Business customers- retain more profit from your overeas trade by using a currency exchange broker for your foreign exchange deals.Whether your company has been trading overseas for some time, or you are just considering the potential of trading overseas, you need to talk to a currency exchange expert.

There are many reasons why a business should trade overseas; maybe to import goods from India or China, to be able to retail in your home Country, maybe you may want to export goods but require payment in your home currency, but you can’t close the deal unless the exchange rate is favourable.
Whatever the reason, making the decision to trade overseas can involve risks and you should seek the advice of a currency exchange expert to find out how to make currency differences work to your advantage.

There are ways to manage the risk and when exposing your business to foreign currency rates, the fluctuations in local currency can have an impact on your profit margins. If changes in currency levels mean that its costing you more money to sell your goods abroad than you’re generating in profit, you may need to reconsider your strategy.

The best way to manage your exposure to the currency exchange rates, is to fix your rate of exchange for a reasonable period. This helps you to manage the risk and plan ahead:

· Get a fixed rate and period that suits your business model
· Look for competitive currency exchange rates – banks are often too high
· Go for currency exchange brokers that don’t charge additional commission
· Find somewhere that allocates a dedicated account manager to your business
· Manage your paperwork by appointing a broker on your behalf

Deal with Currency exchange brokers who a proven track record and have the experience to manage your regula business payments. The idea is to find a broker who works in unison with your business, so that you maximise your profits and they manage your currency exchange rate risks.
Managing your foreign currency payments and income is a full-time job, especially if you rely on overseas markets for a significant percentage of your turnover and profits. Rather than spending money recruiting someone to handle this for you, you should talk to a dedicated currency exchange business like Global Currency Exchange Network. We have the knowledge, expertise and buying power to get excellent exchange rates and fix them for up to 24 months – allowing you to plan a secure financial future for your business.

In addition, your dedicated broker will give you all the market information you need, provide help with payments in and out of your account, and won’t charge any additional commission.

To find out more about how we can help you, call David Osborne, Business Manager at Global Currency Exchange Network, on 0044 (0)1480 458400.

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Tags: business currency exchange, Currency Exchange Rates, money transfer, Regular monthly payments

East Caribbean Dollar

The East Caribbean Dollar, or XCD, is pegged to the US Dollar, (USD). The East Caribbean dollar is the currency used in the eight states that make up the area known as the Organisation of Eastern Caribbean States.  There are 6 independent states that use the East Caribbean dollar. These are Antigua & Barbuda, Saint Kitts & Nevis, Dominica, Saint Lucia, Grenada and Saint Vincent & the Grenadines.

The other two states are the British overseas territories of Monserrat and Anguilla.  Paradoxically, the British Virgin Islands, which is a member of the Organisation of Eastern Caribbean States, does not use the East Caribbean dollar, preferring instead to use the US dollar as its currency.

The East Caribbean dollar is sub-divided into 100 cents and it is denoted by the symbol $, but often it is referred to as EC$, to differentiate it from the US dollar or other dollar currencies. 

The East Caribbean dollar is issued by the Eastern Caribbean Central Bank and is in the form of 1, 2, 5, 10, 25 cents and $1 as coins and in $5, 10, 20, 50 and 100 dollars, as notes.

The currency is pegged with the US dollar. 

How to Buy East Caribbean Dollars

If you are on one of the Islands already, some advice on the ease of buying XCD, or USD from ATM’s follows advice on how to convert large amounts of money at the best price today.

If you wish to buy money for a visit to the Islands, you may wish to buy your money online here.

If you are looking to change your XCD for British Pounds Sterling or Canadian Dollars and have an amount greater than 15,000 XCD, then you may like to take advantage of currency conversion at commercial rates better than the banks and without commission or a transfer charge, here. Just sign up for a free currency conversion account and we will convert your East Caribbean Dollars at the best price today.

Anguilla:
Anguilla, despite its size has a few ATM machines, so it is relatively easy to get hold of East Caribbean dollars, but the US dollar is in widespread use here and menus and prices are often quoted in US dollars, so it is easy to get by just using dollars.

Antigua and Barbuda:
Despite the fact that these are two small and relatively isolated islands, credit cards are accepted throughout both the islands and there are also plenty of banks and most of these offer ATM facilities.  In addition, it is possible to use US dollars.

Dominica:
Dominica also has ease of access to currency through ATM machines, although the use of the dollar is also widespread, you may find that in some of the smaller shops, they will only accept local currency.

Monserrat:
Monserrat has only one ATM machine which is located at the Canadian Bank (Royal Bank of Canada).  However, credit and debit cards are also accepted here, as well as US dollars.

Saint Kitts and Nevis:
ATM machines are widely available and it is quite easy to get hold of the EC dollars, or else you can just use your US dollars which are quite readily accepted. 

Saint Lucia and Grenada,:
Saint Lucia and Grenada also have an extensive network of ATM machines and it is possible to use US dollars here as well.

St Vincent and the Grenadines:
St Vincent is slightly more complicated than the other islands, because although there are ATM facilities on St Vincent, they are pretty scare on
Grenadine islands, so if you plan to visit the smaller islands that make up the Grenadines, then you will want to have at least some cash with you.  But that being said, it will also be possible to use your credit cards quite extensively.  To some extent these islands are the playground of the rich and privileged, so cards are readily accepted as well as US dollars.  But for tips and smaller purchases, it is handy to have some cash.

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Tags: best rates, cad, canadian dollars, east caribbean dollars, gbp, pounds sterling, xcd