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Currency Exchange for Small Business
I attend a BNI meeting every week. I’m not going to preach the joys of networking, don’t worry. One of the members of my group is a currency exchange and they often transact large international transfers for businesses – usually exporters or importers, sometimes migrants (like me) coming into or leaving this island.
This week, my friend said something interesting. The Aussie dollar has fallen below parity for the first time in like a million years (it seems like that anyway). She said “the Aussie dollar goes up the stairs and down the elevator”
Obviously, I’m easily amused and it appealed to me. She means that those in the game say that it goes up slowly and down quickly.
Now a cheaper dollar is probably better for our exporters but it’s worse for importers. But importers can lock in a forward rate for quite a long time and hedge against a falling dollar. I just checked and it’s still at 97c or so so it’s not zoomed down that elevator yet.
So, if you need to buy some foreign currency and you’re nervous about the dollar buying you less foreign money, why not lock in a rate today and give yourself some certainty?
My friend is Kylie from Atlas Currency Exchange, by the way.
Please don’t call me or send me any money.
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