International Trade Documentation and Publications

Foreign Exchange

GlobalPay X: A simple solution for your Foreign Exchange requirements

At the Tate Group we are aware of the challenges exporters face to manage incoming funds and to protect their profits when invoicing customers overseas. This is why we started an association program with Western Union, who have recently launched a tailormade solution for exporters: GPX.

GPX is a single platform that allows you to simplify your settlements process, for both you and your customer. It also enables easy reconciliation and enables you to protect your profits with hedging tools

How does it work?

• Invoice in Pound Sterling 
Invoice your customer in GBP and let them pay in their choice currency through GPX. You receive the funds in GBP with complete payer information. It also is cheaper and quicker for your customer. 

• Take advantage of the weak pound
Protect the current attractive rates by considering hedging and forward booking. Exporters invoicing  in a currency of the buyers choosing offer more service in a competitive world. Know your profit margin and reduce risk of currency fluctuation.

 Hold incoming funds           
Hold currencies for 90 days without having to convert or use them. Western Union's holding accounts are easier and cheaper than street banks' accounts. 

Benefits to you: 

ü Streamline international payments into one simple system for you and your customers.
ü Eliminate your incoming wire charges when your payer settles an invoice from abroad.
ü Quick and easy reconciliation with fully referenced payments and statements.
ü Payments processed easily and fewer charges deducted when receiving through the Western Union in-country payment network.
ü Opportunity to offset your merchant fees on credit and debit card transactions.

Benefits to your payers:

ü Customers pay in their local currency.
ü A choice of payment options including bank transfer, credit card and debit card.
ü Reduced wire charges for payers with our in-country banking relationships meaning transfers are treated as local currency transactions.
ü Visibility into the cost of a payment with real-time exchange rates.
ü One simple straight through process, on a web-based platform.

Contact us today:

tel.: +44 (0)1908 221162
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.