Top Key qualities of Online money transfer providers

17-06-2020 | XE |

Not sure where to begin? In this guide, we break down the key qualities of online money transfer providers and explore how you can figure out which one is the right fit for you.

Do you need to send money to a friend or family member in another country, pay a bill overseas, or make a purchase in a different currency? From there, it’s easy to form the logical conclusion: you need a way to exchange your currency and send your money to that other country.

The next step is finding someone to carry out this transfer for you. This is where it gets a little more complicated. Between banks, wire transfers, and online money transfer providers, there are numerous options available to you online and in person. How do you know which one to choose?

That depends on what you need.

What are you looking for in a money transfer?

There are many aspects to sending money overseas. There’s the process of exchanging one currency to another, there’s the travel from your account to your recipient, and it’s also worth considering how efficient the process is as a whole.

Ask yourself:

  • Are you looking for the best exchange rates?

  • Are you looking for the option that will send your money to its destination the most quickly?

  • Do you want a quick, easy online experience so you can take care of your transfers in a snap?

  • Are you interested in multiple money transfer methods, such as forward contracts and market orders?

  • Do you want the peace of mind of working with an established brand?

Knowing which of these is your priority will help you to figure out which provider is the best fit for your transfer.

What should you know about rates?

“What rate will I get?”

That’s the first question most people ask when they look to send money overseas. But since the rates are constantly changing, it’s hard to give a definite answer on what rate you’ll get, or to ensure that no matter what, you’ll get a good rate. So what should you do?

The most important thing you can do is cross-check rates across multiple providers, along with the mid-market rate (which you can see on our Currency Converter). The mid-market rate will be your baseline and give you a point of reference for providers’ rates. This will let you know if you’re getting a good deal.

Cross-comparing rates across providers will also give you an idea of whether a provider is offering rates that may be too good to be true. If you see a rate that is significantly lower than every other rate offered, or you see a provider claiming that their money transfers are “completely free” or come with “no fees”, that may be a sign that they come with hidden fees.

At Xe, we offer competitive exchange rates for our transfers, along with letting you know ahead of time if there is a fee for your transfer. If you’re interested in getting a certain rate, we also offer rate alerts, where you can identify a target transfer rate and we’ll notify you once it’s been reached.

What impacts transfer speed?

If you’re paying a bill, sending a holiday gift, or trying to help a friend or family member out in a difficult situation, a money transfer that travels quickly and gets to its destination when it’s promised is key.

There are multiple things that can influence how quickly a money transfer travels, such as:

  • The payment method you choose

  • Holidays or bank closures

  • Your provider requiring additional documentation

  • How quickly your recipient’s bank can process the transfer

You can read more about it in our guide to money transfer timings.

As you shop around for providers, pay attention to their transfer timings. At Xe, our money transfers typically arrive within 1-4 business days, but many reach their destination within 24 hours (and some countries take just minutes). We’ll always confirm when your transfer will be sent and when it should arrive before you confirm your transfer.

If you have a certain date in mind for your payment, you may want to set up a forward contract. This contract allows you to schedule a future payment at a set date, locked at the exchange rate at the time you set the contract. In addition to ensuring your payment will go out on time, you won’t need to worry about market volatility negatively affecting your rate before you make your payment.

Alternatively, if you know that you’ll need to regularly make payments (such as a mortgage or a tuition bill), you can also set up Regular Payments Abroad to schedule a series of money transfers at one set rate.

Is it easy to do?

We’re long past the days of leaving your house, driving to the bank, waiting in that endless line, and filling out form after form. Nowadays, many providers offer online services that you can do from the comfort of your couch, any time of day.

At Xe, we want to make it as simple as possible to send money. If you ever have any questions, you can visit our Help Centre to read more about the process and contact our team directly.

How to send money with Xe

  1. Sign in or sign up. Either way, it takes just a couple of minutes.

  2. Get your transfer quote. Just enter the currencies you’d like to exchange and the amount. You can also get a quick transfer quote on our Send Money page, without signing in.

  3. Enter your recipient information. We’ll need their name, address, bank name, bank account number, bank code, and BIC/SWIFT code.

  4. Provide your payment details. You can pay by bank transfer, card payment, or direct debit.

  5. Confirm and send. Does everything look good to you? Go ahead and confirm your transfer, and we’ll take it from there.

What money transfer options are there?

There are many different circumstances by which you might need to send money. Sometimes you’re in a bind and want to get your transfer sent as quickly as possible and delivered by a certain date. Other times you may have a little more time to spare, but want to ensure that you get the best possible rate for your money transfer.

Here at Xe, we offer four different transfer methods:

  • Spot transfers – Happy with the current rates and ready to transfer now? Just initiate the transfer on our site, and we’ll get it sent as soon as possible.

