3 minute read
Currency implications
"Since my first overseas T20 contract, Argentex has helped me move in foreign currency around the world. The global nature of tournament cricket means that I'm free to concentrate on my cricket, whilst they work in the background to ensure my foreign currency earnings are managed quickly and effectively."
Jofra Archer
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England and Sussex
Tymal Mills
England and Sussex
Currency Implications for T20 Global Leagues
How Argentex manage the exposure to currencies ensuring earnings are not impacted by currency fluctuation.
Author: Joshua Haden-Jones, Head of Sport at Argentex Group PLC
International contracts or funds held in currency accounts abroad need to be managed in order to protect their value. It is essential to understand the importance of looking after your currency, so your hard-earned money is not lost on poor exchange rates and overall lack of management.
This can be achieved with a simple, effective approach – handled by experienced FX professionals who understand the importance of competitive pricing, personal service, and hassle-free processes.
For example, one of our clients, an international cricketer who plays and is based in the UK, but he has a number of international contracts for which he earns in other currencies such as USD and AUD.
In this instance, the contract is in Australian Dollars (AUD), and the player is paid directly into his UK bank GBP account. He tasked Argentex to investigate if he was getting a competitive exchange rate. It transpired his bank had been charging 5%* when exchanging his earnings from AUD to GBP, which depreciated the value of his contract, costing him around £6000* in fees.
Additionally, the player also held US dollars in his US bank account from his previous tournament and wanted someone to manage his transactions to achieve better exchange rates when moving his funds from other currencies into his GBP account, whilst playing abroad.
The player consulted Argentex to find out how he could protect the rest of his current and future T20 contracts and achieve a better exchange for his earnings. By utilising the currency account of Argentex (in this case the AUD account), the player gained full control over his funds, access to an experienced FX dealer who managed the execution of trades at competitive rates and the implementation of an appropriate risk strategy with the aim of protecting the cricketers’ contract value as efficiently as possible.
Argentex provides tailored foreign exchange services to a global client base of financial institutions, corporates, and private clients.
Our team of highly experienced FX professionals assists customers with FX transactions related to genuine underlying business needs, acting as (Riskless Principal) broker for spot and forward FX and structured derivative products. Whether our clients' objectives are short or longterm, our sharp execution combined with expert analysis achieves material impact on both pricing and efficiency.
Argentex is an FCA regulated, founder-led business listed on the London Stock Exchange. We have traded more than $75bn in over 70 currencies for our clients since 2012, making and recieving payments on their behalf.
For more information, visit www.argentex.com or email sports@argentex.com
