Dolan – Companies that import or have their own manufacturing facility in Africa, Asia or Latin America often incur the necessary conversion costs when paying in euros. “The local bank knows there’s no way around you, so you’re at their behest,” explains Lawrence Martens of StoneX, which specializes in so-called ‘cross payments for less common currencies’.
“Our strength lies in our affiliated banking network.” If you want to exchange currencies, exchange must take place at all times. Not every bank can do that and if they do not have that relationship they should look for a bank. We have a direct relationship with local banks in Africa, Asia and Latin America to provide the best exchange rate in local currency at all times and to make payments on the correct currency date, ”says Martens.
Very favorable rate
“The advantage of the links we remove from the chain is that companies have lower costs, and error sensitivity is much lower. We remove multiple links from the chain and we can guarantee a better exchange rate. The network of banks. Can guarantee, “said StoneX Business Manager Netherlands.
StoneX was created thirty years ago, and the founders of a large bank had to turn hard currency into an attractive currency for a charity. “In practice, they found that they needed a lot of connections to get the financing. They looked at the opportunities and then turned it into their business. Many banks did not have those relationships with local banks because it was not so. They could make enough profit. That means we’ll take care of the money behind them. “
Over the past thirty years, StoneX has developed a vast network of local banks and the company now handles transactions for the largest international banks, including a large Dutch bank, the United Nations (UNICEF, WFP, WHO) and more than 500 non-banks. Profit companies around the world. “We gain confidence because our expertise, our network, our service and our fees are highly competitive. Today we pay with more than 140 different currencies in more than 175 countries.”
“Brazil is a great example of a country that can provide additional services to our customers. We have started our own company there, which can facilitate entrepreneurs’ incoming and outgoing funds and take care of all paperwork. In Colombia we are setting up our own company that we expect to open in 2022,” Lawrence said. .
“For European companies active in imports and exports of fruits and vegetables and plants, we can often feel huge savings, whether they have their own branch or not. This actually involves substantial amounts, especially for companies with manufacturing facilities. Do not realize that importers often have a habit of paying in euros and dollars and do not even know that they can pay in local currency, “Lawrence says.
He called on entrepreneurs in the international fruit and vegetable and flower trade to be tested. “Comparison does not always cost! We pay the customer a fee so he knows in advance how many euros he will have to pay to fulfill his obligation. Our services are very transparent. Transactions are included!”
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