  • Forward contracts – Like the current rates, but want to wait a little for your transfer? Lock in today’s rate and schedule your transfer to go out on a set date.

  • Market orders – Want to get the best possible rate? Identify your target rate and let us know how much you’d like to transfer, and your transfer will automatically initiate once that rate is reached.

  • Regular Payments Abroad (RPA) – Plan to make a series of transfers? For a one-time setup process, you can schedule a regular cadence of transfers at one locked-in rate.

What are the signs of a reputable brand?

It can be nerve-wracking to trust a company with your money and your personal information. Many people opt to use their banks for their money transfers because they already know their banks and trust that they are legitimate. While banks are a perfectly safe and reliable way to make your money transfers, they may not always be the most cost-effective method. But how do you know when an online money transfer provider is as trustworthy as your local bank?

As you research money transfer providers and examine their websites, keep an eye out for some of these signs of a reputable business:

  • A secured website

  • Information about the company and its history

  • A way to easily contact the company

  • Reasonable pricing (remember what we said above about comparing prices across providers)

Reviews are also a great resource for assessing a brand’s reliability and customer experience. You can check sites such as Trustpilot to see what verified customers have to say about a company.

How does Xe stack up to the other providers?

Over 1 million customers around the world trust Xe with their international money transfers. What makes those customers choose Xe over the others?

  • Favorable transfer rates, so you can trust that you’re getting the most for your money.

  • Fast money transfers, reaching some countries within minutes.

  • Transfer tracking, so you never have any doubt about where your money is.

  • Over 130 countries and over 98 currencies available to transfer to.

  • A quick and easy process, which you can handle entirely online 24/7, 365 days a year.

  • Numerous transfer options, so you can send your money in the way that best suits your situation.

  • Currency tools and resources, so you can stay up-to-date on your choice currencies.

  • Almost 30 years in the currency business, with the knowledge and experience to truly make us the world’s trusted currency authority.

 

Source

 

 

Whitepaper Download: Negen valutafouten die uw bedrijf moet vermijden (Dutch)

10-06-2020 | XE |

Xe ondersteunt meer dan 6.000 bedrijven per jaar wereldwijd bij het beheren van hun vreemde valuta en het vooruit plannen om risico’s te beperken. Maar nog veel meer bedrijven laten de zaken op hun beloop en maken keer op keer dezelfde fouten.

XE heeft de kennis en ervaringen gebundeld in een handleiding waarin maar liefst 9 cruciale valutafouten worden beschreven die je als bedrijf moet vermijden.

Klik hieronder op de afbeelding voor meer informatie en download de whitepaper.

In deze whitepaper gaan we dieper in op die fouten,
om meer bedrijven te helpen dit in de toekomst te voorkomen.

Veel voorkomende uitdagingen zijn:

  1. Niet weten of u valutarisico loopt of in welke mate
  2. Geen beleid voor valutarisicobeheer hebben
  3. Alleen naar de koersen kijken
  4. Geen inzicht hebben in de verscheidenheid aan producten die voor uw bedrijf beschikbaar zijn

 

 

 

 

How to set up a forward contract and lock in a rate for your business

03-06-2020 | treasuryXL | XE |

A forward contract gives you and your business certainty, allowing you the peace of mind to have confidence that your international exposures are taken care of.

At Xe, we work with businesses of all sizes across many industries. We recognize that each business has its own requirements for its payments, and thus we offer a diverse suite of money transfer products and solutions in order to meet each business’s international payment needs.  Let’s say that you’ll need to make a payment in the future. Right now, the rates are in your favor, but your payment is weeks or even months away, and you’re worried that the rates could change in the coming weeks, which would make your upcoming payment much more expensive than it would be now. You can’t influence the markets, but is there anything you can do to avoid feeling the brunt of currency market volatility?

In that case, the forward contract would be the right solution for you. Let’s take a closer look at what that is and how it could help your business.

What is a forward contract? 

A forward contract is an agreement to buy or sell an asset at a specified price on a specified future date. In the context of money transfer, this is how it works:

  • You specify which currencies you’d like to exchange, and get a quote at the current exchange rate.

  • You select the date on which you’d like to send this transfer, and provide all necessary recipient and payment information.

  • On that date, the transfer will automatically trigger, and will convert and send at the previously established rate.

You could think of it as the “buy now, send later” money transfer option. You’ll do the work of setting up the transfer now, and your currency exchange will happen at the current exchange rate, but the transfer itself won’t happen until the date you’ve specified.

Why is a forward contract useful? 

A forward contract can be useful in two ways: allowing you to lock in your rate to avoid future volatility, and to ensure that your payment will be sent (and delivered) by a certain date.

