Case Study: How Saving on Foreign Exchange Rates and International Wire Transfers Impact the Bottom Line
November 2, 2021
Earning more and spending less on foreign currency exchange and business FX solutions helps Tech company Anemone grow.
Tech company Anemone Hug Interactive is a growing independent video game studio based in Vancouver, BC. Focusing on delivering game releases on time and on budget, they balance creativity with smart development solutions for their products as well as smart financial management for the business. Understanding the complexity of delivering a quality product within set budgets across foreign currencies, they need to manage payments from US clients while paying subcontractors and a European subsidiary and manage the impact of foreign exchange rates on revenue and expenses.
Company CEO and Creative Director, Christopher Langmuir, partnered with VBCE to get the best rate for currency exchange for the business and as a bonus realizes the benefit of a dedicated FX Trader and customer service team helping him and his Accountant navigate international wire transfers with ease.
The Story of Gaming Studio Anemone Hug Interactive
Christopher Langmuir launched Anemone Hug Interactive in 2015 and has steadily grown his team of employees offering a creative and innovative workplace that focuses on quality work with a work-life balance. As an independent studio working with clients ranging from larger AAA studios to mid-sized agencies, to scrappy independent studios, Anemone Hug Interactive also spends time developing its internal development IP and will release its first major title in 2022.
Langmuir is passionate about his business and his vision for the business is to create a reliable income stream while building a multi-faceted team to reduce risk and stay profitable. Anemone’s talented team of creatives and developers support full-service production and marketing for games on popular platforms such as Steam and Sony PlayStation for clients.
As CEO, Langmuir has the added task of managing foreign income from clients in the US, paying subcontractors and foreign subsidiaries can help a small and growing business reduce the risk of foreign exchange fluctuations and reduce the impact on revenue and expenses.
Langmuir realized that when transferring money between countries he could find a better way than using the commercial banks who didn’t offer competitive rates and didn’t offer any phone support or insights from their traders. Similar to his business, he wanted a trusted partner who made it easy for his accounting team to make international payments and wire funds between USD, CAD and Euros and offer up-to-the-minute market insights and full-service customer service for currency exchange solutions for his business. He found that support from Vancouver Bullion and Currency Exchange (VBCE) and is working with dedicated Tech FX Trader Garo Mavyan at the downtown Vancouver location on Pender Street in the Financial District.
Langmuir gets the best rates for international wire transfers for revenue and expenses when exchanging funds between CAD, USD and Euros saving the company thousands in annual foreign exchange costs.
Realizing the low rates weren’t just for vacations, the VBCE rates apply to businesses as well!
Langmuir can’t recall the first time he heard about VBCE but he had been using VBCE for years when travelling to Europe for fun in his earlier days. Known as the go-to place for savvy travelers to get the best exchange rates, many local Vancouverites have used VBCE for years before realizing that they also offer business solutions as well!
Businesses rely on VBCE for international wire transfers, recurring foreign payments, paying foreign workers and earning foreign income and transferring it into their Canadian bank accounts. With a full suite of corporate services for foreign exchange business, clients can bank on VBCE to offer stronger rates and services than their commercial bank. When comparing RBC Wire Transfers or TD Wire Transfers, for example, to VBCE rates for Wire Transfers the savings can be on average 3% for a company and that goes right to the bottom line. It’s smart business for small and medium-sized businesses who need to manage expenses and maximize foreign revenue.
Why Anemone Hug Interactive chose VBCE for their International Wire Transfers
Now as a business owner who was getting paid by clients in USD and managing international wire transfers back and forth to subsidiaries and foreign contractors, Langmuir found that VBCE could offer more to him to help him save up to 3% in foreign exchange with no commission fees. With rates better than the Canadian Commercial Banks like RBC, TD and CIBC, the rates he got from VBCE were much stronger and there was an added support system for him with a dedicated FX Trader and help setting up Online access to International Wire Transfers and Money Transfers.
Big Savings for Tech Firms
VBCE FX Trader, Garo Mavyan shares that “on average, customers who transfer between $100,000 to $1,000,000 USD to CAD per year can save approximately $3,000 to $30,000 annually by working with VBCE when compared to the big banks. For Tech companies with recurring transfers, those thousands of dollars saved means more money for these companies to reinvest back into their businesses.”
Why VBCE? “VBCE offers great rates, ease of use and solid customer service for corporate clients like us. Having a dedicated Customer Service Representative is nice.” - Christopher Langmuir, CEO and Creative Director Anemone Hug Interactive
Using smart free electronic payment solutions for recurring transfers
Anemone Hug works with Garo to automatically debit funds from their accounts using Pre-Authorized Debits (PAD) when they book a trade which saves them from having to contact the bank and pay for wire transfers.
VBCE also offers an online service that can also perform those types of transactions easily and securely.
“Clearly [VBCE offers] the best rates we can get easily. Also using VBCE for wires has been really quick and painless.” - Christopher Langmuir, CEO and Creative Director, Anemone Hug Interactive
The Results
For Anemone Hug Interactive, the results speak for themselves:
- Huge savings with significantly lower foreign exchange costs leaving more money for the company to reinvest into the business.
- Hassle free easy, quick and timely electronic transfers both domestically and to international subsidiaries and vendors.
- Fast, reliable service from a dedicated foreign exchange trader who is a reliable source of info on how the market is performing for timing exchanges.
All of these benefits come together to allow Langmuir and his team to spend less time worrying about foreign exchange, and can devote more time to growing their dynamic and exciting business.
Connect with Garo
If you are a business that transfers funds between currencies and want to see the same results as Anemone Hug Interactive, contact Garo at garomavyan@vbce.ca and set up a call to discuss your needs. In our recent Market Watch article, we shared how Garo helps those Maximize Their USD Earnings.
VBCE offers full-service FX services including working with a dedicated Trader as well as online services for Accountants and Controllers who want to book FX trades, transfer funds and pay vendors and subcontractors themselves using the VBCE Online platform. Working from home VBCE Online is a popular solution for those who have recurring foreign exchange needs and prefer the ease of 24/7 access at their fingertips.