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Micro Multinationals: A guide to international finance for small businesses by Emily Coltman

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Chapter 2 – Foreign Currency

As someone based in the UK, if you have to pay for goods or services over the web, do you prefer to pay in pounds sterling? Of course!

In the same way, your customers will almost certainly prefer to pay you in their own currency. This means it’s well worth exploring whether you can invoice them in it too. But that does mean that you’ll need to have a system set up for taking payment in a foreign currency.

Even if you don’t issue invoices to your customers – if you’re trading over the web via an e-commerce site – you may find it easier to attract customers from outside the UK if they can pay you in their own currency.

You might well also incur some costs in a foreign currency if you’re trading outside the UK.

Let’s ...

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