Those that work in finance with always patronise those that do not. 'If you aren't using a tailored product, bespoke to your specific needs, then you are not making use of raft of solutions available to you and probably costing yourself some money.' So progressive is the UK personal and business financial space that it is often the case that early adoption of practises, platforms and approaches afford users a discount. At Prime Cap we are acutely conscious of the fact that it takes a fair amount to convince/persuade a would be client to shun their bank for their financial dealings. But, gradually, consumers are becoming more aware of the value out there. Many financial solutions providers, whether they cater for the whole suite of personal and business financial needs, require scale. They need a minimum number of clients in order to break themselves even. It is when a business is in this stage that a prospective client can leverage the business and revenue they represent in their own favour, and get insightful services potentially at a knock down price. This fact is tremendously useful for businesses already flying the flag for the future of global commerce and thought leadership - thems that blog. Prime Cap has first hand personal and professional experience dealing with a virtual businesses of this type. One of Prime Cap's good friends if the team at Hand Luggage Only. Initially set up as a 'grab your bag' personal travel journal, HLO has grown to encompass all manner of interesting travel, tourism and global lifestyle material. They are the focus of this post because their sector is not only a burgeoning one, but, one unique in terms of the revenue sources it relies on. The inter net has made global commerce and the dissemination of content truly an easy thing. For that reason brands, businesses and tourist bodies can communicate with 'those with a following', influencers, from the other side of the world in pursuit of promotion and favourable positioning. This prompts payments geeks like us to wonder what can be done on the payments side of things. In a market where the person sitting next to you in a coffee shop on their lap top could be your competitor, engagement portals like Hand Luggage Only need to differentiate themselves and they do this not just by producing copious amounts of unique content, but by offering a commercial advantage to those that contract them. Being able to price a job in the currency of target means a couple of things, but, first and foremost is suggests scale. Is it not easier for my would be employer to compare my pitch/package on a like for like basis with my domestic competitor? If you agree a fee package using your domestic currency then the person paying you carries the 'FX risk'. This means that their costs fluctuate with the market, so, you may very well end up being less competitively priced that someone else. When a currency like GBP is weak this is a problem over the longer term because, as the currency corrects and strengthens, the cost for the person paying you, if you want to work with them again, is going to be higher, which may well be enough to tip their appetite in favour of someone pricing in their currency of operation. Above is the more theoretical approach to pitching strategy. It is something many small businesses and ones operating synthetically and in many different markets (without necessarily a unit/trade price in their own many) overlook. Now we have to consider the notion that, having pitched your wears successfully in a different currency, how are you going to repatriate your foreign currency revenue in a quick, easy and, most importantly, supremely competitive way? 'Click throughs', 'impressions' and 'page views' can very well form part of a blogger's bread and butter revenue generation. These can be small payments, paid out when a certain number of viewers have seen material or clicked on a link. On top of these/this are the revenues that come for any product or service that may be bought by the viewer/follower once they clicked on said link. Again, amounts may be smaller, so, a process for collecting these small payments and converting in to the currency the blogger uses is a process worth getting right. As owner managed entities and, invariably, starting as secondary concerns for the blogger, mainstream and branded financial solutions like PayPal tend to be the common way of collecting income in a foreign currency. It has benefits. It is secure and recognisable. It also allows companies to collect a foreign currency without need to actually hold their own bank account in that currency. The problem, as we have discussed in other posts, is that PayPal will not allow you to deposit that foreign currency in to anything other than your own currency account and, if you do have a foreign currency account, PayPal will only credit your foreign currency to an account held in the country in which that currency is legal tender. So, a blogger working with a US travel brand to bring exposure to a new resort may well invoice in US dollars. The blogger doesnt have his own USD account in the UK, so the travel company cannot pay the USD direct, plus, as he is not a US incorporated entity, the blogger cannot open a US dollar account in the US He therefore turns to PayPal. The US travel company can pay USD to the bloggers PayPal facility, but, the blogger must then use the conversion services of PayPal to get those USD in to sterling. Once they are in sterling the blogger can credit them to his GBP account. As you can imagine, the size that it is and for all of the other advantages of using a secure global online platform of its ilk, PayPal do