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Situation
An independent record label was beginning to use a leading online merchant for direct sales of its product line internationally. The record label was required to open numerous international bank accounts to accept incoming payments from the online merchant in each country where there were sales. Opening and managing the international bank accounts was costly and inefficient. Furthermore, most of the banks provided little control over the exchange rates the record label received. Ultimately the international bank accounts significantly eroded the profits gained from exposure to these new global markets and took valuable time away from the business. |
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Solution
Ruesch accepts incoming electronic funds transfers (EFTs) directly into our worldwide network of correspondent bank accounts. Whether the incoming funds are sent directly from a Ruesch client or a third party, the procedures are simple and flexible. Rates of exchange can be locked in before the funds arrive or after confirmed receipt. Best of all, if the market conditions are not favourable when the incoming funds are received, Ruesch can monitor the market to help companies make the conversion with a more profitable rate of exchange. |
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Outcome
The record label began using Ruesch's correspondent bank accounts to accept its foreign currency payments. It has also used an array of Ruesch market monitoring services to secure favourable rates of exchange and enhance its profit margin on these foreign transactions. The convenience and flexibility of these services has enabled the record label to expand its client base to Canada, Europe, and Asia. |
