Many areas of agriculture are influenced by fluctuations in exchange rates. Exposure to this volatility affects the majority of farmers each year through their Single Farm Payment (SFP).
“Electing to get paid your SFP in sterling means that someone else is in control of what ends up in your bank account”, says Jen Lancaster of Farmers Forex. Jen Lancaster, the daughter of a dairy farmer, has teamed with international payments provider FTT Global, to offer the agricultural industry an online foreign exchange and money transfer service at bank beating exchange rates.
If you elect to receive your SFP in Euros, then Farmers Forex allows you to take control of your SFP by offering two different options to convert the payment into pounds:
Option 1: Once you have received your Euros, you can decide when you would like to convert your payment into sterling and at a time and rate that is best for you and your business.
Option 2: Fix the exchange rate at any time before you expect to receive your payment, by using a forward contract. You can always lock in the rate on some of the SFP now and convert the rest at any time up to or after the payment date.
“Fixing your exchange rate helps lower foreign exchange rate risk from your business”, says Jen Lancaster. “Setting up an online account is very simple and our user feedback so far is extremely positive. A transaction that could normally take several hours to facilitate with high street banks now takes only a matter of minutes through this system and the new service could save farmers up to 3% per transaction” concludes Jen Lancaster.
If you would like any further information on the services available from Farmers Forex or more information about setting up an account please visit our website www.farmersforex.com or contact: [email protected] T:01200 424454