Changes in currency values can dramatically impact the cost of your business money transfers. If the currency that you’re sending weakens, or the currency you’re transferring to strengthens, a simple payment could suddenly become much more costly for your business. A forward contract gives you and your business certainty, allowing you the peace of mind to have confidence that your international exposures are taken care of.

Additionally, if your payment needs to be delivered by a certain date, arranging your payment in advance can ensure that it will be sent on time. No matter how busy things get leading up to the transfer date, you can rest assured that your payment is taken care of.

How to set up a forward contract 

If you’re interested in setting up a forward contract and securing a rate for your business’s upcoming money transfer, give us a call to set that up with our team. If you don’t already have an Xe account, take a look at our guide to registering for a business account. 


Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

How to navigate changing currency markets when buying services from overseas

27-05-2020 | treasuryXL | XE |

When dealing with overseas currencies, changes in the currency markets and exchange rates could potentially change the amount that your business will need to pay.

If your business imports tangible objects from another country—such as goods, food products, materials, or machinery—then you’ll need to pay in that country’s currency. However, this doesn’t just pertain to tangible goods imported from overseas. If your business requires services from overseas employees, contractors agencies or service providers then you will also need to pay invoices or contracts in their local currency.

When dealing with overseas currencies, changes in the currency markets and exchange rates could potentially change the amount that your business will need to pay. When making regular payments—such as contract payments—having the right solutions to protect your business from market volatility can protect your business’s bottom line and keep your costs level.

What are your exposures? 

Understanding your business’s currency risk exposures is the first step to countering them to protect your business. You’ll want to consider:

  • How frequently you’ll be making payments

  • Which currencies you’ll be dealing with

  • What type of payments you’ll be sending

  • How volatile your currency pairs are.

Use forward contracts to protect your business from market motion 

If you know that you’re making payments in a volatile market, one solution you can use to reduce the impact of market motion is a forward contract.

A forward contract is a payment method that differs slightly from a typical spot transfer. Rather than making an immediate payment at the current exchange rate, it instead allows you to lock in the current rate and set a date for the payment to be sent at today’s rate.

Here is what you would do:

  1. Specify which currencies that you’d like to exchange and provide the amount you need to pay. This will give you a quote at the current rate.

  2. Enter the date that you’d like to send your payment.

  3. Provide your payment information as well as your recipient’s information.

  4. Once that date hits, the transfer will automatically send at the secured rate.

Forward contracts are a valuable tool for price protection as well as peace of mind. You can secure a favourable rate for your transfer, and you won’t need to worry about missing your payment or the markets moving in the days leading up to it. Your payment will already be secured and scheduled.

If you have a contract, then you know you’ll be making payments. With a forward contract, you can secure favorable rates ahead of time so that even if the market changes, the amount that your contract costs your business won’t.

Get Started

Working with Xe can protect your business from market motion 

A knowledgeable and experienced international business payments provider can help your business to weather the currency markets and easily navigate your payments, so you can focus on your business.

At Xe, we have nearly 30 years of experience in the currency markets. We work with over 13,000 businesses around the globe and offer them the right solutions for their operations, size, industry, and currency needs.

Some of our solutions include:

  • Easy-to-use business payment products including spot transfers, forward contracts and market orders.

  • Personalised FX risk management tailored specifically to your business.

  • Knowledgeable support from our team of currency experts.

 

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

Exchange rate risk | A Challenge for internationally trading companies (Dutch Item)

25-05-2021 | Erna Erkens | treasuryXL |

Handelt u internationaal buiten de Eurozone, dan kunt u als bedrijf te maken krijgen met een valutakoersrisico, ook wel wisselkoersrisico genoemd. Wanneer u goederen of diensten uit een land buiten de Eurozone importeert of exporteert, kan de wisselkoers hoger of lager zijn op het moment dat u de factuur moet betalen of uw geld ontvangt. Dit kan een gunstig effect hebben op uw marge, wanneer u geluk heeft. Het kan ook een negatief effect hebben op uw marge.

Een koersbeweging kan uw winstmarge dus maken of breken. Er zijn heel veel factoren, die het koersverloop van een valutakoers kunnen beïnvloeden. In dit artikel kunnen we niet alle invloeden benoemen. Zeker ook omdat veranderende marktomstandigheden, ook weer nieuwe invloeden naar voren brengen. In dit artikel behandelen we de belangrijkste factoren.

Voorbeeld wisselkoersrisico

Hoe ontstaat een wisselkoersrisico of een valutarisico? Deze termen worden door elkaar gebruikt.  Een voorbeeld: Uw onderneming levert producten aan een onderneming in de Verenigde Staten voor USD 100.000.

Op het moment dat u de producten in de Verenigde Staten levert is de EUR/USD koers 1.2000. Uw 100.000 dollar is dan 80.333,33 Euro waard. De Amerikaanse aankopende partij hanteert een betalingstermijn van 60 dagen en voldoet de factuur dus 60 dagen na levering.

