Foreign Exchange
The value of a country's currency is determined by many variables with some of the key components being their economic strength and political stability. RBC Royal Bank's foreign exchange services can help you minimize the risks involved in international business.
How can this help my business?
- If your company buys or sells outside of the Cayman Islands, you are already participating in the foreign exchange market regardless of the currency of your payables or receivables. RBC Royal Bank foreign exchange services can help business owners and managers understand the factors affecting the value of the Cayman dollar versus other world currencies, and how to manage the risk involved in currency fluctuations.
What else do I need to know?
- If you are trading with companies that operate in foreign currencies there are benefits to have and pitfalls to avoid. For example, if the currency is weak compared to the USD/KYD currency your goods and services will cost you less. If the currency is strong relative to the USD/KYD dollar the goods become more expensive.
