“Even after 25 years of working in international trade, the unpredictability of the currency market still affects my business” says Mike Harling, founder and managing director of Whitefield International.
Mike set up Whitefield, a international business consultancy, in 1999, after more than a decade’s experience in the industry, living and working both in the UK and abroad. In any given year, 85-90% of Whitefield’s turnover is with clients based outside of the UK, and invoiced in a foreign currency.
Consequently, Mike’s exposure to currency fluctuations can have a huge impact on his business. He explains: “We agree to do a certain amount of work for a certain amount of money, but when the exchange rates go against us we end up earning less money for the same amount of work.”
Until six months ago Mike was using his bank for all of these payments. “I checked the market exchange rates on a daily basis, and realised that I was getting a poor deal from my bank. This led me to look at alternative solutions.”
Mike’s search led him to Smart Currency Business:
“I looked around at many options, and soon narrowed it down. I did a lot of research – found many positive comments from other clients, found that Smart was a solid business with solid financials, so I got in touch.”
“What impressed me most was that I immediately got through to a real person, and when I rang back a few more times with more questions I could again talk to the same person I’d initially spoken to. For me this is vital – without that personal touch, I wouldn’t be using Smart. I’m delighted with the service I’ve received, and am looking forward to this being a long-term partnership. I’d be happy to recommend Smart.”
Whitefield International estimates that in the three months they’ve worked with Smart they’ve already saved around £1500-2000. In addition to this they can now arrange forward contracts where the exchange rate is fixed in advance, reducing the risk of market volatility. Mike says “I’m convinced that if any business has exposure to currency it’s definitely worth switching. Even if it’s only £100 per month, it’s better in your business’s pocket than in the bank’s.”
Mike’s message is clear. Managing your foreign currency exposure effectively is a vital requirement of any business that deals internationally.
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