Op dat moment is de EUR/USD koers 1.2500 en is uw 100.000 dollar nog maar 80.000 Euro waard. U verliest in dit geval dus een bedrag van 3.333,33 Euro. Als dit op nog grotere schaal en met grotere bedragen gebeurt, kan dit pijnlijke verliezen opleveren. Zo erg zelfs, dat het kan leiden tot een
faillissement. Dit is echt niet nodig en kan worden voorkomen. 

Wanneer ontstaat een wisselkoersrisico?

Er zijn verschillende manieren en momenten, waarop een wisselkoersrisico kan ontstaan.

Pre-transactierisico

Stel u brengt een offerte uit aan een bedrijf in China. Of u ontvangt van een bedrijf uit een land buiten de Eurozone een offerte. Op dat moment ontstaat er direct een wisselkoersrisico. De wisselkoers kan namelijk op het moment dat de offerte wordt uitgebracht hoger of lager zijn dat het moment, waarop de offerte wordt geaccepteerd. Daardoor kan de offerte opeens gunstiger of juist minder gunstig uitpakken. Dit risico noemen we het Pre-transactierisico.

Transactierisico

Stel de offerte wordt geaccepteerd en omgezet naar een definitief contract. Op dat moment ontstaat er een vast wisselkoersrisico. Bij het contract hoort namelijk een betalingsverplichting of betalingsontvangst in een andere valuta dan de Euro. Als een contract wordt afgesloten, wordt de betaling meestal niet direct gedaan. In de tijd tussen het tekenen van het contract en de betaling zal de wisselkoers zeker veranderen. Dit risico noemen we het Transactierisico.

Economisch risico

Door het wijzigen van een wisselkoers, kan uw concurrentiepositie en de winstgevendheid van uw bedrijf veranderen.

Stel u bent producent van paraplu´s. U produceert deze in de Eurozone. Een ander bedrijf gaat dezelfde paraplu’s verkopen en laat deze papaplu’s in VS maken. Als de dollar goedkoper wordt (EUR/USD stijgt) dan worden de productiekosten voor uw concurrent die de paraplu’s in VS laat maken goedkoper. Uw concurrent kan de paraplu’s daardoor goedkoper aanbieden. Dit is een voorbeeld van een economisch risico. De mate waarin een wisselkoersrisico de concurrentiepositie of de winstgevendheid van een bedrijf beïnvloed noemen we het economisch risico. 

Voorbeeld van een wisselkoersrisico

Het bedrijf Hippe Tassen importeert handtassen uit China. Het bedrijf uit China wil betaald worden in USD. Dit gebeurt heel regelmatig bij Chinese bedrijven. De factuur voor een collectie handtassen is USD 50.000. Hippe Tassen heeft een offerte gekregen met een wisselkoers van EUR/USD 1.2000. Dus de USD 50.000 met de koers van 1.2000 komt in de boekhouding voor USD 50.000 / 1.2000 = EUR  41.666,67.

En dan komt het moment dat Hippe Tassen de factuur moet betalen. Dit kan bijvoorbeeld via Cash Against Documents (CAD). De boot met de tassen ligt in de haven van Rotterdam. Op dat moment moet de betaling aan het Chinese bedrijf worden gedaan. De koers is dan EUR/USD 1.1500.

Hippe Tassen moet de Amerikaanse Dollars aankopen om de betaling in USD te doen. Maar op dat moment kosten die USD 50.000 ineens EUR 43.478,26 (USD 50.000,– /1.1500 = EUR 43.478,26). Dat levert Hippe Tassen ineens een verlies op van EUR 1.811,59 (EUR 41.666,67 – 43.478,26).

Dit was voor Hippe Tassen niet de bedoeling en dit was ook zeker niet nodig. Andersom komt natuurlijk ook wel eens voor. Als de koers was gestegen van 1.2000 naar 1.2500 heeft Hippe Tassen een extra winst van EUR 1.666,67 (USD 50.000 / 1.2000 = EUR 41.666,67 – USD 50.000 / 1.25 = EUR 40.000).

Maar deze gok is het risico niet waard. Geld moet verdiend worden met de verkoop van hippe tassen en niet met verandering van de wisselkoers.

Schat uw wisselkoersrisico in

Het is als Internationaal handelend bedrijf verstandig om goed in kaart te brengen wat uw valutarisico´s zijn om onnodige verliezen te beperken. Om het wisselkoersrisico zoveel mogelijk te beperken zijn er verschillende mogelijkheden. Een ervan is gebruik maken van termijncontracten.

Maak kennis met Erna

Erna is geboren in Rotterdam in 1963. Ze heeft 35 jaar binnen het bankwezen gewerkt waarvan 33 jaar in Treasury.

