June 13, 2024

Navigating Currency Risks in International Trade with John Min

43 minutes

Did you know that poor currency exchange practices could cost your business up to 20% in profits? Tune in to learn how to avoid hidden fees and maximize savings on international payments

Andy and Lalo sit down with chief economist Dr. John Min of Monex Group to discuss best practices for managing currency risk and payment processing in international trade. As importers and exporters deal with fluctuating exchange rates, learn the strategies to protect your bottom line.

Main Takeaways:

- Invoicing in local currencies rather than dollars saves up to 10% by avoiding currency conversion markups

- Shopping exchange rates between providers can save 1-2% in basis points, equaling a 20% boost to profit margins

- Forward contracts and options allow locking in rates for up to 2 years to eliminate volatility risk

- Verify beneficiary information and stay up-to-date on sanctions to avoid financial issues or losing your money transmission license

Key Insights:

- Hidden bank fees on international wires can add 3-4% above fair market rates without clients realizing

- Crypto payments may soon bypass capital controls, moving funds instantly for a fraction of traditional costs

- Proper currency management practices can make or break profitability for importers/exporters

Learn practical tips for exchange rate negotiation, risk hedging, and compliance to take control of a major unseen cost factor in international trade. Protect your bottom line by following the currency experts' best practices.

Enjoy the show!

Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/

Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/

Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/

Show references:

John Min: https://www.linkedin.com/in/john-min-4941634/

Global Training Center - www.GlobalTrainingCenter.com

Simply Trade Podcast - twitter.com/SimplyTradePod

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Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

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