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If your business pays suppliers or invoices customers in foreign currencies, exchange rate movements can quietly erode your profit margins if you’re not careful — sometimes by thousands of euros on a single transaction.
But the right FX risk management tools help you lock in rates, hold currencies without having to convert right away, and track exactly where your money is at any given moment.
But FX risk management means different things to different providers. Some offer forward payment contracts and multi-currency accounts, while others are simply payment platforms that offer basic spot transactions.
In this guide, we'll cover which capabilities actually matter for international SMEs, then break down four providers worth evaluating.
What to look for in FX risk management tools
Not every provider calling itself an FX risk management solution offers the same capabilities. Before comparing platforms, it helps to know which FX risk management features actually help you manage currency exposure — and which are just nice-to-haves.
Forward payment contracts
With forward payment contracts, you can lock in an exchange rate today for a payment you'll make weeks or months from now, removing the guesswork from your cash flow planning.
But not all forward payment contracts work the same way. Depending on the provider, you may have access to a few different types. For example, iBanFirst users have access to three types of forward payment contracts:
- Fixed forward payment contracts work when you know the exact amount and future date, like a supplier invoice due in 90 days
- Flexible forward payment contracts let you draw down funds at the locked rate any time within a window, useful when you have multiple payments with uncertain timing
- Dynamic forward payment contracts give you a protected "floor" rate while still letting you benefit if the market moves in your favour
The key question to ask is: Does the provider offer forward payment contracts that match how your business actually manages international payments?
If you only have access to fixed forwards but your payment dates are unpredictable, you'll either leave money on the table or avoid using the tool altogether.
Multi-currency accounts
Every time you're forced to convert, you're exposed to the exchange rate at that moment. But with multi-currency accounts, you can hold funds in different currencies until you actually need them, so you're not converting at inconvenient times. You can also receive foreign currency transactions from international customers without needing to immediately convert back to your home currency.
Look for providers offering multi-currency accounts that support the foreign currencies your business frequently transacts in. This will make it easier for customers and partners to pay you without incurring extra fees on their end.
Real-time visibility into payments and positions
With traditional banks, international payments often disappear into a black box for days. You send a payment, cross your fingers, and hope it arrives, with no clear way to track progress or confirm receipt.
Real-time payment tracking changes that.
You can see exactly where a payment is, which intermediary banks are involved, and when it's expected to land. You can even share tracking links with suppliers. This visibility matters for supplier relationships; you can confirm the payment status without chasing your bank and your suppliers can do so without having to chase you.
Beyond tracking individual payments, you’ll also want a consolidated view of your currency positions to see how much you're holding in each currency, which forward payment contracts are active, and what your overall exposure looks like. Good data and reporting here means fewer surprises when currency movements hit.
Access to human FX expertise (not just software)
Software can automate execution, but it can't tell you whether a flexible forward or a dynamic forward makes more sense for your specific situation.
Self-serve fintech platforms are great for some, but not all. When you need support, they tend to fall short. In fact, some self-serve platforms offer virtually no human support at all and simply route you through chatbots and help docs with no way to reach anyone who actually understands FX.
For SMEs without dedicated treasury teams, having access to an FX specialist who knows your business context is genuinely valuable. They can help you decide which forward payment contracts make sense, better understand your exposure, and adjust your FX risk management approach as circumstances change.
This doesn't mean you need hand-holding on every transaction. But when you're setting up a risk management strategy for the first time or facing a complex payment situation, having a specialist — a real human you can talk to — helps you make more informed decisions.
4 FX risk management tools and providers worth evaluating
The providers below range from complete platforms with integrated payments and FX tools to specialists focused on specific capabilities. We'll start with the most comprehensive option for SMEs, then cover alternatives that may fit depending on your needs.
1. iBanFirst
iBanFirst is a payment provider built specifically for international SMEs, combining multi-currency accounts, cross-border payments and FX risk management on a single platform — and offers direct access to human FX specialists.
What do you get with iBanFirst?
- Multi-currency account to hold funds in 25+ foreign currencies
- Fixed, flexible and dynamic forward payment contracts to lock in rates and manage currency risk on future transactions
- Real-time payment tracking with shareable links you can send directly to suppliers
- Direct access to FX specialists who can help you structure a risk management approach based on your FX exposure
- Transparent pricing with no hidden spreads or surprise correspondent bank fees
- Integrations with ERP and accounting tools like Xero, QuickBooks, and Sage
Who is iBanFirst best for?
iBanFirst is a good fit if you want a complete platform for payments and currency risk management in one place, with human specialists available when things get complicated. That said, it may not be the right fit if your international payment volumes are low (under €200,000 per year) or prefer a pure self-serve approach with no human interaction.
2. Bound
Bound is an FX automation platform designed for finance teams who want to manage currency exposure with minimal manual work. It’s primarily a self-serve platform, especially compared to the other providers on this list.
What do you get with Bound?
