John Kirkwood recently joined Brookline Bank as Director of the Commercial Markets Payments Group. With more than 25 years of foreign exchange experience, he brings a specialized focus in corporate FX trading and payment processing. Prior to joining the Bank, John was co-founder and owner of Commonwealth Foreign Exchange, Inc. In this article, John discusses the global marketplace, Brookline Bank’s Foreign Exchange Services, and the importance of having a trusted advisor when doing business in a foreign country.
1. What kinds of businesses use foreign exchange services?
There are all types of businesses using foreign exchange services: from “mom and pop” businesses, to tour operators, Fortune 100 companies, legal, investment and wealth management firms, all types of manufacturing companies, food and beverage importers, software and tech – the list goes on and on of businesses that have foreign currency exposures and risk management/payment needs.
2. Where are these companies doing business?
Most of the companies are doing business and have currency exposure in countries that are members of the G10 (which is actually 11), a group of industrialized nations that meet regularly to discuss and collaborate on international finance. G-10 members include the U.S, the U.K., Canada, Belgium, France, Germany, Italy, Japan, The Netherlands, Sweden, and Switzerland. Most cross-border currency payments from the U.S. are in Euros, followed by Pound Sterling, Canadian dollars, Yen, and Swiss Francs – all members of the G-10. There is a large amount of U.S. dollar outflow to China as well.
3. What foreign exchange services does Brookline Bank offer?
Our experienced Foreign Exchange Advisors are here to guide clients every step of the way on how best to transact internationally. We build relationships with our clients and help them navigate the different options they have in managing their foreign exchange exposure.
In addition, Brookline Bank offers a full suite of Foreign Exchange products and services, including:
4. Why is it beneficial for a business to use Brookline Bank’s Foreign Exchange services?
Clients conducting business internationally will benefit from having a trusted advisor to help navigate the sometimes-complex aspects of foreign exchange, cash management, international payments processing, and more. By working with Brookline Bank, clients can take comfort in knowing that we have the experience combined with the tools to provide them with virtually everything they need. With competitive exchange rates and a secure platform, there is no need to expose your business to the risks of using a non-bank, third party provider.
5. How does a business get started with Brookline Bank’s Foreign Exchange services?
We are happy to demonstrate our foreign exchange trade and payments platform, and will work to develop a program that suits any sized business’s needs. By developing strong relationships with regular communication we can position our clients to be successful internationally. And we are always looking for new clients who are doing business overseas. Our account opening process is seamless and our new clients find our offering not only delivers cost savings but it provides value-added expertise from our Foreign Exchange Advisors.
