The changing global landscape

International Monetary Fund data shows that the share of USD in global reserves fell from 73% in 2001 to just under 57% in 2025. This quiet, monumental shift fundamentally changes how international businesses manage risk and global cash flows.
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If you transact across borders, this playbook offers a blueprint for adapting, optimising, and thriving globally. Below, you will find actionable insights to optimise your FX, payments, and supply chain processes.

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A new era for global currency

The global markets are slowly shifting toward a more balanced, multipolar economy.

International trade is moving faster than the systems built to support it. Cash flows are more complex, supply chains are shifting, and businesses that once operated comfortably within a single-currency model are discovering that this is no longer the exception, it's the new normal. For growing businesses, thriving in this environment means retiring old assumptions and adopting a genuinely multi-currency mindset. Here's what that shift actually involves.

Trading beyond the dollar

As international trade diversifies, so does the currency exposure that comes with it. Businesses are transacting more frequently in the Euro, the Chinese Renminbi, the Japanese Yen, and a growing list of other currencies. Preparedness is no longer optional, it's a baseline requirement for doing business internationally.

Managing risk more deliberately

That broader exposure comes with sharper consequences. Currency fluctuations feed directly into bottom-line profitability, and relying on spot markets to absorb that volatility is a reactive strategy in a market that rewards foresight. What's needed instead is a systematic, deliberate approach to risk management built for the currency landscape businesses face today, not the one they used to operate in.

Navigating a more complex operating environment

Complexity isn't confined to currency risk alone. Diverse payment systems and inconsistent cross-border regulations are adding real friction to global cash flow management, and that friction only grows as businesses expand into new markets.

Part of that complexity is structural. Alternative clearing systems and fast-payment networks are steadily challenging the dominance of traditional banking rails like SWIFT. For businesses, integrating these emerging frameworks isn't a plug-and-play exercise — it demands a genuine re-evaluation of existing trade workflows.

A shifting balance of economic power

Underpinning much of this change is a broader economic rebalancing. Emerging markets are outpacing advanced economies at a striking rate – China's share of global GDP (PPP) climbed from around 2% in 1980 to approximately 20% by 2025, cementing its position as a leading economic challenger to the United States. This shift in economic weight is reshaping how, and in which currencies, global trade gets settled.

The move toward local currency settlement

One visible consequence: more countries are settling invoices in local currencies rather than defaulting to the dollar. This reduces exchange rate risk and lessens dependence on third-party financial infrastructure, a trend that's likely to keep gaining momentum.

Geopolitics reshaping trade routes

Geopolitical tensions and evolving trade policy are reinforcing this move away from the dollar, prompting many countries to seek alternatives. It's also accelerating "friendshoring", which is the strategic relocation of supply chains to allied nations in pursuit of greater stability and reduced risk.

Diversification as a safeguard, not a luxury

Underlying all of this is a simple truth: overreliance on a single currency leaves economies exposed to US policy shifts, political uncertainty, and exchange rate swings beyond their control. More nations are actively reducing their USD dependence, exploring alternatives, from derivatives to gold, that offer a way around it entirely.

Disruption along trade corridors

Finally, new tariffs and ongoing geopolitical shifts are pushing up costs and forcing businesses to reroute established supply chains. The resulting uncertainty calls for a more proactive stance where operational and financial risks are managed ahead of disruption, not in response to it.

Together, these shifts point to the same conclusion: the businesses that adapt to a multi-currency world, rather than simply reacting to it, will be the ones best positioned to grow.

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Proactive strategies to help you stay ahead

Whether you are an importer or exporter, we’ve outlined actionable recommendations across three core areas:

1. Mitigating FX risks
2. Optimising cross-border payments
3. Streamlining supply chain processes

Each section covers key risks and practical steps to help your business stay ahead. Feel free to explore these in depth or jump to the topic most relevant to you. You’ll also find a complete summary at the end of this playbook.

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1. Mitigating FX risks

Managing FX risks throughout the supply chain is critical to achieve efficiencies.

Potential threats to your business

Operating in multiple currencies significantly increases your vulnerability to FX risk.

