Many B.C. businesses continue to manage their foreign exchange payments and services through their financial institution, but more and more are branching out and enlisting the assistance of dedicated FX providers. Why?

FX companies don't sell lines of credit, insurance, or mortgages - just FX services. This means they can usually offer more diverse services, and can therefore potentially better accommodate your business's unique needs.

Many FX providers will work closely with your finance staff, taking the time to understand your business and goals before providing a solution that fits. Best of all, some FX providers offer dedicated account management - regardless of your company's size.

What to look for in an FX provider:

Solutions, Strategies, and Service Ideally, a specialist in FX can offer a payments platform to send and track international payments easily online, hedging tools to help you manage your exposure to currency fluctuations, and dedicated support in case you run into issues - all under one roof.

Options

Currency options are versatile hedging products that can give your business increased downside protection as well as potential participation in favourable market movements. There are a number of different options products available, but most combine bottom line security with flexibility, giving your company the best of both worlds.

Dedicated account management

A single point of contact, ideally with knowledge of both financial markets and your business needs, that can help you choose the products and services that work best for you, as well as keep you informed of market opportunities.

Western Union Business Solutions helps businesses manage their FX risk with convenient, reliable online payment platforms, a full range of hedging products, including options, and the dedicated support of true, local FX specialists.

To learn more, contact 604-535-6325 or whiterockwholesale@westernunion. com.

- In Canada, Western Union Business Solutions is a division of The Western Union Company. Western Union acquired Custom House ULC in 2009 and the global business payments division of Travelex Canada Limited in 2011. Services in Canada are provided by Custom House ULC ("WUBS"), a company within the Western Union Business Solutions division.

- CHAMBER VOICE