Guide

Foreign currency and exchange rate risks

Introduction

If your business exports or imports goods or services, you need to consider how you will protect yourself and identify foreign exchange risks. Even a small variation in the exchange rate could cost your business thousands of pounds.

You'll also need to decide how to make and receive payments in foreign currencies.

This guide is aimed at businesses that regularly deal with customers who are based outside of the UK. It explains how to price goods or services, how to combat the risk of exchange rate changes and the practicalities of foreign currency transactions and bookkeeping.