Erna’s drijfveer is mensen en bedrijven helpen met haar kennis en ervaring. Leren van elkaar en door samenwerking allemaal beter worden. Met die reden heeft Erna haar business EEVA opgericht (Erna Erkens Valuta Advies). Erna’s mening is dat bedrijven geen zakendoen met bedrijven, maar mensen doen zaken met mensen.

Haar basis voor zakendoen is altijd de mens. Een primaire behoefte van mensen is dat ze het gevoel willen hebben dat ze ergens thuishoren. To Feel that they belong. Mensen met een set van dezelfde normen en waarden voelen zich thuis bij elkaar. Na een poosje voelen ze zich veilig en dan ontstaat er automatisch vertrouwen. Dat kost tijd.

Erna’s kernwaarden: Integriteit, loyaliteit, professionaliteit/kwaliteit en samenwerking. Bent u helemaal thuis in alle vaktermen als u aan tafel zit met uw bank? Of schiet er soms een woord voorbij waarvan u denkt? Wat was dat ook al weer?

In uw werk komen internationale transacties dagelijks voor, kennis van het vakjargon is dan belangrijk. Wilt u in gesprekken met uw bank of broker goed beslagen ten ijs komen en uzelf zeker voelen en alle gebruikte vaktermen begrijpen? Dan is deze online masterclass ‘Vakjargon in 5 dagen’ speciaal voor u!

Ja ik wil meer informatie!

Owner at EEVA







Bron

Are you understanding all the costs involved in your international business payments?

20-05-2020 | treasuryXL | XE |

As you search for the right payment provider, keep an eye out for these two main sources of cost: fees and exchange rate.

When making an international payment, there’s one question that’s on everyone’s mind:

“How much foreign currency will I get for my money, after all the charges have been applied?” 

The answer could surprise you.

When making an international business payment, the actual payment itself is only one part of the overall cost to your business. Depending on the provider you utilise for your payment, the exchange rate that you get for your transfer as well as the fees you’ll need to pay (their cost and the number of fees) can vary drastically.

As you search for the right payment provider, keep an eye out for these two main sources of cost: fees and exchange rate.

Fees—the charges you see 

When making an international transfer, a multitude of fees, charges or commission can apply, both for the sender and the recipient.

It can get complicated, as fees can come about in multiple ways. Providers may levy lots of small charges to disguise exactly how much the transfer cost. Some providers may instead apply their fees to the recipient, meaning that less money will come out on the other end of your transfer than anticipated.

When you get your transfer quote, look carefully at the fees that you see throughout the transaction—not just the ones advertised upfront.

Exchange rates—the charges you don’t see 

For many people making international payments, the exchange rate is the deciding factor in which provider they use.

As you search for the right international payment provider, be mindful of the way that they communicate their costs. It’s more common than you think for providers to offer “commission free” or “fee free” transfers that in fact just give you unfavourable exchange rates in return.

As a result it’s often really difficult to compare one provider with another as some will publish charges and others don’t.

Remember exchange rates often change by the minute, so to compare one company to another you need to do the comparison one after the other in quick succession.

What should you look out for? 

When shopping around and comparing your bank to a currency broker, make sure you look at both fees and rates. Compare the costs across providers—even if some claim to use the mid-market exchange rate for their transfers, you’ll find that rates can differ wildly.

Additionally, be mindful of anything that seems “too good to be true”. While some providers will offer you great deals and discounted rates, if you see a provider claiming absolutely no fees, “free transfers”, or advertising rates that are dramatically lower than the rates you see with other providers, it may be an indicator that there are extra, hidden costs.

What will it cost to send money with Xe? 

At Xe, we want to help you to get the most for your money when you make an international payment. Our money transfers come at competitive exchange rates, and we offer money transfer solutions that can help you to ensure that you’ll get a great rate for your transfer. You can lock in a rate for a future transfer with a forward contract, or you can set a Rate Alert to get notified when the rates are in your favour. Currency market volatility can cost you, but working with a knowledgeable provider can help you to minimise the costs.



Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

International Treasury Management Virtual Week | Celebrating 30 years as the world’s leading treasury event

| 19-05-2021 | Eurofinance | treasuryXL |

International Treasury Management is the annual meeting place for 1000s of the World’s most senior treasurers to learn and share experiences in valuable peer to peer discussions. With a reputation for ground-breaking sessions and world-class speakers, our 30th anniversary event will explore the boundaries of the profession, take a glimpse into the future of business, treasury and working life as well as offer the practical case studies on the treasurer’s top agenda items.

Only one treasury event can deliver the comprehensive mix of big picture global insight and granular treasury knowledge you need to make the right choices for the future.


Back to the future, again

Over the past 30 years since EuroFinance’s inaugural conference on International Cash and Treasury Management, much has changed. Treasurers have firmly become business partners, technology experts, risk managers and opportunity spotters. They often lead fundamental change within the company as markets, business models and technology shifts.

