We recently conducted a rate comparison for a company that already uses a non-bank foreign exchange company for their international payments.
By using a very simply historical rate comparison protocol we were able to establish the high and the low for the GBP to EUR rate of exchange on the day the prospective corporate client conducted their last transaction.
Using this methodology is the best way to provide the worst and best case savings comparison for the client without them needing to reveal what rate they actually got.
If their rate was worse than the lowest mid-market rate for that day, even when taking in to account whatever margin we might provide, then the client knows they could be saving by switching.
As it happened, the client in question actually forwarded their latest 'deal confirmation' on which was detailed the time of their most recent booking.
We identified that their current currency providing was one who cent less competitive than they could or should have been.
We do not give currency away ourselves, so our rates are always realistically priced, which made it all the more satisfying to demonstrate the savings this small business could make over the course of the year.
We calculated, conservatively, that they were leaving £150 'on the table' every time their exchanged with our competitor.
Whilst they might only buy and sell £300,000 a year, the saving of £1500 is a compelling figure and pays for their accountant, a month's rent, a holiday for someone, or the Christmas party.
Like individuals, companies get settled with one provider, however, the ability to quickly switch providers has emerged as a desirable characteristic of the challenger foreign exchange boutique, like Prime Cap.
You're most welcome to call or email us to compare in the same way outlined above.
It may not change your life, but, for a business it can be a tempting efficiency and cost reduction and it is easily done.
Call our broking team on 02031728193.
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