Foreign Currency
It’s important to learn about foreign currency exchange and its important role in international trade.
Investigate your chosen export country’s currency. Consider exchange rates and factors that can affect it.
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Being mindful of your market and changes in exchange rate, do you provide pricing in multiple currencies or just one?
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Do you choose stable currencies?
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Are there any implications accepting payment in that currency?
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Are there any world events that could have an impact on markets or currencies?
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Consider the best methods of payment, ensuring that payment will be guaranteed.
Check currency exchange websites or maybe visit a local bank. Investigate whether there have been any global issues affecting exchange rates and discuss them. Do banks readily accept the currency of your chosen country?
Don’t forget to keep any evidence (documents, photos etc)