore clients.
Thanks to WorldFirst, the company was able to get the best rates on exchanging money, enabling them to scale up operations quickly.