Bank Charges, and Payment in Non Quoted or Alternative Currencies
International business requires us to work with different international currencies. To keep prices and costs to a minimum we usually provide quotations in the currency of the supply or in the currency agreed at the time of quote .
We currently operate in:
£ - GBP, British Pounds
$ - USD, United States Dollars
€ - Euro
When we quote our customers we normally quote in the currency of our supply unless requested at the time of quote.
Due to world markets, currency fluctuations, and uncontrolled customer bank charges, we reserve the right to apply the following rules.
1: Customer Bank and Transaction Charges
While we pay our own bank charges there are instances where customers pass on their transaction fees, which can make the transaction non-viable for small values, when the transaction process occurs. Should the customer pass on their transaction costs then we reserve the right to reclaim this from the customer. Reclaim of these additional costs will normally be by application to a subsequent invoice.
2: Price Stability when non supply currency is used and Credit Terms applied
Often there is a time delay from quotation to receipt of funds into our accounts - this can vary from a few days to even months, during which time currencies can vary widely. This can often lead to an increase in our costs purely due to currency fluctuations. We need to receive the required amount of currency to pay for the parts or systems in the supply currency.
When quotations or invoices are requested in a different currency to the supply currency we check the current bank rate and apply a small factor to account for any small fluctuations (usually 3-5%). - if currency fluctuations do not vary more the 5% then we honour the quoted or invoiced price.
Should currencies vary widely that increase our costs we reserve the right to requote at the daily bank rate at that time.
(Note: Currency of Supply is the local currency of the supplier we use - whilst mainly USD it may be other currencies such as Japanese Yen, so conversions are required. This is a simlar situation if the supplier operates in USD and we need to Quote in GBP etc. etc.)