Should I set up a Euro account when importing or exporting to the EU?

Question

Should I set up a Euro account when importing or exporting to the EU?

Answer

Setting up a Euro account is not necessarily as we can receive EUR from your customers in a secure client account, leaving you with the option of exchanging back into GBP – or a currency of your choice – at a time of your choosing to maximise revenue.

These funds can then be paid back to your business bank account, or held by us if you have further exchanges to make.

We can also make payments to overseas suppliers from this account, and if you are both exporting and importing there is a natural hedge that you can take advantage of.

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This question follows our webinar in March 2019 on ‘Managing Currency Risk’ and the answer comes from Bibby Financial Services.

Bibby Financial Services are challenging traditional FX suppliers. We are a trusted and competitive service that gives you greater value and clear benefits:

  • We are a leading independent financial services partner to UK business
  • We have over 35 years’ experience funding businesses
  • We get to know our clients who value our relationship-based approach
  • We have highly motivated and dedicated teams of experts on hand
  • We deliver tailored financial solutions that meet our clients’ ends
  • We are a global business and understand a wide range of industries and sectors
  • We have a unique understanding of trade cycles within the UK and international markets
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