3 Tips for Managing Currencies in a Borderless World

3 Tips for Managing Currencies in a Borderless World

Currenxie simplifies global payments for businesses. Providing access to the world’s largest network of virtual bank account numbers, the company works with thousands of eCommerce businesses to send, receive, and convert currencies all across the globe – quickly and at lower cost. Today Currenxie offers 3 tips for managing currencies in a borderless world:

When it comes to commerce, we live in a borderless world. Companies are no longer limited to selling products in their local country – or currency. In today’s world, boundaries – and opportunities – are now limitless.

The good news: you don’t need a global presence to go global. Added bonus: the growth happening within the ecommerce  industry doesn’t show signs of stopping. How can your business scale to meet the demand – or enter new markets – all while keeping costs in check?

3 Tips for Managing Currencies

1) Spot the hidden fees

First, keep a close eye on how much you are paying for cross-border payments and foreign exchange (FX). If you are working with a payment gateway overseas, for example, you ideally don’t want them to convert your sales into your home currency due to unfavourable FX rates, or have them frequently wire the funds to you as cross-border transfers are expensive.

You can save by having your payment gateway remit into a local virtual bank account in the overseas market, avoiding both FX and wire transfer costs. Virtual accounts allow you to centralise your funds in a multicurrency wallet, with much cheaper FX and transfer fees.

2) Know your risks

If you’re engaged in international trade or run a global ecommerce  company, you’re inevitably exposed to various levels of exchange rate (or forex) risk. It’s all part of doing business globally.

While market fluctuations can be volatile and hard to predict, you can mitigate exposure by planning ahead and hedging with currency forward contracts. In doing so, you’ll not only protect your profit margins, you’ll put your business in a position to operate more competitively on the world stage.

3) Consider keeping everything in one place

Even when exchange rates are stable, the last thing you want is to have separate accounts for each currency, which can be costly and troublesome. The more currencies you support, the bigger the need for an integrated platform that can store and convert money freely and instantly.

By keeping them together in a centralised multicurrency wallet, you have the freedom and ability to convert funds on your own terms.

To sum up, you need a reliable platform that gives you the flexibility to handle transactions in different currencies while keeping costs at a minimum.

Currenxie Global Account

Enter the Currenxie Global Account. Providing access to the world’s largest network of virtual bank account numbers, we work with thousands of ecommerce  businesses to help them send, receive, and convert different currencies almost instantly with little cost.

Leveraging the power and reach of our custom-built stack, you can manage payments in over 20 currencies across 100+ countries – all while exchanging currency at the mid-market rate (i.e. the one you see on Google).

You can also instantly connect to all major marketplaces and gateways, enabling you to withdraw funds straight into your local bank account in the currency of your choice for less.

Find out more about what Currenxie can do for your ecommerce  business.

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