Allow Your Customers To Pay In Foreign Currency
Most companies prefer to bill and get paid in their currency rather than their customer’s currency. After all, you don’t have any use for someone else’s currency. And you certainly don’t want the hassle of opening foreign bank accounts. But that may not be what’s best for your business. Remember, billing in foreign currency is different than allowing payment in foreign currency.
FX 101 – Understanding the Foreign Exchange Market
Understanding the Foreign Exchange Market can seem intimidating. Which is why many businesses and individuals seek to avoid “having to deal with FX.” In my 15 years advising corporations on FX risk the most common phrase I heard was ‘we don’t have any FX risk because only deal in US Dollars”. That’s a nice thought, but if you are doing business outside of your home country you have FX exposure. Which is why it’s important to understand the FX market.