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Moving Money Without Banks March 12, 2007

Posted by liverpoolchamber in Custom House.

If you’re relying on your local bank for assistance doing business in other countries, you may be getting short-changed. That’s because you’re not getting the kind of innovative, flexible currency solutions that foreign exchange specialists can offer.

As UK businesses increasingly go global, they’re frequently dealing in multiple currencies. And the success of any venture can often rest on getting the most favourable foreign exchange transaction rate.

That’s where specialist foreign exchange companies come in. Through lower overheads and fewer branch offices than their banking competitors, savings in exchange rates are able to be passed directly onto the customer.

As experts, they know that when it comes to foreign exchange, speed, timing and efficiency are the keys to success.

They will customise a service that exactly meets the client company’s needs and integrates seamlessly with their current business practices.

Good FX specialty providers are trusted by business leaders and Fortune 500 companies because they can provide secure, award-winning foreign exchange services globally.

The best of them enable clients to transact billions of pounds annually, on-line and through their international networks of trading offices.

‘The large banks are very good at providing foreign exchange to the large corporations that need to exchange millions of dollars, but when it comes to mid-size or small corporations then they are more challenged,’ according to Peter Gustavson, founder and chief executive officer of Custom House.

Click ‘more’ to see some of the services Custom House can provide.

Here are some of the services – tricks of the trade – that an experienced specialty foreign exchange provider will deliver.

Wire Transfers

In the international business arena, speed and flexibility are a competitive advantage. This is especially true when you need to move funds. International wire transfers are a safe and quick way to transfer funds anywhere in the world. Specialty firms have relationships with a global network of banks that means fast, accurate transmission of your funds almost anywhere. Because their treasury department operates 24 hours a day, seven days a week, wires are sent promptly, and beneficiary information is stored securely.

Drafts And Cheques

A foreign currency draft means you can offer payment to your trading partners in their local currency.

Instead of waiting for domestic drafts to clear, they offer convenience and negotiating power that can translate into a competitive advantage in tough foreign markets.

Receipt Of Funds

So that all your foreign receivables – bank drafts, electronic transfers and cheques – are handled quickly, securely and cost effectively, an electronic transfer sends your funds directly to your bank accounts.

For recurring receipts, a service called automated conversion of funds gives companies maximum efficiency and better cashflow.

Foreign currency accounts provided by specialty providers let companies receive payments for automatic transfer into their accounts for immediate access to their funds without multiple account management.

In part 2 next week we discuss how to take advantage of:

Market intelligence
Forward contracts
Exchange rate bidding systems
Online services
Outsourcing services

For more information on any of the above mentioned services contact Mersey side based Ian Meyer on 07932- 024893.

Business Leaders and Fortune 500 companies worldwide trust Custom House with its secure, award winning foreign exchange services. Over 50,000 clients transact more than US $15 Billion annually on-line and through the Custom House network of trading offices in United Kingdom, United States, Canada, Italy, New Zealand, Australia and Singapore.


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