Achieving Your Foreign Exchange Objectives
Your business is exposed to foreign exchange risk if:
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You import goods or services that you pay in a currency other than the Canadian dollar.
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You export goods or services that you collect in a currency other than the Canadian dollar.
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You have a business domiciled outside of Canada that generates funds in other than the Canadian dollar that you periodically patriate to Canada.
Foreign exchange rates can have a material financial impact on a Canadian business that imports, exports and repatriates funds to Canada. Foreign Exchange rates can fluctuate creating significant financial risk.
The majority of foreign exchange transactions undertaken by Canadian businesses include the United States dollar (USD), the British pound (GBP), the EURO (EUR) and the Australian dollar.
Our experience is that Canadian businesses would be well serviced having at least two credible foreign exchange providers to achieve the following objectives:
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Obtaining the most competitive exchange rate available.
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Lowering fees associated with foreign exchange transactions (wire transfer fees, bank charges, etc.).
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Managing foreign exchange risk in a timely/efficient manner.
We have fostered relationships with credible foreign exchange providers that you may find beneficial to your business. Client feedback from having introduced the foreign exchange providers has been highly positive. The offerings of the foreign exchange providers that we introduce to our clients include:
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Spot foreign exchange transactions
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Forward foreign exchange contracts
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Stop loss & limit orders
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Foreign exchange settlement capabilities in 50+ currencies in 160 countries
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State-of-art user friendly online platform and a global staff to enable clients to undertake their foreign exchange transactions 24 hours a day.
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A devoted foreign exchange representative to each client.
Click here for a link to the Bank of Canada website providing selected foreign exchange rates.
If your business could benefit from an introduction to a alternative credible foreign exchange provider, please contact Claude Conan, CA, CPA, CBV, MBA (Founder and President of Quantum Advisory Inc.) by telephone at 780.669.9724 or email at claude.conan@quantumadvisory.ca.