Over the years we have helped many import/export companies paying for goods overseas realise competitive exchange rates and provide them with the tools to plan and budget up to 12 months in advance.
Tech companies, and startups in particular require a different strategy, more often than not these startups begin in the back bedroom as a flash of inspiration or an epiphany. Initially all the work is on building a program or an app but then suddenly everything explodes, seed money comes in, work is contracted out to programmers around the world and offices begin to spring up.
As with most businesses in the early expansion phase everything gets done as and when someone thinks about it or it is demanded.
It can sometimes be a while before a designated Finance officer or CFO is recruited, by this time so much money could have been wasted in unnecessary costs and fees from banks, not alone poor exchange rates.
For many tech startups there is usually substantial use of US dollars but if your tech company is based in Europe you may well find that you are forever changing Euros to Dollars and vice versa, whereas using the facilities within a currency company the US dollars could sit in an account until needed so as not to be penalised twice for converting when there is no need to.
It’s true that it is possible to open multi currency accounts with your bank but these can be expensive and in the early months and years there may not be the resources nor the need to have these in place.
You should be using all of your energy and concentration on growing your startup from an idea.
We are here to help from the beginning of your journey through to the realisation of your dreams.
Feel free to contact us to see how we can add value to your startup.
#foreignexchange #techstartups #foreigncurrency