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Agreement a win for exporters seeking protection against volatile currency markets

Eligible Australian SMEs will have the help to better manage their exposure to volatile currency markets following today’s announcement of an agreement between online foreign exchange company OzForex and the Australian Government’s Export Credit Agency: Export Finance and Insurance Corporation (EFIC).

Eligible Australian SMEs will have the help to better manage their exposure to volatile currency markets following today’s announcement of an agreement between online foreign exchange company OzForex and the Australian Government’s Export Credit Agency: Export Finance and Insurance Corporation (EFIC).

With the benefit of EFIC’s guarantee, OzForex will be able to provide exporters with higher limits of foreign exchange hedging, one of the most common ways to protect their profits against sudden shifts in currency’s exchange rates. EFIC will offer a guarantee of up to $250,000 per eligible exporting customer enabling OzForex to increase the exporting customer’s hedging facility by the same amount.

A foreign exchange facility can help exporters hedge against currency fluctuations by locking in exchange rates. In that way, companies which trade internationally are better able to protect their profit, and have more capital to further invest in their business.
Other benefits of applying for the guarantee are that it comes with no additional charge to exporters, and companies do not need to provide additional security for it, giving exporters the tranquillity of mind to focus on growing strategies, and help them to move into global markets.

The application process for this service is also quite direct, and it can be done following a simple few steps online. Once the exporter has approval for a FX facility from OzForex, they can request an EFIC FX facility guarantee to increase the trading limit on their facility.

OzForex CEO, Neil Helm, said the EFIC guaranteed foreign exchange facility represents an excellent tool for exporters managing their profits margins in times of economic uncertainty.

“We are very pleased to work with EFIC to help our clients to focus on growing their business without having to worry about the risks of international trade and protect their export business due to events beyond their control,” he said.
EFIC’s Executive Director, SME & Mid Market, Andrea Govaert, said “EFIC works with SMEs that have all the ingredients for export success – innovation, drive and professionalism – but they are often restricted by the amount of collateral they can offer to underpin the growth of their business. Our work with OzForex is another way we can work with the commercial market to support SMEs in their export growth.”

To apply for this new service, exporters need to be (or become) an OzForex customer and must also meet criteria associated with this product.

To find out if you are eligible to take advantage of this new service, please contact OzForex on 1300 300 524 or visit www.ozforex.com.au/efic

About OzForex

OzForex is a multinational foreign exchange business and an investment of the Macquarie Group, Carlyle Group & Accel Partners.  They have a proven record of being able to make a meaningful difference to companies transacting internationally (particularly in how risk management plays a role in the order-to-cash process).

About EFIC

EFIC provides finance and insurance solutions to help Australian exporters overcome the financial barriers they face when growing their business overseas.

As the Australian Government’s export credit agency, we can help successful businesses to win, finance and protect export trade or overseas investments where their bank is unable to provide all the support they need.

We work directly with exporters or with their banks to provide loans, guarantees, bonds and insurance products which can be tailored to meet the needs of both large and small exporters.

EFIC is uniquely placed to do this: we use over 50 years of export finance and industry expertise, contacts at financial institutions around the globe, the strength of our AAA credit rating and an entrepreneurial business approach to make export deals happen.

We practise responsible lending and uphold social and environmental best practice in the transactions we support.

For further information please contact:

Nathan Burman                                                
SHJ Public Relations                                        
Email : nathan@shj.com.au
Phone: +61 2 415189 865

Kylie Refalo
OzForex, PR
Email: kylie.refalo@ozforex.com.au
Phone: (02) 8667 8013 or 1300 300 424

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