A relatively short post, but powerful in our view.
Our clients are a couple buying a house in the UK.
Until our introduction to them they were speaking with a different currency transfer business.
Their exchange was rather time specific and they were sending money from Italy to the UK.
In the week before they were due to complete they took the plunge and registered with the currency company they had been speaking with.
So wildly different to the indicative rate they had been tempted with was the actual tradable rate of exchange they were being offered after their registration was completed, they were seriously considering just using their Italian bank for the exchange.
We were suggested to them at a dinner party.
We registered them as a client within the day and began providing quotes immediately.
Our margins were in line with what they had expected from the company they had previously considered.
From the point of referral to the moment of execution and the arrival/clearance of funds with their solicitor was no more than 72 hours.
The money being moved was just over €400,000.
We provided them with £16,636 more than their bank would and around £3000 more than their previous broker had been quoting them.
Thankfully the clients bank acted promptly and the receipt of funds was not delayed - which it can very well be depending on the location of the institution in Italy.
In discussion with the client we decided to apply out 'fully managed model', which meant the client agreed to us offering a 'set margin' on receipt of their euros.
The moment funds arrived with us they were sold at the agreed margin and transmitted onwards without delay.
It just goes to show that if you have a motivated broker who knows what they are competing against you can get value, speed and efficiency in a matter of hours.