The Bank Isn’t Your Only Option for Foreign Exchange in Canada
Foreign exchange can be devastating for businesses that require large conversions upwards of $50,000 per month. You want to minimize the amount of the hidden FX banks fee you pay during each foreign exchange transaction whether you are a law firm, manufacturer, importer, real estate investment company, a pension fund or SaaS company. Despite this fact, 90% of all foreign exchange transactions are still conducted through the bank.
This is even though the banks charge as much as 1.5% to 2% more than other options such as Money Service Businesses. As well, the foreign exchange market is a $5 Trillion USD per day industry, the largest market in the world. It also has the most volatile price. That is why working with the most effective institution for your foreign exchange option is important. You want to see real-time rates that will make you the most money on your exchanges.
If you choose to work with a foreign exchange specialist like a Money Service Business, you will receive Market Update and Alerts designed to minimize the impact of foreign exchange in Canada. With a price that can move as much as 1% to 2% in a matter of minutes, you want to be aware of the best time to proceed with your exchanges. This is because market information and global trends will affect your price. Getting real-time savings is your best strategy to avoid unnecessary losses.
The Boutique Foreign Exchange Option
RICE FX is Canada’s premier foreign exchange Money Service Business. Focused completely on providing businesses with market-leading exchange rates, you always know you will not lose out on opportunities to either save or earn on your exchange. This is a completely regulated Canadian Money Service Business that must report to FinTrac. The average savings for RICE FX clients is 20,280.00p.a.
Hedging strategies when working with RICE FX include a forward Contract and Options. A forward Contract is where we lock in a rate today but you pay for the transaction at a future date. This form of contract can be as far out as a year, or as little as two weeks. You can also check rates online easily to watch the best times for currency exchange.
Why Maximize Foreign Exchange?
Some businesses might not realize the impact maximized foreign exchange will have on their bottom line. When looking at Money Service Businesses like RICE FX, you could be saving money while still using a highly secure and risk-free form of transaction. When dealing with your bank, it could cost you thousands of dollars. In fact, you could be paying as much as 1%-3% for each exchange. If you look at the numbers, you could be paying out as much as $15,000 on an exchange of $500,000. When you calculate this annually you can see where you are potentially losing hundreds of thousands of dollars. If you are exchanging at least $50,000 per month it is well worth it to explore a Money Service Business.
As you can see, a Money Service Business is your best option when it comes to foreign exchange in Canada. Contact us today for a no-obligation assessment
Contact RICE FX
Our experts are here to help. Contact us today for a no-obligation assessment of your foreign exchange needs. Complete the form below or call us directly at 1-855-887-2793