- Forward payment contracts, averaging strategies and limit orders for rate protection
- Automation features that execute trades based on rules you set
- Multi-currency accounts with support for 36+ currencies
- Accounting software integration to calculate exposure automatically
- A self-serve platform with pay-as-you-go pricing and no setup fees
Who is Bound best for?
Bound suits teams that prefer a DIY approach to FX and want automation to handle routine currency conversions without broker calls. It's less suited to businesses that want access to human FX specialists for guidance on structuring forward payment contracts or navigating complex situations.
3. Ebury
Ebury combines FX services with trade finance, so is a good fit for businesses that need both currency risk management and financing solutions like letters of credit or invoice financing.
What do you get with Ebury?
- Forward payment contracts and other FX risk management tools
- Multi-currency account to hold funds in 29 currencies
- Trade finance solutions including letters of credit and import/export financing
- Dedicated relationship managers for larger accounts
Who is Ebury best for?
Ebury suits businesses that need trade finance alongside FX and payments — particularly those dealing with letters of credit or import/export financing. That said, the platform interface isn't as modern as some alternatives, and pricing is based on tailored quotes rather than published rates.
4. Moneycorp
Moneycorp is an established FX broker with over 40 years in the market, offering a traditional relationship-based approach to currency management alongside a payments platform.
What do you get with Moneycorp?
- Spot contracts, forward payment contracts, and market orders (limit orders, stop-loss)
- Currency options products for more sophisticated FX strategies
- Cross-border payments with access to 130+ currencies
- API and bulk upload for payment automation
- Human dealers for phone-based execution
Who is Moneycorp best for?
Moneycorp suits businesses that prefer a traditional broker relationship with phone-based dealing and access to more sophisticated foreign exchange products like options. It's less suited to those looking for a modern platform with real-time payment tracking and integrated workflows.
How to choose the right FX risk management provider
There's no single "best" provider that’ll be perfect for every business and every scenario. The right choice depends on how your business operates internationally and what you're looking for in terms of support. Before comparing platforms, it helps to get clear on a few things about your own situation.
Ask yourself the following questions before deciding:
What do your payment patterns look like?
If your payment amounts and dates are predictable, fixed forward payment contracts alone may be good enough. If there’s more variability, you may need access to more advanced forward payment contracts.
What's your annual international payment volume?
Providers like iBanFirst and Ebury are built for businesses moving €200,000+ annually. For lesser payment volumes, simpler options like Wise may be sufficient.
How much support do you need?
If you have internal FX expertise and simply want a tool you can use to execute tasks, self-serve tools can work. If you're building a currency risk strategy for the first time, access to human specialists who can help with decisions around risk tolerance and exposure.
Getting these answers clear upfront makes the comparison process much simpler. For more on what to avoid, we've covered common currency risk management mistakes in a separate guide that’s worth a look.
Why 10,000+ companies trust iBanFirst to help them manage FX risk
The right FX risk management tools give you control over currency exposure without adding complexity to your operations. For international SMEs, that means forward payment contracts that match your payment patterns, a multi-currency account that reduces forced conversions, and visibility into where your money is at every stage.
iBanFirst brings all of this together on a single platform, with direct access to human FX specialists when you need support.
With iBanFirst, you can:
- Lock in exchange rates for future payments using fixed, flexible, or dynamic forward contracts
- Hold and manage funds in 25+ currencies with a multi-currency account
- Track most international payments in real-time and share tracking links with beneficiaries
- Talk to real human FX specialists who understand your business (not just chatbots)
Ready to see how it works? Request an account to speak with our team and get a custom walkthrough of the platform.
Common questions about FX risk management tools
Here are a few questions that come up frequently when evaluating FX risk management providers.
What's the difference between FX risk management software and a payment platform?
Payment platforms help you send and receive money internationally. FX risk management tools help you control your exposure to exchange rate movements — typically through forward contracts that let you lock in rates for future transactions.
In practice, some providers offer both capabilities in a single platform, while others focus on one or the other. If you need both, using separate tools means managing multiple relationships and reconciling data across systems.
Do SMEs really need forward payment contracts?
If you have predictable international payments more than a few weeks out, forward contracts let you know exactly what you'll pay in your home currency — removing exchange rate uncertainty from your cash flow planning.
Keep in mind, forward payment contracts are not about "beating the market" or chasing the absolute best rate. They're about creating predictability and certainty so you can budget accurately and protect your margins from currency risk.
Can you manage FX risk without dedicated software?
To a degree, yes — but dedicated tools make it far easier to do more.
The most common workaround is opening foreign currency accounts at multiple banks so you can hold funds in the currencies you need. It’s marginally better than nothing, but it's clunky to manage and you're still limited in what you can actually do.
Using a multi-currency account instead is a step in the right direction. If you're receiving payments in the same currency you're paying out, you can match inflows and outflows to reduce the number of conversions you need to make. That alone removes some exposure.
But without forward payment contracts, you're still at the mercy of the market. If rates move against you before a payment is due, there's nothing you can do about it — you convert at whatever rate is available and absorb the hit.
For businesses with thin margins or significant international payment volumes, that uncertainty can be costly. Dedicated tools give you more control over when and how you convert.
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