Tempus and Global Chamber® are pleased to announce a new web page that you may access at any time for the latest currency forecast. Access the new currency forecast page by Tempus for Global Chamber members HERE.
"Each member of our global tribe brings something to help other members succeed," said Doug Bruhnke - founder and CEO of Global Chamber®. "Tempus is one of those resources rich in information to help our members stay global and UNSTOPPABLE."
In addition there are a few things members should do to improve the processing of international invoices. Follow these steps to expedite delivery of your company’s international payments and saving your firm money in the process:
- Education: Discuss the foreign currency markets and communicate the timing, amount, and currency of your pending payments with your foreign currency payment provider. A currency specialist will help you navigate the volatile currency markets and, optimally, time the foreign exchange conversion for your specific transaction. In addition you should also discuss various international payment products, such as forward contracts or foreign currency holding accounts, which can help take advantage of favorable movements in the currency markets. Access the new forecast page HERE as well.
- Separation: Understand that a foreign currency conversion payment is entirely different from a domestic payment. The level of service, system capability, and knowledge required to efficiently and cost effectively execute international transactions is exponentially more complicated than domestic payments. Critically review your current domestic and international payment arrangements in order to streamline payment processing and reduce costs.
- Electronic Automation: Commit to processing all international invoices through wire transfers, also known as electronic funds transfer (EFT). This method of payment will get the money to your overseas supplier in the most secure and expeditious manner possible. You’ll need to gather all of the international account details from your overseas supplier such as the IBAN (needed in Europe), and bank SWIFT.
Tempus, Inc. is a world leader in foreign exchange and international payment services. Its expertise adds unique value through a combination of convenient service, market insight, and strategic currency products. Tempus and its global affiliates leverage a combined annual Foreign Exchange (FX) volume of over $150 billion to deliver sharper rates of exchange directly to their clients thereby reducing their exposure to volatile currency fluctuations. The company serves all organizations that require FX including manufacturing and industries involved in import-export and other international commerce.
In addition, Tempus meets the FX needs of service industries including tour operators, freight forwarders, attorneys, and associations. Other sectors include equipment, construction, food, wine and liquor, textile and apparel, medical supplies, furniture, sports gear, and musical instrument. Tempus also serves industries that import raw materials and parts such as chemicals, aviation, automotive, and electronics.