Foreign Exchange Services for British SMEs
The Foreign exchange market is by far the largest market in the world in terms of cash value traded with an estimated daily turnover of over $4 trillion. The UK is the most important centre for foreign exchange trading, accounting for around 35-40% of the total.
Literally millions of pounds are exchanged daily by British SMEs through their bank. Unfortunately many of these businesses are unaware that the exchange rates they receive are poor and that unnecessary fees are also added to the cost of sending money internationally.
Save money today
SMEs can save significant chunks of money by using a specialist foreign exchange provider like UKForex. Specialist FX providers have access to interbank rates and generally add lower margins onto those rates than that of the banks. This results in super-competitive rates and great savings for businesses.
Service, Service, Service!
Having access to a dedicated analyst and dealer is out of the question for most small businesses. This is not the case with most foreign exchange specialists, who provide expert dealers to discuss your foreign exchange needs and to help formulate strategies to reduce your foreign exchange risk.
Yes that’s right; you can actually speak to real people if you choose! UKForex is one company that will provide SMEs with a dedicated dealer to call 24 hours a day on business days to discuss the market, hedging tools or your upcoming FX requirements.
Which specialist FX provider should I go with?
Firstly, it is imperative that an SME explores the idea of using a specialist foreign exchange provider. The bottom line is plain and simple – your company will save large amounts of money by using a specialist provider over a bank.
The next, and most fascinating part, is actually selecting the best provider for you. There are a load of players within this industry – all claiming to offer similar benefits!
Please do your research and look out for the following:
Are they authorised and regulated by the Financial Services Authority (FSA)? You should not deal with a foreign exchange provider that cannot demonstrate they are fully regulated.
The history of the company – how long have they been around? Are there any press releases out there about them – good or bad? How well have they done over the past few years? Do they have any significant investors?
What are their unique selling points and do they stick to them, i.e. if they claim they provide the “best rates” or the “greatest service”, ensure they actually do!
As part of the OzForex Group, UKForex is a strategic investment of Macquarie Bank, Accel Partners and the Carlyle Group. The Group also includes CanadianForex, OzForex, NZForex, ClearFX and Tranzfers.
Since its launch in 1998, the Group has grown to become one of the world’s largest online foreign exchange providers by offering super competitive exchange rates, great technology and superb service.
The OzForex Group completes over 200,000 fund transfers every year on behalf of our 100,000+ transacting customers globally.
UKForex is authorised and regulated by the Financial Services Authority (FRN: 521566) for the provision of payment services. UKForex is also regulated by HMRC (Her Majesty’s Revenue and Customs as a Money Services Business (MSB): 12219180.
This information is brought to you by UKForex Foreign Exchange Services. It is not intended to constitute financial advice of any kind.