Taking the risks out of working in the international marketplace BCEIA's newest Premier Member can help members and associates save money and reduce risks associated with foreign exchange transactions
Vancouver, September 5, 2012 - BCEIA's newest
Premier Member has a suite of services that could help members and
associates working in international markets to save money and avoid
the financial risks associated with foreign currency
transactions.
Western Union Business
Solutions (WUBS), the corporate trading arm of Western Union is
the world's largest non-bank provider of business payments offering
services through locally licensed affiliates in 23
countries.
Supported by a network of trading offices, strategic global
banking relationships and a global clearing network, businesses can
now send cross-border payments in more than 140 currencies.
Having recently joined the BCEIA, the Vancouver Corporate office
of WUBS is extremely excited about working with leading companies
operating within the green economy. Varun Chandran, BCEIA's
Corporate Service contact at WUBS is very familiar with the
problems and challenges faced by firms in the environmental
services sector that wish to do business in Asia, the Middle East,
Latin America and Africa where banking services may pose extra
levels of financial risk.
"Dealing with currency risk, especially in markets as volatile
as they are at the moment, poses a significant challenge for
smaller companies," he notes. "Large companies can hedge
their currency exposure through their banks in the over-the-counter
(OTC) market. They can negotiate rates with the banks and get good
deals. But small and medium enterprises (SMEs) often find
themselves short-changed by the lack of transparency and the high
costs of currency transactions. We can help with personalized,
individual services."
"Whether you are an environmental remediation company seeking
contracts in the Middle East or a cleantech company with foreign
receivables, WUBS has a worldwide dealer network offering low cost
customized solutions that can protect your revenues and your
profits. You can conduct international payments with ease and
expand your business activities abroad through easy credit
arrangements."
Through its strong focus on international payment services and
expertise in the foreign exchange industry, WUBS clients can pursue
international market opportunities via:
i)
International Payments - Manage payments via our online system, 24
hours a day, seven days a week with multiple booking authorization
levels, comprehensive transaction reporting and a customized client
platform.
ii)
Specialized Currency Products & Services - Electronic Wire
Transfers in over 140 currencies, foreign currency drafts, exchange
rate bids, multi-currency banking accounts for receivables &
payables, institutional market research and analysis, global
banking relationships.
iii)
Risk Management - Forward Contracts (the ability to lock in
guaranteed rates for a period of time), Corporate Credit for
hedging purposes, zero cost currency derivatives that enable
protection and participation rates.
Vancouver fine wine importer Nick Kosick of CRU Wine Selections
Ltd. saved $30,000 within eight months when he switched from
straight bank foreign currency exchange to managing his
transactions with forward contracts and market bids though Western
Union four years ago. It's fairly critical that small businesses
[hedge]," says Karl Schamotta, a senior market strategist for
Western Union Business Solutions.
"The important thing to keep in mind when dealing with
foreign currency transactions is the need to focus on running your
business. You shouldn't have to worry about currency volatility.
Working with WUBS takes those risks off the table and allows
businesses to budget around the funds they are receiving or
paying."
Interested companies can speak to Varun Chandran in
complete privacy to explore opportunities on how to save money and
to take the uncertainties out of dealing with foreign suppliers and
business contacts. Call him at 604.482.6018(Direct) or e-mail at varun.chandran@westernunion.com .
More information WUBS is available at http://business.westernunion.ca