Could international money transfers help businesses export?

International money transfers could help small businesses to benefit from the export market.

According to a recent survey conducted by the Federation of Small Businesses (FSB), 48 per cent of smaller firms are put off exporting due to fluctuating currency exchange prices.

Using an independent foreign exchange broker could help alleviate some of this concern by setting up forward contracts on international money transfers to maintain a steady rate of exchange.

Since the government has hailed exports as "a potential driver for economic growth", small businesses might be especially keen to get involved in the wider market.

Mike Cherry, policy chairman at the FSB, commented: "With the UK economy in fragile recovery, a number of well-targeted initiatives could be just the ticket that small business exporters and government are looking for to help the private sector-led recovery."

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Posted by Eleanor Ward