FX International Payments
Meet Duncan Kernohan, Financial Controller at Spicers – one of the market leading paper suppliers in Australia and New Zealand and an American Express FXIP client. Originally known as Spicers Paper, the company has recently divested slightly, away from purely paper-based products into industrial packaging and other stationery supplies.
In his role, Duncan is in charge of, amongst other things, cash flow and foreign exchange. And in a company like Spicers, where 80% of business involves importing, choosing the right FXIP provider was one of his most important decisions. "A reasonable chunk of product is imported from Australia to New Zealand but the balance is purchased mostly in U.S. dollars, Euro and Yen," Duncan explains, demonstrating just how much the company's profits can be affected by fluctuations in the foreign dollar.
"Where the traditional banks couldn't facilitate my trading needs, American Express was happy to help."
From an FXIP provider, Duncan required not only consistently competitive rates but also 1:1 service and, above all, a partnership he can trust – a complete solution encompassing all of the services he requires.
American Express FX International Payments delivered. "Where the traditional banks couldn't facilitate my trading needs, American Express was happy to help," Duncan explains. "They came around at a very critical time in the business' growth and we've been using them for about three years or so now.
"We're very happy with the knowledge and personal service they provide us."
American Express FXIP provides Duncan with direct access to personal Account Managers with the authority to approve sizeable trades that competitors could not, "We've established some great relationships with the Senior Management in Australia and the local management in New Zealand.
These personal Account Managers offer Duncan unbeatable experience, knowledge and expertise, enabling him to conduct complex transactions such as multiple forward contracts across numerous currencies: "Their knowledge helps me get the best rates and conduct complex transactions."
"Their knowledge helps me get the best rates and conduct complex transactions."
The ability to earn Membership Rewards points, while not a key part of Duncan's decision in choosing American Express, has proved to be extremely valuable to the company. "While service is definitely the most important factor to me, Membership Rewards points are almost like a nice little bonus," Duncan says. "We use them to pay for staff travel and also for Westfield Gift Cards and travel vouchers to reward staff for great performance – it means we don't have to dip into the company's profits."
"Membership Rewards points are a nice little bonus… We use them to pay for staff travel and rewards."