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FASHION AND TEXTILE INDUSTRY – HOW TO MANAGE CURRENCY EXCHANGE
Reducing costs on international payment in the fashion and textile industry
Fashion is a global industry that is fast-paced and dominated by ever-changing trends and consumers, making it one of the most, if not the most competitive out there.
With Brexit due to take place at the end of 2020, there will be changes in the rules around import/export across the globe. This, in turn, means your currency exchange partner will be key in ensuring you are mitigating FX risk and keeping costs as low as possible.
How the fashion industry is affected by currency exchange?
The fashion industry works at least one season ahead making it more difficult to deal with currency fluctuations, set pricing and work out profit models. As well as this the industry is calling for more sustainability and better working conditions in some areas of the sector, putting pressure on those businesses as to where they source their materials and manufacturing, in turn potentially increasing costs.
With a vast number of fashion businesses sourcing suppliers and labour from the international market, changes in the currency market can be crucial to the profits of a company.
The likelihood is that you will be paying suppliers from various countries at different times of the year so to ensure you are getting the most from your money it is imperative that you have a currency expert on hand to help deal with fluctuations and changes in the foreign exchange market.
What can Currency Online Group do to help you mitigate FX risk?
Here at Currency Online Group we are able to provide you with an international payments account where you have complete control and 24/7 access over any overseas transaction your company needs to make.
Alternatively, one of our currency experts can assist you in monitoring and discussing ways of how to limit risk in the foreign exchange market.
If you need to make regular or recurring international payments, we can offer bespoke solutions such as a forward contract, which allows you to lock in a prevailing exchange rate for up to 2 years. (A deposit may be required for this service.)
As another option you may know the rate that you wish to achieve and are therefore able to do a market order, setting the desired rate for your international payment. Your currency expert will then trade at the rate should the market hit that point.
Currency Online Group already works with many companies within the fashion industry and provides great rates, no transfer fees, reducing currency exchange costs and maximising profit.
Want to know more or have a chat about how Currency Online Group can help your fashion empire then please contact our Director of International Payments Kaya Niedenthal to discuss things further or get a no obligation quote.
0208 050 1546
© Currency Online Group
19th August 2020
In this case study we look at another scenario dealing with the need for our International Payment service.
As mentioned in our previous article Currency Online Group charges no fees on transactions and is fully FCA regulated, making the service as safe as using your bank’s facility. The other big advantage of going with COG is the potential to save £s as you benefit from better exchange rates all while receiving a 5-star service.
CASE STUDY 2 – FAMILY EMIGRATING TO CANADA
£475,000 (GBP – CAD)
The family in question had made the life-changing decision to emigrate to Canada.
They discovered Currency Online Group after using a comparison site. The family initially approached another foreign exchange company but figured it best to gain more than quote on the market and got in touch to see what we could do.
After an initial conversation with our Director of International Payments (Kaya Niedenthal), it soon became apparent that COG could better the rival quote. They acted on this and with guidance from Kaya the client opened an account immediately.
As the move was due to take place in the not too distant future it was decided that a ‘spot rate’ would best suit the transaction.
(‘SPOT RATE’ is a contracted price for a transaction that is happening immediately or within a couple of days)
The spot rate resulted in the couple making a saving of £19,000. A huge saving as I’m sure you will agree.
As Currency Online Group charge NO FEES on making this transaction this was the total saving passed on to the client.
Once the International Payment was completed, we received this lovely feedback from the customer:
Can I just thank you for such an excellent service. You've gone above and beyond and I'm really impressed with Currency Online Group! I'll certainly be recommending you to a few of my colleagues for International Payments.
Thank you once again for all your help
Yet another satisfied client! Customer service is imperative to Currency Online Group and goes side by side with the company achieving it’s underlying philosophy of reducing costs and being able to pass this on directly to the client.
If you would like to find out more how we can help either yourself or your business save money and time on your International Payments please get in touch via:
0208 050 1546
© Currency Online Group