Chambers of Commerce and other business bodies regularly offer courses and workshops entitled ‘Introduction to Foreign Trade’ or similar. While they are worthy, there always seems to be one important element missing.

A sound introduction to the role of import and export, combined with an overall picture of how the many elements of international trade fit together are all very useful, but what is the whole reason for trading overseas? I assume you want a better market footprint and an increasing in your profits.

Surely, as a result, one of the most important factors is the cost of goods for importers and the cost of your goods for exporters, otherwise the whole journey into the foreign market is fruitless unless you are buying and selling at the right price. You need to protect your margins and keep them consistent.

So, amid all the useful advice on the wider commercial implications of international trade and insights into the global trade environment, why isn’t more attention paid to foreign exchange and risk management?

Choosing the right provider to manage your funds for your overseas supplier payments or for the repatriation of your foreign funds into GBP does of course make all the difference to your bottom line.

Competitive exchange rates are vital to a successful business. The better the exchange rate, the more competitive your business will be. Yet import and export businesses often just turn to their banks. This will cost you a lot of time and money. We all know banks are impersonal, difficult to deal with, bad communicators and sometimes lack specific knowledge. They certainly are not experts in this field.

Independent services like ours can buy foreign currency at the same market rate as banks but charge a far less fair and transparent margin for you to maximise your profits. We offer you every possible advantage in the ever-fluctuating currency market and to make sure you are set up to complete secure transactions as efficiently and quickly as possible.

This is the vital element that is missing from many international trade courses but should be incorporated to give newcomers and experienced importers and exporters alike a clear insight into basic procedures and good practices. Currency margins are so important, so be bold and compare us to what your bank or incumbent supplier is charging to see if we can make a difference; it will cost you nothing.

If you are struggling to find an international trade course or workshop that covers foreign currency matters, then give us a call also as we will be able to assist. Our help and guidance costs nothing, but our services will be invaluable.

Meanwhile, it would be good to see more courses featuring ‘foreign currency’ on their agendas.

If you need our help for your first foray into international trade or if you are an experienced import and export business that wants to fine tune your currency management then, please do not hesitate to contact us.