What next? This event will delve into how treasury operations can gear up for the future, having learned the lessons from the past. Where, who, what and how will the corporate be in the coming years and what is treasury’s role?

Keynote sessions will offer big-picture insight alongside themed streams including:

  • Payments revisited
  • Risks and Rewards
  • Digital strategies
  • Practical solutions to day-to-day Treasury challenges
  • The power of partnership

What makes International Treasury Management the must-attend event of the year?

  • networking on a global scale – a significant rise in attendees in 2020 boosted the value networking with banks, providers and potential clients… all in one place
  • strategic insights and best practices – get solutions to the challenges you face from treasury and economic experts during keynotes, practical case studies, fireside chats, analytical panels and more
  • future trends – delve into the latest innovations and new technology driving change in treasury, and their practical applications
  • live Q&A with world-class treasurers – enjoy borderless networking and live Q&As with high-profile speakers directly after each session
  • cost and time-efficiency – tune in form anywhere in the world, at the click of a button with no long distance travel or accommodation costs
  • continued learning – catch up on any missed sessions and re-watch your highlights, on demand for up 2 months after the event
  • unite your international teams – as a free event, it offers an opportunity for your whole treasury team to attend. Perfect for encouraging learning and development at all levels

September 27th – October 1st | Virtual

Register Now for Free!

 

 

Global Treasury Americas | Planning the post-pandemic Treasury

| 12-05-2021 | Eurofinance | treasuryXL |

The leading virtual event defining today’s corporate treasury agenda

For the past year, treasurers have sweated the core stuff: securing short-term liquidity and longer-term credit; enhancing risk monitoring and hedging processes; and dealing with the implications of remote working. But in the complex and uncertain transition to a new ‘normal’, finance functions will have to resume the search for growth. Can treasury help identify where growth is most likely to come from and which parts of the business are most threatened by digital disruption? And can they do better – can they help build the business strategies needed to prosper as we emerge into the next phase of the pandemic.

This event will explore the practical steps treasurers can take to make enterprise and treasury digitalization a reality and look at varied case studies of transformation in the treasury. The event will look in-depth at new technologies in action as well as more strategic concepts including the sustainability agenda. We look at how treasury can make a difference. Finally, we look at what it takes to transform treasury wherever you are in your journey in order to increase efficiencies, protect the business and make a difference to the bottom-line.

Global Treasury Americas: Planning the post-pandemic treasury

2 days of actionable insights, plus real world case studies tackling the key issues facing treasurers in the region. Topics include:

  • The Great Bounce-back
  • Practical steps on the path to automated Treasury
  • Why sustainability matters for Treasury
  • Name that threat: What’s next
  • Building a true cash culture
  • Payments evolution – the Treasurer’s view

What makes Global Treasury Americas your must-attend event of the year?

  • Understand the practical steps towards making enterprise and treasury digitalization a reality
  • Gain actionable solutions and best practices from varied real-world case studies
  • Network with an unrivalled audience of 800+ senior treasury professionals across the Americas
  • Benchmark your operations against the regions most forward-thinking treasury teams
  • Explore how to support business growth whilst balancing the traditional role of treasury

June 9-10 | Virtual

Register Now

 

 

Market movements could impact your business—stay on top with Rate Alerts

06-05-2020 | treasuryXL | XE |

Rate Alerts are a quick, simple way to monitor the changing values of your choice currencies, without having to constantly check the markets.

If your business purchases goods or services from overseas, makes income from overseas, or deals at all with foreign currencies, exchange rate movements can and will impact your business and its bottom line. The degree to which they’ll affect your business will depend on the types of transactions you’re making, the frequency of your transactions, and the currencies that you most commonly work with. But if you aren’t aware of the latest changes in the currency markets, your next payment could be quite a bit more costly than anticipated.

While it is crucial to monitor the values of the currencies you work with and stay on the pulse of movements in the currency markets, we understand it’s not always feasible to keep an eye on them. The currency markets are constantly in motion, and currency values can change multiple times per day, or even multiple times per hour. Who has time to constantly check the latest rates?

Fortunately, you don’t need to devote your time to monitoring the markets. With Xe’s Rate Alert tool, we can handle it for you, so you can devote your time to your business.

What are Rate Alerts? 

Rate Alerts are a quick, simple way to monitor the changing values of your choice currencies—without having to constantly check the markets.

At Xe, we know the currency markets, and we’re happy to keep an eye on them for you. All you need to do is identify which currency pairs you’d like to monitor and your target exchange rates, and we’ll take care of the rest. We’ll watch the markets for you and notify you the moment your ideal rate is reached.

Want to give it a try now? 

Log in

Why set up a Rate Alert? 

