Currency as a competitive advantage for TEESHOPPEN

For TEESHOPPEN, their FX setup has become an asset in both margin management and supplier negotiations.

Many Danes know TEESHOPPEN for their focus on quality basics at sharp prices – and for their ads, where founder Benjamin Philip fronts the camera himself. Since 2014, the company has grown from a North Jutland startup idea into an international e-commerce business selling across 15 markets.

The business model is simple: great everyday essentials at prices that make sense. But behind that simple customer proposition lies a complex international payment structure.

Because international e-commerce isn't just about products, marketing and logistics. For TEESHOPPEN, currency management has become a critical competitive parameter.

The company today receives significant payments in multiple currencies – particularly through Amazon and other international sales channels – while also working with suppliers across both Europe and China. That put currency firmly at the top of the agenda.

From unnecessary conversions to a more efficient flow

As international activity grew, it became clear that even small differences in exchange rates and fees were making their mark on the bottom line.

"Small differences in spreads quickly add up to large amounts when you have a high volume of transactions," explains David Le, external financial controller at TEESHOPPEN.

Previously, incoming and outgoing payments were handled in a more traditional way, which often meant currency being converted multiple times along the way.

With kompasbank's FX platform and local accounts, TEESHOPPEN can now:

• Receive payments in local currency

• Pool funds in DKK and EUR

• Pay suppliers directly in their own currency

"It's really about avoiding unnecessary conversion costs. When you're handling a high volume of transactions, it makes sense to think in terms of flow rather than automatic conversion," says David Le.

For a business processing over 250,000 orders annually through their own webshop – on top of their marketplace sales on platforms like Amazon – and with an annual currency volume in the high double-digit millions, this has had a direct impact on overall currency costs. In concrete terms, TEESHOPPEN now saves hundreds of thousands of kroner every year through their new setup with kompasbank.

Direct payment in CNY and HKD

TEESHOPPEN works primarily with suppliers in Europe – but also in China.

With local accounts through kompasbank, the company can pay directly in currencies including CNY and Hong Kong dollars, meaning suppliers receive payment in their own currency.

"Suppliers don't have to pay conversion fees at their own bank. They receive exactly the amount agreed," explains David Le.

But the impact goes beyond the direct savings.

FX as a negotiating tool

In international supplier negotiations, margins are everything. When suppliers know they'll be paid in their own currency with no hidden costs, it strengthens the relationship – and your position at the negotiating table.

"We're not just saving through better exchange terms. It also makes us a more attractive business partner," says David Le.

Currency management has therefore evolved from an administrative necessity into an active part of TEESHOPPEN's commercial setup.

A partnership that strengthens the foundation

For TEESHOPPEN, the partnership with kompasbank isn't just about handling currency – it's about building a financial foundation that matches the company's international ambitions.

"As an e-commerce business selling across 15 markets, currency is a big part of our everyday operations, but it wasn't an area where we had deep expertise ourselves. Allan from kompasbank took the time to walk us through the possibilities in our meetings and introduced us to a solution that has given us better terms on our exchanges and reduced our costs considerably," says Benjamin Philip, CEO and founder of TEESHOPPEN. Visit TEESHOPPEN's webshop here.