Navigating Currency Risks in International Trade with John Min

Did you know that poor currency exchange practices could cost your business up to 20% in profits? Tune in to learn how to avoid hidden fees and maximize savings on international payments

Andy and Lalo sit down with chief economist Dr. John Min of Monex Group to discuss best practices for managing currency risk and payment processing in international trade. As importers and exporters deal with fluctuating exchange rates, learn the strategies to protect your bottom line.

Main Takeaways:
- Invoicing in local currencies rather than dollars saves up to 10% by avoiding currency conversion markups
- Shopping exchange rates between providers can save 1-2% in basis points, equaling a 20% boost to profit margins  
- Forward contracts and options allow locking in rates for up to 2 years to eliminate volatility risk
- Verify beneficiary information and stay up-to-date on sanctions to avoid financial issues or losing your money transmission license

Key Insights: 
- Hidden bank fees on international wires can add 3-4% above fair market rates without clients realizing
- Crypto payments may soon bypass capital controls, moving funds instantly for a fraction of traditional costs
- Proper currency management practices can make or break profitability for importers/exporters

 Learn practical tips for exchange rate negotiation, risk hedging, and compliance to take control of a major unseen cost factor in international trade. Protect your bottom line by following the currency experts' best practices.

Enjoy the show!

Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ 
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/

Show references:

• John Min: https://www.linkedin.com/in/john-min-4941634/
• Global Training Center - www.GlobalTrainingCenter.com
• Simply Trade Podcast - twitter.com/SimplyTradePod 

Find us on YouTube: https://www.youtube.com/@SimplyTradePod 

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