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Does your payment land in the correct currency account?
| 16-07-2019 | by Pieter de Kiewit |
In most SMEs in Europe a payment from US clients will be transferred in US dollars and lands in EURO’s. Banks facilitate this process and their fees consist of two parts:
If you receive payments in US dollars regularly, you can consider opening a US dollar bank account. Therefore, you will avoid constant payment of the conversion rate. This is most relevant when you also make payments from this account. All big banks offer bank accounts in various currencies as a paid service.
Let’s take a deeper dive into the signals that I received: A foreign client made a payment in dollars with his dollar account. He transferred the dollars to the Euro account of my contact. This was all documented. Nevertheless, the bank charged transaction and conversion fees. Luckily this was discovered by my contact. After informing the bank about this issue, the bank repaired it all.
There could be various reasons why this happened. We all know that the global IT landscape in traditional banks consists of many different systems of a different age. A network problem could be a possible issue. The likelihood of this happening again is high, so be aware! Also, although we do not like this, it could be that this payment was handled manually. A mistake is easily made, hopefully not too frequent. It would be the worst case scenario when banks manipulate payments in order to claim fees. Let’s assume this is not the case.
The point I want to make: check if payments land on the proper currency account or it will cost you!
Any of you encountered misrouted payments?
PS From my own experience: in your ebanking environment, the default currency is not necessarily the currency the account is in. My GBP account had EURO as default currency…
Pieter de Kiewit
Owner Treasurer Search
RT story: From professional athlete to Treasury Director
| 15-07-2019 | by treasuryXL | Kendra Keydeniers
Best example of a great career in treasury (before and) after graduating from the RT program is the one of Jarno Timmerman. This is his Register Treasurer Story:
Professional athlete in The Premier League of volleyball, Jarno decided to further expand his passion for and knowledge about treasury by participating in the RT program of 2007.
Starting as Treasury Manager at Nike, following by a role as Manager Group Treasury at KLM/Air France and winning the award of being Asia’s Best Treasurer by The Corporate Treasurer Awards working at AkzoNobel – you can say that Jarno is an outstanding treasurer who must be passionate about his work.
Jarno returned to Nike in January 2018 and started as Director Treasury EMEA, surrounded with top athletes from around the world. Being a former professional athlete himself, working for Nike is feeling at home. Nike and Jarno is an obvious match.
Why did you start with the RT program?
I started the program because I felt it would elevate me as a treasury professional. I studied economics also at the VU, already positioning myself for treasury. I did that by taking classes like Corporate Finance for example and the RT felt as a natural next step to improve my treasury knowledge.
How did the education help you in your career?
After the completion of the RT it definitely helped me in my career. Besides being a more rounded treasury professional also to the outside world it allowed me to distinguish myself and definitely help me in my career to get a promoted role in a new company for example.
Therefore, I can for sure recommend every Treasury professional to consider participating the RT program. It will be an investment you need to put in, primarily in time at the expense of your social life for a while, but it will pay off.
Which topics covered were most interesting?
The program is a strong combination of die-hard deep dives in treasury subjects like cash management and derivatives, but it also brings a nice introduction to overlapping subjects like tax and legal which allows to have a better understanding of those topics as well.
The program also brings the right balance between theory and practice. Therefore, the second strong element of the program is the ‘mandatory physical presence’ to the classes and sessions. This gives a nice discipline, rhythm and momentum to keep track of the subjects, challenges and tasks at hand.
Are you still in touch with your peers?
Maybe even more important is that the journey you undergo with a group of similar treasury professionals, providing synergies, keeping you motivated and allows you to build up an important network that will last throughout your career. Although I finished the program more than 10 years ago, I still keep contact with many treasury professionals from my year.
So in short, the RT program is about knowledge & network and will definitely elevate your career as treasury professional!
More stories please! Read the RT story of Mathieu and Richard and/or read more info about the RT program here.
The post-graduate Executive Treasury Management & Corporate Finance programme combines two finance disciplines: Treasury Management and Corporate Finance. These disciplines largely overlap and are inextricably connected.
After a successful completion of all required modules, the title of Registered Treasurer (RT) is conferred by the Registered Treasurer foundation.
The course will start on 1 September 2019. Why wait? Apply today!
Why Big5 and not another personality assessment?
| 12-07-2019 | by Kendra Keydeniers |
Our deeper dive into the Big 5 model continues with our next topic:
Since the start of the development of the Treasurer Test we were convinced that including a personality assessment would bring added value. In a previous blog we describe why there are many well-known and documented typologies and standards for personality testing in the market. Without describing others in detail, this is what we like about the Big5 model.
There is a vast amount of scientific literature on this topic. With your cooperation we will include links to relevant input.
On behalf of Team Treasurer Test,
Community & Partner Manager at treasuryXL
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