The Ireland Portugal Business Network is pleased to share that IPBN member Tony Redondo, Founder of Cosmos Currency Exchange, recently appeared on the “Three Questions” podcast (20 February 2026).

In conversation with host Wayne Baxter, Tony discussed a topic of particular importance to internationally active businesses: the three essential questions companies should ask before engaging with overseas clients or suppliers.

For a network built around cross-border trade between Ireland and Portugal, the insights shared in this episode are both timely and highly relevant. As more businesses expand internationally, foreign exchange strategy is no longer a technical afterthought — it is a commercial decision that directly impacts profitability, relationships, and financial security.

The full podcast video is available below.

The Shift in Modern Banking

During the discussion, Tony highlights how traditional relationship-based banking has evolved into faster, more transactional “one-size-fits-all” models. While this shift has increased efficiency, it has often reduced personalised guidance for businesses managing foreign exchange exposure.

Without tailored advice, companies can face:

• Hidden margins on international payments

• Intermediary banking fees

• Currency volatility risk

• Reduced profit margins

For SMEs operating across Ireland, Portugal, and wider international markets, understanding these risks is essential.

The Three Questions Every Cross-Border Business Should Ask

1. What is the best payment method for this specific transaction?

Many businesses default to SWIFT transfers for international payments. While reliable, SWIFT transactions can involve significant costs, including margins that may reach as high as 7% at some banks, along with intermediary deductions that reduce the final amount received.

Tony explains that the “best” payment method depends on who is being prioritised in the transaction — the sender, the receiver, or the bank.

For European transactions, regional systems such as SEPA (Single Euro Payments Area) can treat cross-border transfers as domestic payments, ensuring the full amount arrives without deductions. Other solutions, such as local collection accounts in various countries, can reduce wire fees and allow businesses to monitor exchange rates before converting funds.

The key takeaway is that payment method selection should be strategic, not automatic.

2. Should I invoice in my native currency or the client’s currency?

This question sits at the intersection of risk management and relationship building.

Invoicing in your own currency protects your business from exchange rate fluctuations but transfers the conversion burden and risk to your client. Conversely, invoicing in the client’s currency simplifies payment for them and may strengthen the commercial relationship, but it exposes your margins to market volatility.

Tony discusses how forward contracts can help mitigate this risk. By locking in an exchange rate for future payments, businesses can protect their margins during long-term agreements and prevent market movements from eroding profitability.

For IPBN members cultivating long-term Ireland–Portugal partnerships, striking this balance is critical.

3. Is my money safe during the transfer process?

A common assumption is that large banks are inherently safer than specialist foreign exchange providers. However, deposit insurance protections often apply per banking licence, meaning funds across sister institutions may not be fully covered under a single guarantee.

By contrast, properly regulated FX specialists operating under FCA (Financial Conduct Authority) authorisation in the UK must hold client funds in segregated accounts. This legal structure ensures that client funds remain protected and ring-fenced, even if the brokerage encounters financial difficulties.

For businesses transferring substantial sums internationally, understanding these regulatory safeguards is essential.

Why This Matters for the IPBN Community

The Ireland Portugal Business Network exists to facilitate cross-border opportunity. As our members continue to trade, invest, and expand internationally, foreign exchange strategy becomes a central component of commercial success.

By asking these three questions before engaging with overseas clients or suppliers, businesses can avoid unnecessary costs, protect their profit margins, maintain stronger international relationships, and ensure their capital remains secure.

We congratulate Tony Redondo on sharing these valuable insights and representing the practical expertise within our network.

We invite you to watch the full podcast below and consider how these principles may apply to your own cross-border operations.