currency deal between companies

[isleofthorns]

can anyone shed light on whether my company can buy/sell currency with my brother's company, at no loss/profit.
ie, if i get better rates from my bank, can i effect a deal with my bank and just do a straight back to back deal with my brother's company, so he benefits from a better rate?

[MrJuice]

why would it be a problem?

In effect, you are acting as currency brokers to each other which is fine, as far as I can see. I happen to use a currency broker now and then. It happens to be a multi billion dollar t/o company but if I could get a better rate from my brother, I'd use him.

Needless to say, all transactions would be proper in every way and would go through the bank with all the necessary paper trails etc

[Eric Mc]

There might be a need to make some disclosure notes in the accounts regarding "connected persons" transactions.