GreatFX:
… Upon initial movement toward an overseas expansion, you may think that it would be obvious that you accept foreign currencies. However, you are better off not to. The conversions rates for foreign currencies fluctuate so frequently, which means you would probably lose money if you accepted foreign currency from all of your foreign customers.
If you must deal in foreign currencies, there are some options:
1. Forward Contracts - Locks in the conversion rate for when transaction/sale is finalized.
2. Options - Allows for the opportunity to convert funds, but it is not a requirement.
3. Bank in that Country - Open a bank account in the country where you do the most business so that you can deal in currency for both income and expenses there.
Most countries will gladly accept American businesses into their market, providing ’special pools of tax-funded R&D money’ even real estate specifically set aside for to attract foreign investment. You may even get special tax breaks in those countries as a foreign business.
The U.S. Commercial Service can help you find those countries who would welcome you with open arms. For $680-$800 per day, the Commercial Service’s Gold Key Program will set up appointments for you to meet with potential overseas partners and provide translators. Find a U.S. Commercial Service specialist in your area. Read on.
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