{"id":57605,"date":"2021-02-18T16:15:00","date_gmt":"2021-02-18T16:15:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/four-steps-to-managing-fx-risk-in-todays-economy\/"},"modified":"2024-03-26T09:57:12","modified_gmt":"2024-03-26T13:57:12","slug":"four-steps-to-managing-fx-risk-in-todays-economy","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/four-steps-to-managing-fx-risk-in-todays-economy\/","title":{"rendered":"Four Steps to Managing FX Risk in Today&#8217;s Economy"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Four Steps to Managing FX Risk in Today&#8217;s Economy<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-441.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-441.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-441.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-441.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Four Steps to Managing FX Risk in Today&#8217;s Economy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/four-steps-to-managing-fx-risk-in-todays-economy\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/four-steps-to-managing-fx-risk-in-todays-economy\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published February 18, 2021 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>There are many factors that can influence exchange rates across the globe, none of which you can control. And while no business can affect FX rates \u2013 or even accurately predict them \u2013 you can take steps to manage the risk to your business.<\/p>\n\n\n\n<p>In a recent discussion, Roderick Cheung, Director, Commercial FX Solutions at RBC, shared some insights and advice for businesses buying, selling and conducting operations globally.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Four Steps to Manage and Reduce Your FX Risk<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Understand what the risks are<\/h3>\n\n\n\n<p>Foreign exchange losses come straight out of profits, often without tax-deductibility and the possibility of recovery. Understanding your foreign exchange risk could therefore make the difference between a good business deal and a bad one.<\/p>\n\n\n\n<p>Understanding the risks begins with identifying where your company is exposed to foreign currency fluctuation. For example, if you buy or sell products outside of Canada, purchase equipment abroad or outsource operations overseas, you may face foreign exchange exposure,<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Focus on what you can control<\/h3>\n\n\n\n<p>No one can forecast exchange rates with absolute certainty. In fact, Alan Greenspan, former chairman of the U.S. Federal Reserve, remarked: <i>\u201cForecasting exchange rates has a success rate no better than that of forecasting the outcome of a coin toss.&#8221;<\/i> As such, Cheung recommends focusing on obtaining certainty over trying to win in an exchange rate gamble, with the help of foreign exchange tools and services. \u201cThe markets do what they do,&#8221; he says. \u201cManaging foreign exchange risk is not so much about making sure you&#8217;re not going to lose money but having the certainty of what dollar value will be paid out one, two or several months down the road.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Know where your business is going<\/h3>\n\n\n\n<p>Having a forward-looking plan that considers any international business is essential to your ability to manage FX risk. \u201cYou need a timeline,&#8221; advises Cheung. \u201cIt&#8217;s important to know not just what you&#8217;re doing outside of Canada today, and what your FX exposure is, but what business you expect to do in the future. Are you growing, entering new markets, changing markets? That longer-term view is just as important as what you&#8217;re doing today, in order to effectively manage risk.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Choose the right FX partner<\/h3>\n\n\n\n<p>It&#8217;s a common rumor that the big banks are not the most competitive when it comes to FX. While conducting research is an important part of the process, it is essential to keep in mind the bigger end-to-end picture to ensure any research yields an \u201capples-to-apples&#8221; comparison.<\/p>\n\n\n\n<p>\u201cYou also want to look at the holistic price of a transaction,&#8221; advises Cheung. \u201cIf you&#8217;re looking to conduct a foreign exchange transaction, you may not be looking to simply buy or trade foreign currency. More likely, you&#8217;re doing something else that requires foreign exchange, such as making or receiving a payment, putting money aside for a future payment, or transferring money between accounts. While someone may be offering a lower rate on one particular part of the transaction, what are the other costs involved?<\/p>\n\n\n\n<p>In choosing a financial partner for your international business, you also want to consider how long it will take for money to get from one place to another and what the standard settlement times are. These details can significantly affect your cash flow and ability to run your business.<\/p>\n\n\n\n<p>It&#8217;s also important to recognize that foreign exchange is just one element of a given transaction. \u201cForeign exchange is just like any other product or service associated with your business,&#8221; reminds Cheung. \u201cIt&#8217;s just one part of your greater business model. When choosing a foreign exchange partner, you therefore want to work with someone who can support your broader range of business needs.&#8221;<\/p>\n\n\n\n<p>There are a number of products and services that can help you manage and reduce foreign exchange risk as you do business internationally \u2013 many of which have been adapted to consider the volatility of today&#8217;s markets. A Business Financial Advisor can help you minimize your risks, understand your options and optimize your cash flow today and into the future.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-1-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-center has-white-color has-text-color\">Trade with Confidence \u2013 check out <a href=\"https:\/\/www.rbcroyalbank.com\/business\/international-trade\/international-trade-solutions.html?promo_name=ENT_BFS_DNL&amp;promo_id=268835&amp;promo_position=callout&amp;promo_creative=Four Steps to Managing FX Risk in Today\">our trade solutions<\/a>.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-eef1f3c9-6dc2-4aff-856c-50789d1871bf\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Four Steps to Managing FX Risk in Today&#8217;s Economy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/four-steps-to-managing-fx-risk-in-todays-economy\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/four-steps-to-managing-fx-risk-in-todays-economy\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-0b75e4d4-3aa4-4b0a-9d04-9463812f7e1d\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/payments\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Payments<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Businesswoman with a digital tablet showing and talking with male worker in distribution warehouse. Manager working with foreman in warehouse checking stock levels.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Grants-and-Funding-Image.jpg 2121w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Grants-and-Funding-Image.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Grants-and-Funding-Image.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Grants-and-Funding-Image.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Grants-and-Funding-Image.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Grants-and-Funding-Image.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-financing-and-funding\/\">\n\t\t\t\t\t\tBusiness Financing &amp; Funding\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-financing-and-funding\/five-steps-to-help-win-business-grants-and-government-funding-in-2026\/\" class=\"card-title h4 mar-t-0\">5 Steps to Help Win Business Grants and Government Funding in 2026 [Webinar Recap]<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-eef1f3c9-6dc2-4aff-856c-50789d1871bf {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-eef1f3c9-6dc2-4aff-856c-50789d1871bf {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-0b75e4d4-3aa4-4b0a-9d04-9463812f7e1d {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-0b75e4d4-3aa4-4b0a-9d04-9463812f7e1d {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>If you do business internationally, these tips can help you understand, reduce and manage your foreign exchange risk.<\/p>\n","protected":false},"author":10,"featured_media":54853,"parent":57329,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[157,40],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[35],"rbc_difficulty_level":[33],"rbc_mmm_category":[305,323,382],"class_list":["post-57605","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-entrepreneur","tag-payments","rbc_content_type-article","rbc_audience-business-owners","rbc_lob_group-business","rbc_difficulty_level-beginner","rbc_mmm_category-business","rbc_mmm_category-business-stages","rbc_mmm_category-grow-your-business"],"acf":{"contently_publication_id":"268835","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Caribbean businesses may be exposed to FX risk. 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