If you are an exporter, then the last thing you want to know about is peak rates... that is, unless you are looking at it from the foreign point of view. Consequently, when the importers are in tears about a depreciating local dollar, as an exporter, you are happy as can be.
What the importers don't tend to realise is that when the AUD is beginning to take a rapid fall, it is often the exporters that come to rescue by taking advantage of the lower cost to buy the local currency. This creates a level of support for the local currency and stops an ongoing landslide.
Our strategies for exporters and importers are the same...but opposite at the same time. So rather than calling you when the rates are high, we'll call you when the rates are low. Alternatively, if you are paid by your customers in a foreign currency, you can have them send the funds directly to our settlement accounts so that you minimise your transaction costs and getting a better rate when changing it to the local currency
Foreign Currency Account
As an exporter, you will likely operate Foreign Currency Accounts (FCA's) with your bank. If you do, you would know how the fees can mount up and the administration thats involved. In conjunction or instead of you having FCA's, we can assist you with your incoming foreign currency, by following these steps:
- Have your Foreign Currency payment sent directly to one of our FCA's (we can give you the details).
- When the funds arrive, we will contact you and ask what you would like to do with the funds. You may wish to exchange it immediately into AUD and have it sent to your account; or perhaps you could place an overnight or long term order or maybe even send the funds to another beneficiary elsewhere in the world. Whatever you choose, we will make it happen.
How do I set up a Foreign Currency Account (FCA)?
Unfortunately, we can not set up an FCA for you. Your bank is the best place to ask for information about setting up a new account.