Get more bang for your buck

The pound is currently at a 26 year high against the US Dollar with rates consistently breaking the $2 mark. Commercial foreign exchange rate specialist, Raphaels Bank is asking import businesses to think about making the most of the current market to maximise profits. By locking a rate of exchange in advance for delivery of funds, businesses can protect their bottom line and accurately forecast budgets. “British businesses should consider capitalising on the strong pound and Raphaels’ bespoke foreign exchange services can help them do just that, explains, Mike Smith, group director of marketing and strategy, Raphaels Bank. “With the pound hitting a long-term high, now could be a very good time to fix a rate of exchange, even if shipment isn’t scheduled for several weeks, especially as the pound sits 20 cents higher than at this time last year. “ Exchange rate volatility makes it hard for businesses to avoid fluctuations which impact on their profits. The bank helps import and export companies manage the risk associated with currency exchange, protecting their bottom line. Smith concludes, “We provide expert advice to businesses, with up to the minute market information. Raphaels Bank helps businesses fix rates when the market is at a point at which they are happy to deal, protecting them from fluctuations and giving them locked-in certainty on US deals. With the pound so strong against the dollar, now could be a good time to strike while the iron is hot and secure rates for future transactions.”