By setting a Rate Alert, you’re ensuring that you’ll know when it’s a good time to make your transfer. The currency markets can be volatile, and one change in currency values could have a dramatic impact on how much your business needs to pay for one transaction. If you have some flexibility in the timing of your payment, Rate Alerts will help you to determine when the rates are most favourable, so you can make the most of your money.

In addition to helping you save money, Rate Alerts will also free up valuable time. Rather than frequently checking the markets and poring over historic currency data, you can take just a couple of minutes now to set up your Rate Alerts. You’ll know as soon the rates are in your favour, without ever having to take time away from your business.

How to set up a Rate Alert 

If you have your Xe account, signing up for a Rate Alert is quick and simple.

  1. Sign in or sign up. If you haven’t registered, don’t worry. It’ll take just a few minutes.

  2. Head to the Rate Alerts section. If you’re using the Xe app, you’ll enter through the ‘Charts’ tab.

  3. Select your currency pair and set your target rate. You can either manually enter the rate you’d like or select a point on the chart.

  4. Sit back and wait. We’ll be in touch as soon as your rate is reached.

Get Started



Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

Bank connectivity 2.0. New solutions offer new opportunities! (Dutch Item)

05-05-2021 | treasuryXL | Enigma Consulting |

Veel organisaties hebben voor het betalingsverkeer een zogenaamde ‘Payment Hub’ geïmplementeerd voor de connectiviteit met de banken. Zo’n hub zorgt voor een veilige, automatische connectie om betaal- en incasso opdrachten naar de bank(en) te sturen en dagafschriften te ontvangen. Veel van deze hubs zijn in 2012 bij de overgang naar SEPA geïntroduceerd. Sindsdien is de technologie echter drastisch veranderd en bieden nieuwe oplossingen, via Software-as-a-Service (SaaS), rijkere functionaliteit aan tegen een veel efficiënter bedrijfsmodel. “Het wordt dus hoog tijd om uw bankconnectiviteit opnieuw onder de loep te nemen!”, aldus Roderick Kroon, partner bij Enigma Consulting.

“Het gebruik van een Corporate Payment hub voor bankconnectiviteit tussen de corporate ERP / TMS-systemen en de bankrelaties neemt in aantal toe. Trends als digitalisering, standaardisatie en de toegenomen aandacht voor fraude- en risicomanagement maken het automatiseren van de connectiviteit met banken een onderwerp op de managementagenda.”

Er zijn volgens Kroon momenteel drie interessante ontwikkelingen die resulteren in een verhoogde focus op bankconnectiviteit in de Nederlandse markt:



1. De toegenomen focus op het ‘in control’ willen zijn

“In het verleden waren Treasury en Finance vooral gefocust op de hoge waarde / laag volume Treasury betalingen en niet te veel op de commerciële betaalstromen. Uit de discussies van Enigma met veel corporate treasurers zien we een grotere focus op het ‘in control’ zijn door bijvoorbeeld handmatige activiteiten te verminderen, het aantal tokens voor elektronische banksystemen te verminderen en realtime inzicht in liquiditeit te hebben. De verbeterde proposities van TMS-systemen en netwerk partijen zoals SWIFT, leiden tot de logische stap om de bankconnectiviteit te automatiseren. Dit omvat niet alleen de automatisering van de betaalstromen, maar ook de ontvangst en distributie van bankafschriften intern.”

2. Er zijn nieuwe (payment hub) oplossingen met een revolutionair bedrijfsmodel

“Ook aan de oplossingszijde zien we interessante ontwikkelingen. Nieuwe (Fintech) leveranciers zoals Cobase, Nomentia, Kyriba of TIS nemen (multi-tenant) SaaS als uitgangspunt om de IT-footprint te verkleinen en zorgen ervoor dat klanten direct profiteren van verbeteringen die voor andere gebruikers wordt ontwikkeld. Vooral op het gebied van bankconnectiviteit zien we een verschuiving van ‘maatwerk voor de klant’ naar ‘best-practise oplossingen van de leverancier zelf’. Gebruikers profiteren direct van investeringen die reeds gemaakt zijn voor andere klanten en bankkoppelingen die al deel uitmaken van de standaardoplossing. Sommige leveranciers gaan zelfs nog verder en bieden de gehele bank onboarding aan als ‘service’.”

“Kennis van de details van betaalformaten, (bank)kanaalopties en noodzakelijk contracten is dan niet meer noodzakelijk zelf te hebben. Andere (eveneens SaaS) leveranciers zoals COUPA Treasury of Serrala richten zich op het creëren van complete ecosystemen en samenwerkingen met derde partijen om de waarde propositie en relevantie verder te versterken.”

