Grande Exhibitions is an Australian company with a large number of business partners and suppliers located in Asia, Europe and the USA.
Doing business on such a global scale means cash flows and profit margins are susceptible to volatility across a range of foreign currencies.
The complicated management of Australian dollar expenses, when income is derived from the euro and USD. Grande Exhibitions wanted a provider who offered strategic solutions to help minimize the impact of currency fluctuation on its cash flow.Solution
The WU® GlobalPay platform, complimented by access to a dedicated account manager, provides visibility into Grande Exhibitions’ currency exposures so it can manage cash flow more effectively.Result
The online platform has eliminated the need for foreign currency accounts, while a Western Union Business Solutions client manager helps to develop tailor made strategies for managing foreign exchange risk.
“I think we have saved 10’s of thousands of dollars, in locking in forward contracts at appropriate rates, by using the holding account balances and not doubling up on transaction fees.” Bruce Peterson, Manager Director, Grande Exhibitions.