FARO FX works as an extension of your business and adapts to make sending and receiving transfers as painless as possible so you can focus on what really matters, your business. FARO FX goes beyond offering competitive exchange rates; we work with you to help you make the best possible decisions regarding your international money transfers.
As businesses like yours continue to expand overseas, there will be invoices to pay in different currencies. While the simplest and most common payment option is to have your bank issue a bank-to-bank wire transfer, there are significant extra hidden costs from both your bank and the overseas vendor.
Everything we do at FARO FX is tailored to meet your FX needs. Whether it’s a smaller payment you’re looking to send overseas promptly delivered at the best exchange rate, you can open a FARO FX account and make a payment in minutes. Or maybe you’ve ordered the construction of a large piece of machinery and must make larger payments in several installments – your dedicated FARO FX specialist is constantly monitoring the currency market. They will help you choose the best payment tools to plan and schedule your payments when the market is most favorable to save you the most money.
Businesses like yours are expanding globally to increase their profit–which means receipt of incoming payments from foreign vendors. FARO FX can help you quickly bring your money home without the painstaking and costly process of dealing with banks.
When you receive overseas payments, you may be charged as much as 5% in foreign currency exchange margins—simply to collect your money. Banks or money exchange vendors involved in the payment process often tack on their own fees for foreign transactions. Unlike banks and other payment vendors, FARO FX takes the guessing game out of receiving currencies. Upon receiving a payment transfer, we place the foreign funds directly into your multi-currency account so you know exactly how much comes in at what exchange rate if and when you decide to convert your funds.
While FX may be a small part of your business, it can seriously impact your bottom line—even the most seasoned financial professionals often overlook the risks associated with foreign currency exposure.
Recent geopolitical and economic events have made global financial markets more volatile, highlighting the need for businesses to establishing a well-defined risk management strategy. With over $5.3 trillion of US dollars (USD) traded every day, the foreign exchange market is the largest in the world. Typical daily swings of one to two percent have become the norm for major currencies like the Euro (EUR), the British pound (GBP), the Japanese yen (JPY) and the Canadian dollar (CAD) while monthly market swings routinely move as much as three to five percent. If you’ve secured contracts for payments or receipts in foreign currencies, then your business is exposed to potential currency fluctuations. Protecting your business is the best investment you can make—and costs nothing upfront to secure.