June 5, 2024
Volopa launches FX Forwards to protect businesses against currency volatilty
Volopa launches FX Forwards to protect businesses against currency volatility
5 June 2024
Expense management and FX specialist Volopa has launched its new FX Forwards programme to protect businesses against currency volatility. FX Forwards allows businesses to fix a specific exchange rate for up to 12 months, helping to provide their clients greater control and predictability.
An FX Forwards contract is a foreign exchange agreement that allows businesses to lock in a specific exchange rate for a future transaction.This not only provides stability and predictability but also protects businesses from adverse currency movements.
In the context of challenges posed by a volatile currency market, accurately forecasting fees and revenues from international business transactions can be complex, potentially impacting margins and financial planning. With an open FX Forwards contract, businesses lock in an agreed-upon exchange rate with Volopa for a specified future date, allowing businesses to convert currency at that rate any time before the contract expires, providing flexibility and protection against currency fluctuations.
Featured in a new report in The Paypers: “Volopa's FX Forwards seek to address these uncertainties by offering stability and consistency thus enabling businesses to forecast future costs more accurately and shield themselves from adverse currency movements. The FXForward contracts enable users to secure an agreed-upon exchange rate for a specified future date, providing protection against currency fluctuations. This flexibility allows businesses to convert currency at the pre-agreed rate at any point before the contract expires, granting them greater control and visibility over their future costs.”
This month, Volopa also announced that it has increased its currencies by 40% — with a total of 28 currencies now available on its prepaid multicurrency Mastercard. This includes key and emerging markets such as India,Qatar, Mexico, Oman, Saudi Arabia, Singapore, Turkey and the UAE, facilitating growth opportunities for businesses looking to streamline international payments.
Find out more aboutVolopa’s latest products, updated and offerings via its website
