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Thinking About Doing Business Internationally? Tips for Handling Multiple Currencies

Thinking About Doing Business Internationally? Tips for Handling Multiple Currencies. The article suggests,”Consider locking in an exchange rate in advance. Many small-business owners do not have the cash reserves to withstand a foreign-exchange loss. Schulz recommends that you look at buying a “forward contract” from a bank or non-bank specialist, locking in your exchange rate for a set period of time. You will pay a commission on the contract, but what you buy is peace of mind. With an exchange rate locked in, you can plan your pricing strategy such that you know you won’t lose money.”

For companies doing business domestically with a heavy international customer base, it may be wise to look into Dynamic Currency Conversion (DCC).

DCC is a financial service which allows international credit cardholders in the U.S. to have the cost of their purchases instantly converted to their home currencies upon checkout.

It is a great service to offer international customers as they will no longer have to wait for his/her statement at the end of the billing cycle to find out the conversion rate. If you are conducting business near or for tourist attractions, or are located near the Canadian border, definitely look in to DCC.