1. Margin erosion: Unanticipated exchange rate shifts between agreement and payment can directly erode your margins, particularly when profitability is already under pressure.
2. Forecasting difficulty: Currency volatility can make it challenging to budget accurately, forecast cash flow, plan investments, or capitalise on growth opportunities.
3. Hidden costs: Opaque markups within FX rates can reduce your transaction value by up to 1%, directly impacting your bottom line.

Indirect risks for your business

For an importer

Spanish importers trading in USD with a Chinese supplier face an asymmetrical risk. The supplier’s cost base is in RMB. Hence, they’ll raise prices in USD if the RMB strengthens to protect their margins. When the RMB weakens, they rarely pass on the savings.

For an exporter

On the other hand, if you are a Spanish exporter receiving USD, a stronger Euro can make your products more expensive internationally. This can reduce your global competitiveness and demand, ultimately straining your customer relationships.

Growing businesses often face higher fees from traditional providers or are offered off-the-shelf solutions. That’s why partnering with a trusted FX expert is essential – it takes the guesswork out of your global strategy and helps protect your bottom line.

In addition to managing FX risk, it is essential to explore more efficient, local payment options to minimise its impact. More on how to optimise cross-border payments, below.

Action points for your business

Step 1 – Map your currency footprint

• Identify key markets - List the countries you buy from and sell to.
• Know the currencies - Understand which currencies your partners prefer. Explore non-USD currencies to settle your trade and reduce transaction costs. ‍
• Analyse payment corridors - Map out how money flows for your major currency pairs – which systems are used, how long it takes, and what it costs.

Step 2 – Quantify your currency flows

• Identify current exposure - Calculate the volume and frequency of transactions you conduct in each currency. ‍
• Project impact on profitability - Estimate how these volumes might change based on growth plans, trends, or evolving partner preferences and their impact on your profit margins.

Step 3 – Implement a robust FX risk management program

• Define your policy - Establish a clear FX framework by defining your risk tolerance, assigning ownership, and identifying the specific tools and budget rates you need to protect. ‍
• Use the right hedging product - The right strategy depends on your specific goals and risk tolerance. At Ebury, we offer a holistic suite of FX products, including Forward Contracts, Options Contracts, and Non-Deliverable Forwards, to design a bespoke hedging strategy for your business.
  
  ^{*Please note that the availability of certain products, such as Non-deliverable Forwards, Dynamic Forwards and Structured Options, varies by region. Reach out to our team to discover the products available in your country.}

Step 4 – Review and monitor your strategy

Conduct a comprehensive review of the performance against the goals and the policy you’ve set. Reflect on the learnings and incorporate them into the company’s framework to achieve better outcomes in the future.

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2. Optimising cross-border payments

Potential threats to your business

There are various hazards that businesses face when making and receiving international payments in multiple currencies.

• Delays - Cross-border payments, particularly to emerging markets, can be slow due to compliance checks, bank processing, regulatory restrictions, or errors.‍
• High fees - High wire fees, intermediary charges, and hidden conversion costs significantly increase the overall transaction cost.‍
• Regulatory burden - Navigating diverse rules (AML, KYC) across countries is complex, time-consuming and resource-intensive for SMEs.‍
• Limited access and support - Growing businesses often face hurdles such as high conversion fees and limited access to local payment tools, which can disrupt daily global operations and slow growth.‍
• Frauds - Cross-border transactions increase exposure to scams, such as online payment fraud and Business Email Compromise (BEC).

Action points for your business

• Audit your current setup - Identify areas where you can optimise processes and streamline payments to save time, reduce effort, and minimise errors.
• Partner with a payment expert - Look beyond traditional providers to identify experts that can offer better rates, lower fees, faster payments, and greater transparency.
• Leverage local payment rails - Use payment schemes such as ACH (US) and Faster Payments (UK), where possible, through payment providers offering global access. These are typically faster and cheaper than wires.
• Integrate and automate - Connect your payment platform with accounting software (e.g., Xero, NetSuite) to reduce errors, save time, and improve financial workflow.
• Consider multi-currency accounts - If dealing in USD, open a USD currency account. Also, consider holding, receiving, and paying out various currencies from a single account structure to minimise conversions and fees.
• Set measurable goals - Track progress with KPIs, for example:
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  • Reduce average FX transaction costs by X% 
    
  • Increase % of payments via local rails
  • Reduce payment processing times
  • Hedge X% of significant exposures 
• After you have set goals, regularly assess performance against them.

