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26 . Glasgow Business September/October 2013


INTERNATIONAL TRADE A service to Glasgow Chamber members helps reduce foreign exchange risks


CASH ACROSS CURRENCIES


The Moneycorp Team: From left to right John Kinghorn, Jack Salisbury, Trevor Charnley and Danny Elsey


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cotland is home to some of the UK’s leading internationally trading companies, from our world-renowned food and drink exporters to some of


the most specialist engineering firms. In dealing overseas, foreign exchange and


international payments are commonplace; whether it is paying for materials sourced abroad or receiving payment for supplying goods or services to international customers. However, with this, businesses face


increased costs, and are oſten at the mercy of the volatile foreign exchange markets. Managing currency risk is an essential part of running a business dealing internationally, but it can oſten be ignored to devastating effect on the profits. Sudden lurches in rates could have a serious effect on a company’s profitability. About 80 per cent of UK businesses still use


their relationship bank for their foreign exchange requirements, unaware of alternative options. Firms that trade internationally can instead use


Members are entitled to a free foreign exchange health check to assess how it affects their business


foreign exchange specialists and the benefits are plain to see. Rates are typically from 1 per cent to 3 per cent beter than the bank and your personal dealer is always on hand to help you make more informed currency decisions. As one of the key promoters of


international trade in Scotland, Glasgow Chamber of Commerce is always looking for ways to support its members who are helping trade the UK out of recession. As a result, Glasgow Chamber has partnered with Moneycorp, one of the UK’s leading currency


providers which supplies the British Chambers of Commerce with Chamber Foreign Exchange. By working with the Chamber, members have access to exclusive offers, highly competitive rates or exchange and expert assistance from their personal dealer to help negate the risks associated with foreign exchange. Glasgow Chamber members are entitled to


a free foreign exchange health check to assess how foreign exchange affects their business as well as the rates and fees you currently pay. We will also assess the currency products and tools which you use and make recommendations to help you manage your foreign exchange exposure more effectively. Chamber Foreign Exchange is safe, secure


and easy to use. Call us on freephone 0808 163 5138 or email chamberfx@moneycorp.com Glasgow Chamber would like to


acknowledge the support of Moneycorp as a sponsor of its recent International Trade Event – Debunking the Myths of Exporting.


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