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If you own a business and either send money abroad or receive money from clients then you might want to assess the various options for conducting such transactions. There are huge savings to be had by finding small percentage savings in the rates you pay to forex providers.
Many businesses use their banks for transfers not knowing that they are one of the most expensive ways to send and receive foreign currency.
Let’s look at an example.
Cavalera UK Ltd purchases 50,000 dollars worth of timber from a business in Canada each month. Currently their bank takes a spread of 4% on the rate which means the bank charges Cavalera Group 52,000 Canadian dollars in total for 50k to be received at the other end.
One of the better options for Cavalera to consider is a specialist foreign exchange broker where a typical spread would be 0.6%. In this instance they would need to send £50,300 for $50,000 to be received at the other end. As you can see this would to a monthly saving of $1700 every month for Cavalera Group.
If you would like to know more about saving money on your business’s international transfers then we recommend you have a chat with Currencies Direct who offer fast payments and some of the best rates around.