We are a small independent currency broker, our overheads are less so we can pass on more of the exchange rate to the client. Because we look to build long-term relationships we not only negotiate the most competitive rates for our clients but we also make sure they stay on competitive rates.
Currency companies always offer a better solution than the banks, this is a given, but as time has gone on these currency houses have to make bigger profits to cover their growing businesses and outgoings, it is quite common for these companies to start to widen the margin when they feel a client is settled with them and not comparing the rate with other companies.
When we negotiate with these companies we look for a fair rate all round, one that is reviewed on an ongoing basis, if we feel our client is placing more business than anticipated then we re-negotiate with the currency company for a better rate. Because we are placing a lot of business with these companies there is a much lower chance of them trying to widen our clients margin because they know if they get caught out not only do they risk losing that client but all of the others as well. Fortunately, we have excellent working relationships with all our panel members and thankfully we have not had to resort to these measures.
We spend time getting to know what our clients currency requirements are, because of our independence we can place them with the company we feel suits their needs best but also gives us the option to recommend more than one company, as an example we placed a client with one currency company because they covered all of their needs at the time but they moved into different markets and needed to move money out of Angola, the currency company we initially placed them with couldn’t help them with this particular problem but we were able to deal with this through one of our other panel members and so now the client is working with two currency companies for different parts of the business.
Because every client is different we feel we are best suited to advise and recommend which company to work with, all of our panel members work in the same way for the general needs but they all have areas that they add value in and it is important that we have access to these through our independence.