Go global, but operate like a local – evaluating local currency opportunities 

Local payments and collections usually offer same-day speed and zero hidden deductions, making international business seamless for you and your global partners.

If you are a buyer, settling in your supplier’s preferred currency removes their FX risk, helping you to secure more predictable pricing and build stronger, more collaborative partnerships.

If you are a seller, offering local currency payment options builds trust and security for your customers. Plus, it helps you avoid the hidden wire fees and deductions that can often erode your margins.

Below is a template to help you assess local currency opportunities.

3. Streamlining supply chain processes

Potential threats to your business

Thriving in an uncertain market requires a proactive approach to navigating today's complex supply chain challenges.

• Increasing inflation and volatility
  Sudden tariff hikes have driven import costs up by as much as 25% in some sectors, creating significant pricing pressure. This leaves businesses with a tough choice: absorb the costs to protect market share, or pass them on and risk their competitive edge.
• Supply chain restructuring
  To mitigate the impact of rising tariffs, many companies are proactively pivoting to new suppliers and markets. This strategic shift involves the heavy lifting of renegotiating contracts, building new logistics networks, and re-establishing rigorous quality controls.
• Inventory Management Challenges
  Tariffs have made it much harder to predict demand and plan inventory. To stay prepared, many businesses are moving away from "just-in-time" models and keeping extra stock on hand to ensure they can always meet customer needs.

Action points for your business

• Assess supplier needs
  Understand your key suppliers' currency needs and preferences.
• Diversify
  Reduce reliance on a single country or currency pair to mitigate concentrated risk. For instance, exploring production in lower-tariff regions can be a strategic way to reduce your dependence on any one country's imports.
• Control FX risks
  Tariffs can lead to sharp fluctuations in currency pairs, especially when dealing with USD or high-tariff currencies such as CNY, VND, THB, and KHR. Implement a proactive risk management process when dealing with these currencies.
• Manage inventory
  Smarter forecasting and inventory planning are key to a smooth supply chain. Today’s technology makes this much easier by using real-time data to help you manage your stock and shipping more accurately.
• Plan for unforeseen events
  Try running "what-if" scenarios for global changes to see how your supply chain might be affected. By reviewing your trade process and having a backup plan ready, you’ll be much better prepared to stay flexible if things change.

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How businesses can respond

Relying solely on the USD is no longer enough to stay competitive. Adapting your approach is essential to protecting your margins and making the most of new global opportunities.

We’ve mapped out the key areas to focus on, the steps to take, and the clear results you can expect from these strategies.

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Helping you succeed in a multi-currency world

The transition to a multi-currency world is well underway. While it does bring new layers of FX risk and operational complexity, we’re here to help you navigate those challenges and turn them into a clear competitive advantage for your business

• Transact in 160+ countries
• Pay globally in 130+ currencies
• Collect globally in 40+ currencies
• Bespoke hedging strategies in 60+ currencies

Ebury can help your business transact and scale globally through:

Competitive rates

Get competitive exchange rates with clear, upfront pricing. We’ve removed hidden fees and markups so you can manage your budget with total confidence.

Tailored hedging solutions

Receive expert guidance on the right FX risk management strategies for your specific business needs and risk appetite.

Technological integration

Connect Ebury Online seamlessly with your ERP—like NetSuite or Xero—to automate your workflow and boost efficiency.

Dedicated support

Partner with a dedicated team that understands the unique challenges of your growing business.

Multi-currency accounts

Simplify cash flow management by holding, receiving, and paying in multiple currencies from a centralised platform.

Efficient global payments

Access extensive global currency networks and local payment rails for faster, cost-effective, and reliable transactions.

Supplier financing

Explore flexible solutions to bridge working capital gaps and finance your purchases with ease and speed.

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Global growth, unlocked.