Global revenue streams require foreign exchange expertise
The URC reached its 2023 season with no signs of slowing down after fans turned up in record numbers. As the URC’s popularity grows in Europe and the United Kingdom, so do the revenue streams. In 2021, the URC launched its global streaming service with RTE (Radio Telefis Eireann), Ireland’s national broadcasting channel. With this streaming service being available both online and via The URC TV app, fans could catch all the games on demand easier than ever before. The URC is also teaming up with more sponsors and suppliers globally, which in turn increases the demand for currency exchange.
OFX: Transforming URC’s forex management
With their vision to expand and a need to keep an eye on daily currency market fluctuations, the URC found themselves searching for a foreign exchange (FX) partner to help them manage their forex requirements
After looking into several foreign exchange providers, Carla met with Alex, an OFXpert. She liked how OFX is always on hand to answer currency queries and support her in managing forex risk across multiple currencies. It wasn’t long until OFX became the Official Currency Exchange Partner and sponsor of the URC.
As the URC began working with OFX, the euro experienced some unexpected volatility. The EUR dipped more than anticipated in 2023 and 2024, adding pressure on many businesses, including the URC, who manage payments in euros.
Through the euro’s unpredictable currency swings, Carla was glad to have an OFXpert on hand. OFXpert Alex provided further support by developing a simple but effective foreign exchange risk management plan to help the URC navigate the fluctuating forex market.
Carla went on to say, “…we mainly use OFX for spot transfers helping us save on our foreign exchange transfers, but have also recently started using Forward Contracts* to manage our funds better and reduce our exposure to currency risk.”
Executing this foreign exchange risk management plan with Alex’s support meant utilising a combination of FX tools, including Forward Contracts. Through implementing this forex plan, Carla and her team received ongoing guidance and knowledge, enabling them to forecast confidently and reassure both the leadership team and shareholders.
OFX aided us in managing our currency exchange needs and mitigating our risk which, in turn, helped manage our profits and losses. This helped us give back to the sport as a whole.”
*If you book a Forward Contract, it may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate. Read more.
A one-on-one approach and speedy payments are just the beginning
OFX has helped support the URC’s growth by providing currency risk management strategies.
“The relationship that we have with OFX has been extremely positive, particularly with [OFXpert] Alex and that 1:1 in helping us manage our FX and the exposure, which has helped manage our PnL better.”
Through their relationship with OFX, the URC brought its focus back to where it all started: the rugby pitch. Is your business looking for a reliable foreign exchange partner? Contact an OFXpert today.
See why others chose OFX. Andy Hayes, CEO of Arkonik builds custom Land Rover Defenders in the UK for clients based in North America. Read how Arkonic used OFX Forward Contracts to help protect the business from adverse currency movements. Read his story here.
Tired of watching the currency market every day? Let our OFXperts do the hard work for you. Contact us
Create currency confidence with OFX’s Forward Contracts
OFX offers risk management tools like Forward Contracts that help your business stay ahead of market moves. Discover how Forward Contracts can help protect your profits.