The US dollar is a big part of daily business for mid-sized Hong Kong companies. Even the smallest trading companies regularly conduct business in three different currencies — RMB, HKD and USD — creating foreign exchange challenges.
The RMB has long been predicted to become a fully-convertible international trading currency. It is slowly moving in that direction, but change has come slower than many companies expected, or may have wished.
- Hong Kong companies still do much of their overseas trade in USD despite RMB internationalisation
- USD wire transfers lack transparency and often result in unfavourable exchange rates
- American Express offers a global currency solution that facilitates international payments and provides up to 51 credit free days
Generate Savings with a Better Payment Solution
The RMB has declined 15% against the USD in the past three years. Continued hurdles in its convertibility mean that the USD has remained more important for Hong Kong businesses, and for longer, than many people expected. Hong Kong companies have traditionally made their payments with complex wire transfers, and these often involve unfavourable exchange rates. Imports and other international transactions represent an opportunity to reduce inefficient payment practices and achieve savings for your business.
American Express offers a better option with its Global Currency Solutions Programme that complement our full suite of T&E and B2B solutions. It streamlines every step of the international transaction process from sourcing and buying, to billing, payment and expense reconciliation. Our products reduce foreign exchange fees and costs related to issuing and managing letters of credit.
Gain Control and Visibility over Expenses
Consolidating all of your payments also helps streamline complex, labour-intensive processes, and at the same time simplify high volumes of smaller or recurring payments. Our products eliminate manual cheques on payment processes, at the same time improve visibility for greater control. The Programme also comes with advanced tools to track and forecast spending and allows you to integrate payables in your ERP system.
Our Programme also provides businesses with up to 51 days of free credit on all of their payments made on card, what is more, every dollar you spend earns you rewards. As with all American Express payments solutions, our Programme comes with 24/7 service and a centralised, global platform for support that provides the same level of support in emerging markets as in established ones.
Contact American Express for more information on our Global Currency Solutions Programme for a solution that fits your needs.
Turn every business expenses into rewards. Enjoy welcome offer up to HK$2,800 and first year annual fee waiver!