TransGlobal Payment Solutions Conducts Important Currency Exchange Survey

Press Release : February 18, 2010
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The survey also explored the reasons why organisations make foreign payments. Payments in the SEPA area came top of the list, while making payments to foreign subsidiaries made up for 20% of the reasons. For the majority of people the time they spent dealing with this was relatively small. 20% of those questioned said that dealing with making foreign currency transactions took up 20% of their time, with 40% saying that they made foreign currency transactions a few times each week.

Interestingly, nearly a quarter of respondents said that they would be interested in using a pre-paid currency card to help keep control of currency expenses.

Ultimately, TransGlobals survey highlighted that although the majority of AP departments are making foreign currency transactions to a letter or greater extent, for many its seen as a necessary evil. This was indicated by the number of organisations willing to hand over control of the function to their regular banking partner, without too much regard for the rates which that bank offered. However, with the right solution provider the control can be handed back to the AP department and organisations are able to take advantage of the better deals available on the market.

The whole report can be found here: http://www.accountspayablenews.org/attachments/150_Currency%20Exchange%20Survey.pdf

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