How do I get the best exchange rates?
Fluctuating exchange rates have a direct impact on your margins, and therefore your bottom line profits. For those purchasing USD to fund supplier invoices, the last 3 months could have seen some businesses margins depreciate by over 8.2%.*
If you factor in the Covid fallout, spiked freight costs, and rising US Dollar, supply chains are inevitably becoming more expensive, leaving UK SMEs no option but to increase prices on the customer, or take the hit themselves.
Many businesses no longer want to pay FX brokers bigger premiums in exchange for watching the markets for them, especially in a time where automating those services not only allows for a more attractive price point, but serves as a much faster and less burdensome way to secure the best exchange rates.
In such economic conditions, the preferred FX solution is one that offers the lowest possible margin, on the best possible exchange rate, at the best possible time. It is unlikely you’ll find that with an over-the-phone broker, so we’ve listed 2 simple tools that allow you to achieve this.
Online platforms provide the option to automatically identify and offer the best price, which involves cross-referencing the same banks that over-the-phone brokers use. This removes the need to speak to multiple currency brokers, a time consuming process which means your timing into the market depends almost entirely on someone else (i.e. your ability to secure the best exchange rate is outside of your control).
They also serve as more transparent option, with some showing the live interbank exchange rate, meaning you never fall into the trap of an over-the-phone broker changing prices.
Integritas is an online payment platform that fixes prices at 0.15%, a price point that is very difficult for over-the-phone brokers to match consistently. It also shows the live interbank exchange rate, and offers you the ability to reserve exchange rates instantly. Sign up for free in 5 minutes.
Automated Exchange Rate Alerts
Over-the-phone brokers will watch the markets for you, and then call you to let you know the when exchange rate is moving in your favour. They may also rely on forecasts and market data to speculate on potential hikes, but speculation is a dangerous game. With no visibiltiy of the real exchange rate, it’s also very difficult to tell if your pricing is what you think it is, another potential gamble.
Automated exchange rate alerts give you real time, live updates on currency movements, whilst removing any broker speculation. It means you can consistently monitor any short term hikes, thus significantly increasing your chances of securing the best exchange rate. Brokers also have a portfolio of clients, so they can’t notify every client at the same time, meaning some are compromised over others. This makes it virtually impossible to provide the same holistic value that instant notifications do.
Integritas replaces the traditional approach with consistent alerts via email, every time the exchange rate moves, meaning our clients know the real exchange rate before a broker even picks up the phone. But don't just take our word for it…
"We're provided with up to the minute details, swiftly and efficiently at very little overall cost.” Ben Whitehead, Spare Snacks Ltd.
“The instant rate notifications are very useful. We always know where the markets are and the tight price allows us to capture the best rates. A strong, reactive product that removes the need to compare rates in a transparent way." MD, Steel Products Exporter.
The Covid fallout, spiked freight costs, and rising US Dollar all have an impact on supply chains, as does the level of product, pricing and timing offered by foreign exchange brokers. Taking advantage of a price-sensitive, automated alternative is arguably one of the most effective ways to secure the best exchange rates.
Integritas offers a secure online platform, fixed 0.15% markup, no fees, instant rate alerts, and full visibility of the live interbank exchange rate, whilst adopting a no sales call policy. Your money belongs to you, let’s keep it that way.