SMEs urged to lock in exchange rates for overseas payments as triggering of Article 50 approaches

22nd March 2017

SMEs have been urged to ‘lock in’ an exchange rate for their upcoming overseas payments before Article 50 is triggered by the Prime Minister Theresa May.

Online overseas payments service Money Mover is urging Britain’s SMEs to consider reducing uncertainty surrounding their foreign currency transactions for up to the next six months.

Hamish Anderson, CEO of Money Mover, says: “Britain’s small businesses are facing unprecedented levels of uncertainty in light of the UK’s vote to leave the European Union. Many small British businesses make invoice payments, pay salaries and manage their treasury accounts overseas. Money Mover’s service gives these firms the ability to eliminate some of the uncertainty they face by locking in rates for their payments for the next six months.

“Our aim is to empower SMEs to make informed decisions about currency exchange and global payments. By giving full and upfront information about the cost of a transaction, Money Mover can help SMEs free up capital set aside to cover uncertainty, and ultimately help them expand their businesses, employ more people, and deliver greater value to the economy.”

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