Manufacturing is one of the world’s most globalised industries, as businesses undertake a chain of import and export activities that are dependent on each other. With strict deadlines to meet final production and to protect revenue, there is pressure on overseas transfers to be made quickly and cost-effectively.
How currency exchange can affect the manufacturing industry
A number of manufacturing businesses now either outsource all or at least part of their production overseas. This therefore means their profits are greatly influenced by the foreign exchange landscape.
Costs such as factory leasing abroad, paying overseas workers and importing materials are all subject to exchange rates and can all affect your cash flow if not managed effectively.
For larger manufacturers who choose the UK as their production hub, a drop in the value of the pound against other major currencies could mean their product is worth significantly less worldwide. While the market can be volatile, the good news is that most of these market changes can be avoided with the right foreign exchange strategy.
How we can help with your FX needs
At Moneycorp, our team of experienced account managers have helped a large number of businesses within automotive, electronics and other parts of manufacturing. With competitive rates and low fees on every transaction, we are there to cater for all your foreign exchange needs and propose tailored solutions to help protect profits and ensure that your money gets as far as it needs to.
You can rely on an impressive global payments solution to assist with your payment needs and reduce costs, whether you’re required to make ad-hoc payments in bulk or regular international transfers to overseas suppliers or staff.
Access to our range of foreign exchange tools also enables you to limit your currency risk and effectively navigate the volatile FX market. Your account manager will be able to discuss these options with you and work with you to determine the best solution for your business.
How does working with Moneycorp help Print Strategy Europe?
"We benefit from working with Moneycorp in a number of ways. First of all, they offer great rates and low transfer fees, especially when compared with high street banks. Our international payments account also gives us access to tools such as the forward contract and we get the benefit of the team’s expertise. We have found they are very helpful and responsive; it’s been great to have an expert resource on the end of the phone if we need some guidance or support as we expand across Europe. We are also reassured by the fact that they’re a financially secure organisation with a lot of experience in handling currency transactions – as I said, customer service is our number one priority and knowing that payments will be sent and received as promised helps us significantly and means we can continue to expand with confidence."