Patrick Kunz

Treasury for champions

Forum Replies Created

Viewing 5 replies - 1 through 5 (of 5 total)
  • Replies
  • Patrick Kunz
    Keymaster
    NL
    Hi Irina,

    that seems excessive to me though it depends on the amount of transactions you have. But everything is up for negotiation with banks. Also there might be another way to retain the information. Can you download and store the statements yourself in excel for example for you reference. I assume the reason you need the longer retention period is to be able to check your history of transactions.

    A TMS can also be a solution? They store ALL the history.

    Treasury for champions
    Patrick Kunz
    Keymaster
    NL
    F24 can be done via XML indeed with a special setup (and the receiving bank need to be able to accept them).

    PagoPa via upload from TMS/File i have never seen. I know Unicredit is working on it but not yet finished.

    PagoPa via a bank specific setup is working. Unicredit has a solution where they prepare it in their online banking tool and from there it can be approved/send to the tax authoristies. Better then doing it manually!

    But again this will depend from bank to bank and their service offering.

    Happy to hear other opinions here as well.

    Same for Spain but that should be a different topic.

    Treasury for champions
    Patrick Kunz
    Keymaster
    NL
    Hi Douwe,

    good one! probably saves you money indeed.

    Follow up question then: how do you deal with Tax payments which need to be done by local italian banks ?

    Treasury for champions
    Patrick Kunz
    Keymaster
    NL
    Hi Hans,

    i meant both the real FX trading and the auto FX you instruct your bank.

    I have seen the same as you with some clients which is amount based. Low amounts start at 120 basispoints and this goes down to 20bp with higher amounts. Most often you exchange small amounts and if you do a lot of these transactions then 120BP margin can hurt a lot and has a big potential saving!

    I also worked with client where the bank has a fixed margin for these transactions. ING at 80BP and Rabo around 70-90BP fixed independent on amount. Still high and if yearly volume high enough it is viable to look into doing FX deals yourself instead of auto trading at your bank.

    For normal FX trading it is worth to check margins yearly. I sometimes work with external partners who can do an independent audit on FX margins including a SaaS platform and auto upload of FX confirmations to continuously monitor your FX deal margin per counterparty and currency and timing of the day. Usefull information.

    Happy to hear other opinions here!

    Treasury for champions
    Patrick Kunz
    Keymaster
    NL
    Thanks Hans and Danilo for your replies.

    I agree it should not be different to other countries and a matter of negotiation. A very odd and expensive quote from a global bank made me thing there might be some specials in Italian cash management.

    This forum proves to be the perfect place to get answers and confirmation quickly 🙂

    Treasury for champions
Viewing 5 replies - 1 through 5 (of 5 total)