Start Up Britain
If you’re setting up a business in Britain involved in importing or exporting, it’s likely that at some stage you will have to deal with foreign currency. We've produced two special guides for Start Up Britain.
We're also offering a free advice line. Contact us today.
A little bit about the currency markets
The currency market is the largest financial market in the world, trading more than $4trn around the globe every day. A third of this is traded in London. Thousands of factors affect each individual currency and its exchange rate, ranging from British politics, to American retail sales and the price of oil.
The main players are the banks, who trade the vast majority of the $4trn every day at the “interbank rate” - literally a rate between the banks. There are risks to dealing in the world’s financial markets and it can be tough trying to navigate them without specialist help. There are two main things you need to focus on:
•Getting the best exchange rate - i.e. the rate closest to the “interbank rate” mentioned above
• Making sure you are not exposed to currency fluctuations - i.e. you won’t lose out if the exchange rate moves.
*This offer is subject to a fair use policy of 50 free payments within a year. Minimum foreign exchange transaction size is £250 (normally £1,000).