Foreign exchange specialists OFX and the Export Council of Australia (ECA) are partnering to help Australian businesses’ take advantage of export opportunities and move money globally with confidence.
For Australian businesses exporting into new markets, fee shock and currency volatility can be a natural hindrance to many.
Global economic uncertainty in the current climate is another deterrent.
Last year’s OFX Cross-Border Confidence Index report found a lack of confidence in managing exchange rates has stopped a third (33.6%) of Australian SMEs from trading internationally or dealing with overseas suppliers.
This can be partly attributed to a lack of transparency on fees when it comes to foreign exchange transfers, with Australian SMEs identifying this as a primary concern (58.7%).
Through the new partnership, OFX and ECA hope to enhance members’ cross-border trading capabilities, secure competitive, bank-beating currency exchange rates and provide access to specialist support to help members plan ahead and manage currency volatility.
These materials build on ECA’s existing resources for members and dedicated focus on developing international business skills, building Australian business capacity, conducting international market research, supporting with overcoming barriers to international trade, building global networks and informing Australian trade policy to support Australian exporters.
Range of risk probabilities
“All companies dealing in the international trade arena need to consider a range of risk probabilities,” said Dianne Tipping, Chair of Export Council of Australia.
“One of the many risks to manage is their foreign exchange strategy.
“The ECA is pleased to be able to partner with OFX to promote their experience, aligned with their competitive advice on how exporters can understand and then manage this risk.”
Yung Ngo, President, Asia Pacific at OFX, said: “Understanding how to best overcome challenges with currency fluctuations and leverage FX risk management strategies to help plan ahead is absolutely key to protecting Australian exporters’ bottom line and effectively engaging in cross-border trade.
“The Export Council of Australia has a strong, rich history of empowering and educating Australian businesses about international trade, so we are looking forward to helping equip these businesses with our specialist capabilities and currency expertise to enable this community to manage FX with confidence.”
ECA Members can sign up via the partner page www.ofx.com/exportcouncil