3. Vervanging van (verouderde) Payment Hub-oplossingen

“Een derde interessante ontwikkeling is dat ‘early stage’ payment hubs aan het einde van hun economische levenscyclus zijn gekomen en aan vervanging toe zijn. Sterker nog, één grote speler (CPH van FIS) heeft haar klanten geïnformeerd einde 2021 te stoppen met het product waardoor tientallen bedrijven op zoek moeten naar een andere oplossing.”

Met de introductie van SEPA in 2012 maakte een groot aantal bedrijven de keuze om een payment hub te implementeren, vertelt Kroon. “De belangrijkste focus in die tijd was het verminderen van de complexiteit van veranderingen in het bestaande IT-landschap. In die tijd speelden Payment Hub-oplossingen vooral een rol bij:

  • Bestandsconversie of -verrijking van (in NL Clieop) formaten naar SEPA formaten
  • SEPA-machtigingsbeheer voor automatische incasso om de (te complexe) ‘FIRST versus ‘RECURRENT’ richtlijnen te volgen en het nieuw vereiste ‘machtigingskenmerk’ te administreren
  • Het bieden van een alternatief voor kanalen die banken besloten uit te faseren om hun SEPA-programma’s te vereenvoudigen (bijvoorbeeld het ING Finstream-kanaal)”

“De stand van de techniek was echter totaal anders dan tegenwoordig. API’s, SaaS of Cloud bestonden niet. De implementatie was veelal ‘on-premise’ met een aanzienlijke IT-voetafdruk en initiële CAPEX-investering. In de afgelopen maanden heeft Enigma Consulting meerdere discussies gevoerd over de noodzaak om deze ‘vroege’ payments hubs te vervangen en zijn wij betrokken bij meerdere selectie en vervangingstrajecten. De leverancierselectie projecten die we hebben gedaan ter vervanging van bestaande oplossingen hebben interessant genoeg een zeer positieve businesscase als resultaat:

  • Er zijn grote extra investeringen (soms upgrades) nodig in de legacy-oplossingen om de IT-beveiliging te verbeteren of om nieuwe bedrijfsfuncties beschikbaar te maken. Nieuwe oplossingen zullen deze kosten onmiddellijk elimineren;
  • De huidige kosten zijn in vergelijking met de kosten van nieuwe oplossingen een stuk duurder;
  • Sommige leveranciers zijn van eigenaar veranderd en de focus op payments én bankconnectiviteit is verdwenen, terwijl nieuwe oplossingen de huidige marktfactoren en ontwikkelingen in het betaaldomein zeer groep begrijpen;
  • Nieuwe SaaS / Cloud-oplossingen verkleinen de IT-footprint aanzienlijk en vereisen veel minder (vaak schaarse) capaciteit van IT voor onderhoud / upgrades;
  • De huidige payment hubs bieden een breder scala aan diensten en kunnen veel eenvoudiger (via API’s) worden geïntegreerd met andere systemen (bijv. cashmanagement, fraude, treasury, ERP, transactie monitoring);
  • Veel payment hubs bieden mu volledige ondersteuning voor ‘on-behalf’ (POBO / COBO) verwerking in combinatie met in-house bankieren en / of virtuele accountoplossingen.”

Is bankconnectiviteit een apart onderwerp?

Kroon: “Niet per se. Hoewel het onderwerp zelf perfect als individueel vraagstuk kan worden aangepakt, zien we dat onze klanten de benodigde verandering op dit domein koppelen aan een bredere discussie over hun financiële waardeketen. Vaak gaat een noodzakelijke verandering in het connectiviteitsdomein van banken hand in hand met bredere discussies over de visie ten aanzien van ‘betalen’ en het gerelateerde Target Operating Model, waarin alle marktontwikkelingen (outside in), interne ambities (inside out) en discussie over de bankrelatie (s) worden meegenomen. De selectie van de best passende leverancier voor de payment hub moet dan worden gezien in het bredere perspectief van een routekaart (roadmap) voor Payments op de middellange termijn.”

Dus wat nu te doen?

“We raden aan om de oplossing die is gekozen voor de bankconnectiviteit opnieuw te (laten) beoordelen. Indien deze nog niet geautomatiseerd is kan er een sterke businesscase zijn om dit te veranderen, de efficiëntie te verbeteren en risico’s te verminderen. Indien er al wel een oplossing is kunnen er argumenten zijn om te profiteren van vervanging door een van de nieuwe oplossingen die ‘meer bieden voor minder’.”

“Wij adviseren om verder te kijken dan alleen bankconnectiviteit en het volledige betaaldomein in beschouwing te nemen om te valideren of men voldoende voorbereid is op de toekomst, rekening houdend met alle nieuwe ontwikkelingen in het betalingsverkeer. Enigma Consulting kan de business case versterken door een efficiënt traject met behulp van de unieke ‘RFP-as-a- service’ en ‘Payments Road map’.”