When a New Zealand company is serious about investing in European markets, they need support, guidance and practical experience to help maximise business opportunities.
For over 10 years we have helped UK and overseas-based companies manage risk and avoid losses caused by adverse currency market fluctuations.
As a company which employs a number of Kiwi staff, and with FX account managers who have worked extensively with New Zealand businesses over the past decade, we understand how NZ companies work and the challenges they face when entering into new markets.
We aim to support as many New Zealand companies as possible with their FX requirements. We are committed to delivering an exceptional personalised service which combines our in-depth market knowledge and specialist currency contracts – helping businesses maximise profits in international markets.
How it works
Unfavourable currency exchange rates can have a significant impact on a company’s finances, restricting business growth. Importers and exporters need to avoid currency risk in order to protect their assets, margins and bottom line.
One way to help lessen a company’s foreign exchange exposure is to look at forward contracts. Forward contracts allow businesses to fix a rate of exchange, for up to two years in the future, but only require clients to lodge 10% of the amount they intend to convert – so you don’t have to pay for all of your currency immediately.
For example, a company looking to export stock to the UK in February 2016 would have seen the NZD value of their profits depreciate quite dramatically over the course of the month. On the 14th February the GBP/NZD rate was 2.1890 – twelve days later the rate had fallen to 2.0664.
To put this in monetary terms – £20,000 worth of sterling profits repatriated to New Zealand would be worth around NZD $2,500 less in just over a week and a half due to exchange rate movements. Using a forward contract in advance would have helped mitigate this loss and protected profits.
We support our clients by creating bespoke FX strategies and employing specialist treasury management solutions to protect them from adverse currency movements; helping businesses make the most of their currency.
SUMMIT LONDON has been involved in making high quality shirts for retailers around the world for decades; sourcing fabrics from the best mills and then importing them to the United Kingdom.
From Fifth Avenue New York to Jermyn Street London, from department stores in Tokyo to independents in Paris, Summit made shirts have been bought by millions.
Summit makes regular payments from the UK to mainland Europe and has benefitted from Joe Mayhew’s guidance and commercial rates of exchange.
“I have used Foremost Currency Group for over a year and have found their service to be impeccable. A small to medium sized business owner like myself needs to feel confident with foreign currency transactions. Joe and his colleagues have provided me with up-to-date information, given me competitive rates and most importantly provided a service that I can trust. I have no hesitation in recommending them to others.” Gavin Welford, Director, Summit London Limited
OLIVER MYLES, an international corporate hospitality company, host bespoke events and popular hospitality occasions. The event that Oliver Myles is most known for is their Luxury Rallies. These take place twice a year all around Europe for private clients to enjoy prestige car experiences.
As the rallies visit a number of different countries throughout Europe, Melanie (Gibson-Walsh, Director) needs various currencies to pay all her suppliers. Our expertise in the FX markets has helped Melanie manage the foreign payment side of her business efficiently, saving her money and time. Melanie found that we were easier to use than banks, as it isn’t all online, and she can speak to her own dedicated broker- even when calling from abroad to move payments.
“We have to pay in different currencies, to different suppliers and it was all becoming a little complicated. I went to Foremost Currency Group to get a good rate but also because it’s so much easier. They pick up the phone really quickly. Even if we may not be buying the biggest amount they are very good at making us feel as though we’re as special as the next customer.” Melanie Gibson-Walsh, Director, Oliver Myles
Your dedicated account manager, Joe Mayhew, has extensive experience and a proven track record in helping New Zealand Private and Corporate clients navigate the FX markets. Joe can work with you to understand your business and its requirements and he will develop a bespoke service to make your currency transfers as cost effective as possible – whether they are located in the UK, mainland Europe or New Zealand.
Senior Currency Broker
T: 01442 892 069