For companies, foreign countries mean foreign currencies. Settlement in a currency other than USD and maintaining a foreign currency account seem expensive to some people. Meanwhile, things do not look bad. Although we haven’t found a free currency account, many of the offers we’ve found are very attractive. How much do I have to pay for a foreign currency account for my company?
Many companies do not trade with foreign countries for fear of currency risks and costs associated with systematic currency exchange. But in order to exchange currency cheaply, there is no need to educate the financial markets, but to know what tool to use in order to make the changeover the cheapest for us. To begin with, it is important to open a foreign currency account with a bank.
How much does a foreign currency account cost?
The offer of a foreign currency account for settlements for a company is worth adjusting well to its needs. Each additional service, e.g. connecting a payment card, increases the cost of its maintenance. Therefore, it is worth choosing an offer that gives us a low cost of the service, which we know we will use frequently, e.g. cheap international transfers. How does this look in practice? In most cases, opening a foreign currency account is free of charge, but it can cost up to 10 USD a month to operate such an account. The payment card fee can be charged monthly, e.g. 5USD or once a year for USD 30. Another important fee is foreign transfers, which can be collected as % of the amount we want to transfer. The extent of such costs shall normally not exceed 0,35% of the amount concerned. It is also worth noting the fee for ATM withdrawals at home and abroad. This fee is usually charged in the currency in which we maintain our account. Click here to see a list of the cheapest currency accounts: Where is the best place to open a foreign currency account?
How much does it cost to change at an internet exchange office?
In order to reduce the cost of currency conversion for the company, the best way is to use the services of Internet exchange offices. Thanks to them, our company will pay a lower currency spread than in the case of exchange at the bank. In the exchange offices the currency spread is less than 1%, while in the bank the spread for euro, pound, Swiss franc and dollar is as high as 7.4%. Currently, there are about 50 cantors on the market, but it is worth betting on a proven brand in this respect. One of the most trusted e-cantors is, which has been operating in this industry for 7 years and has many positive opinions of other users.
Currencies for companies
An effective way to develop the company is to expand abroad, but it requires reliable knowledge and knowledge of phenomena that are not dealt with while doing business in the USA. The best place on the web where you can find a lot of useful information about currencies, currency risks and international markets is the blog. Service experts describe complex economic phenomena in a simple language, which is extremely valuable in the case of their knowledge of finance and international markets.
In conclusion
Before an entrepreneur can start conquering international markets, he must, among other things, put his finances in order. In what currency will it settle with its counterparties? How will it reduce currency risk? What will be cheaper for him: to open a foreign currency account or to open an account abroad? It turns out that a foreign currency account is not expensive, and all your questions can be easily answered online.
How much does a foreign currency account cost for the company
