The agriculture sector is one of the most affected by international trends and currency markets, with trade demand and import/export costs hugely impactful on the industry as a whole.
This poses a number of challenges for the industry, increasing the need for companies to protect their profits and mitigate their foreign exchange risk.
How foreign exchange can affect the agriculture industry
Transferring money from lei to foreign currencies is commonplace for many agricultural practices, including importing machinery and other supplies from abroad and exporting goods to international buyers and shippers. In addition, your company may also employ an international workforce of staff who wish to receive payment in a foreign currency and repatriate overseas.
All of these payments, especially if made repeatedly, can incur significant costs if a poor exchange rate is agreed, while costly transfer fees from banks and FX providers can damage your profits. Fortunately, by planning all your foreign exchange exposure and budgets well in advance, you can help to protect your margins.
How we can help your business save money
Farmers and agricultural companies are able to rely on a valuable and cost-effective service with a moneycorp business account. With 24/7 access to a secure online platform, you are able to process and manage the range of international payments that you may need to make.
Every business is assigned an account manager who understands the ins and outs of your sector and will guide you through currency volatility to ensure you are offered a solution tailored to your business needs.
Our global payment solutions allow you to make bulk payments for any business costs or staff salaries in over 120 different currencies to over 190 countries. You can also utilise a range of FX tools, including a forward contract, market order and spot contract, which are designed to help you hedge your foreign exchange.