Exchange Rates

K

Kinsey

Registered User
Messages
11
Hi there,
Our company mainly exports to the UK so our sales are largely in GBP. My question relates to the conversion of sterling back to euro. Traditionally this worked by ringing up the treasury sales team of our bank and taking the rate on their treasury website plus a small commission to change over. Now however they charge ten points on each exchange and this rate is not open to negotiation. This is the same for forwards or for spot exchanges.

Does anybody else have advice or do you find that there are other avenues open to you that you can negotiate?

Just feeling a bit bruised at a 10% fall in my sales due solely to the loss on foreign exchange.

Thanks,
Kinsey.
 
Do you also buy goods in GBP?
If so do you have a GBP account that you can pay from?
It's not much but it might help.
 
Kinsey
What do you mean by a 10% fall in your sales i.e are you suggesting that the banks margin is 10% of your sales or profit margin. Do you have an example of a rate they gave you on a particular day? Are you looking at midmarket rates or where are you getting rates measure from
 
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