Our corporate clients really are varied, we are working with importers, exporters, businesses you would expect to require foreign currency solutions but we have so many other businesses where there is a need.
Our independence really comes to the fore when dealing with business clients, the most important factors for recommendations can be so different from client to client. Some of the businesses we have worked with were using their bank when we made contact, in the main banks offer poor exchange rates, expensive charges and no or limited service. The biggest problem with this is that the client becomes reactive, they have to pay an invoice or send a payment and their only option is to contact the bank and request the payment to be made, at this point they are at the mercy of the bank for the rate and fees. It is easy for us to offer a better service, better rates of exchange and eliminate bank fees, but we want to go to the next step, helping our clients become proactive in their overseas payments, helping them understand their options, the tools available to them to help improve their bottom line and to take some of the uncertainties out of the currency markets.
From all of the conversations we have with clients, the single biggest issue they say they face is the unknown cost of buying or selling overseas. This is true in a reactive world, for example a company based in the UK buys $50,000 worth of goods from China and has to pay half immediately and half on delivery, there could be a three month delay between the two payments, meaning the first $25,000 costs £16,666 and the remaining $25,000 costs £19,230 if the rate moved from 1.50 to 1.30 in the time gap between payments. Now this is a known payment, the company knows it has to be paid but are unsure when that will be, in this case a forward contract could have been put in place, booking a rate at the time for buying $50,000 over a 6 month period, they know exactly how much that $50,000 is going to cost and can budget accordingly, this is being proactive.
We have many clients who were with a currency company already when we had spoken to them initially, they had taken the first step away from the bank, but not necessarily using the currency company as they could and we were able to show them ways of utilising what they already had in place to maximise profit.
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