Over the years Currency Exchange companies have expanded their options and capabilities to keep up with an ever evolving financial market, this has made them very competitive in the foreign currency markets.
Added with this the ability to offer individuals and businesses a dedicated dealer who they can contact to book trades or even discuss their options and the feeling of the way the markets are going, the days of queueing in a bank and then completing a form and waiting a number of days before finding out how much an overseas transaction has actually cost has gone, everything has changed, the options are there but it is incredible how many individuals and businesses still blindly use their banks for these payments, things are slowly changing.
Because the currency companies spent a lot of money putting their state of the art payment systems in place it opened up a whole new market for them, businesses working internationally will sometimes have a number of currency accounts such as Sterling, Euro and US Dollar, and working with these accounts they rarely have to make any currency exchanges, instead using these accounts to pay same currency payments, however, the banks still charge a small fortune for making these payments and they can be time consuming, currency companies can help in two ways, firstly, reducing the cost and secondly time efficiency.
An example, a business makes 50 payments a week, currently the bank charges £10 per payment, straight away a charge of £500 per week, £26,000 per year, also a member of staff has to then input each payment on to the system, a currency company will at the very least halve the cost of payment and input the payments on their system, a saving of £13,000 per year minimum and time for a member of the accounts team to be doing something else rather than inputting the same data every week. All the business would have to do is send over one payment from each currency required and a list of recipients to be paid, the rest is taken care of, we even have clients who are paying nothing for these payments because the currency exchange they are also doing is enough to negate the charges for the non-exchange business.
We at AJP Currency Solutions work with currency companies who can do this for your business, if you would like more information please feel free to contact us to discuss this further.
Remember we charge no fees, let us see if we can add value to your business.