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When Sourcing from Abroad

Case Study:
When Sourcing from Abroad
Many UK businesses source products and services from overseas which results in invoices denominated in currencies other than GBP Sterling. In instances such as this, payment of the invoice involves the buying of the currency in which the invoice is issued and, unless thorough in researching a competitive provider for currency exchange services, many UK businesses fall back on the tools offered by their banks.

It is perfectly true to say that different banking institutions charge different fees for international payments and currency exchange services. Generally speaking, a customer has zero discretion over the rate applied to their currency exchange. This presents Prime Cap with an opportunity to identify a margin of improvement and consistently undercut our peers in the banking space.

Our client imports fabrics for furniture. Their average transactions amount is between £15,000 and £30,000 on a bi-monthly basis. We charge our client 0.5% which we incorporate into the rate of exchange we present to them through a white-labelled transaction platform backed by our FCA regulated market-markets.

Confident that our fee will not change, our client is happy to push their currency exchange activities through us because of the additional oversight and insight we offer, as well as the half a percent saving we offer compare with their bank.

Whilst 0.5% may not seem like a sizeable saving, our client is extremely happy with the £2000 saved each year.
Transaction Amount:
$21,300 avg.
Transaction Type:
Payment of invoice
Currency Destination:
UK
Prime Cap Saving:
£75
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Solutions, both tailored and complete.

Offering private and corporate clients access to terms, rates of exchange and tools tailored to their transactions. 

Prime Cap Payments Limited (T/A Prime Cap | Prime Cap Payments | Prime Cap Global Payments) is registered in England and Wales No: 10755730. Registered address: 27 Old Gloucester Street, London, WC1N 3AX. For clients based in the United Kingdom and rest of the world, payment services for Prime Cap are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).  For clients based in the European Economic Area, payment services for Prime Cap are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701). For clients based in the United States, payment services for Prime Cap are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011. 
 

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

 

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