Managing cash flow in the United States can be difficult enough for a small business. If it’s doing business internationally, foreign exchange “FX” rate fluctuations can put profit margins at risk. From the time between when a deal is made or a product sold and when payment is completed overseas, small businesses need foreign exchange strategies to help manage their money.
Rockland Trust offers foreign exchange services with competitive exchange rates, along with hedging, efficient transaction processing, and the ability for customers to speak with live FX specialists.
When a foreign currency drops, you don’t want to be left losing money while you wait for payment. Or if the foreign exchange rate shows that the currency you’re dealing with is gaining value against the dollar, you could face higher costs if your foreign supplier hasn’t already agreed on a price.
A spot payment is the buying or selling of currency at the current exchange rate. They’re recommended for smaller payments that are less regular, or when you need to exchange currency rapidly.
Eliminate or minimize foreign exchange volatility by having a forward contract, a service that Rockland Trust offers that locks in foreign exchange rates to protect profit margins and costs. A forward contract allows a set amount of currency to be bought or sold for settlement at a determined value date later, at a predetermined exchange rate. It can help small businesses budget and know what their costs will be.
Foreign Drafts & Cash Letters
Rockland Trust offers foreign currency drafts with bank checks that are payable in multiple foreign currencies. It also offers foreign cash letters and collections, which are a cost effective method for clearing checks drawn on foreign banks or denominated in foreign currency.
Rockland Trust offers a wire transfer service that can send payments to and from more than 70 countries.
Orders allow you to buy and or sell a currency when the rate hits a predetermined target. It can help businesses that have flexibility before they need payments.
Global Trade Payments
Buyers and Sellers need different levels of protection and flexibility when making or receiving international payments.
Rockland Trust can help:
Letters of Credit
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