not give generously on their foreign exchange margins. This is where Prime Cap can help. Our online platform can serve as a substitute for PayPal. The aforementioned US travel company sends USD to our segregated USD account. The blogger can access information as to what and how much has arrived - and they can do this in up to 40 global currencies that we work with - they can exchange currencies at their leisure round the clock. Every exchange the blogger conducts is executed at a commercial rate of exchange. Furthermore, all those smaller incremental click through and page view payments can also be drip fed in to our client account for the blogger. Our systems and platform serve precisely and exactly the same practical role as PayPal, but the cost is a fraction and the is far far greater flexibility for all concerned. The blogger does not need to set up a USD account, ever, in order to work with overseas entities; plus, should they begin to out source any of their content work, editing or filming, and should those whom they engage to undertake those activities live in a foreign land, the blogger can simply pay out from one of their foreign currency pots. They can net off foreign currency expenses against foreign currency incomes. It is genius! #blogging #travelblog #HandLuggageOnly #tourism #internationaltravel #clickthrough #pageimpressions #PayPal #PayPal #Foreigncurrency

Our team are always thinking about how we can position ourselves to appeal to our target market. We begin with a focus on individual foreign exchange services because from an individual's use of our platform we can grow the scope and application of our work. We've found that it is easier to present to a director of a business than it is to court the business at large. We want to eat the elephant bit by bite. Hence, it is reasonable for us to ask - how can we work with employers, blue chips and multi-nationals to reach their staff and provide our personal services to those who may benefit from them? A member of staff has just had their hopes of relocating to take up a position at one of your overseas offices green-lit. They need to sort out a great many personal matters before they leave and once they arrive. Renting their UK property? Opening a foreign bank account? Sourcing somewhere to live? All of these concerns and more have, to a greater or lesser extent, a foreign exchange application associated with them. Corporate relocation and relocation services is big business, however, personal financial services are often left out of the move and this can be very much to the detriment of the employee both in terms of the hassle associated with the use of more mainstream services and in terms of their actual bank balance. Here we explore the differences between a laissez-faire 'they will find their own way' approach and the active introduction and recommendation of a payments specialist. What does it mean for ease, what can an employee do without and how much could be saved in the process? This matter and this area of foreign exchange services is broad. It crosses many more touch points than just personal movement of savings in one country in to another. Hence, we'll use a real life example of a private client moving to Singapore to take up a role heading the sales desk of a company mapping and succession planning management consultancy firm. This individuals experiences and the amount of information and support provided by their employer is typical of many and provides us with a frame work for explaining the options open to both the employer and the employee. Let's set the scene: This individual is an account manager in the UK office of a business with a presence in the UK, US and Australia. They have offices in Chicago, London, and Sydney. One of their key clients operates globally and it has become important for the consultancy to have a presence in South East Asia as this is one of the key markets for their client. So, the business is looking into establishing a base in Singapore. They have one contractor based out there, but, as yet they have no formal corporate structure. The UK account manager (the manager of the account for the large client whose presence justifies the establishment of this office) will move our to Singapore and, as well as overseeing this prime account, will serve as a territory representative, sales person and lead business developer. It will be a touch slog, but, the employee is confident, capable and very motivated. The prime|key client will pay this employee in Singapore Dollar (SGD). Straight away this presents the business with a foreign exchange concern. Whilst their employee will be living and earning in SGD, the company's currency of operation - at least in terms of the financing of this venture - is denominated in sterling GBP. Therefore, the business now needs to repatriate profits and, potentially, exchange GBP in to SGD to fund activities not covered by the Prime client's retainer. The business does deal in other currencies - namely US dollar (USD) and Australian Dollar (AUD). From their London office they also incur expenses and earn somewhat in EUR. Prime Cap would consider this brief to be one of a multi currency exposure. Immediately we can discern that the accounts team, based in London, are managing multiple currency accounts and as well as moving|exchanging currencies between their own accounts (which carries it own operation costs and FX margin) they need to select which account to pay their various expenses from. So, they might benefit from being able to see all of their foreign and sterling currency balances in one place, on one screen. Our online platform gives them access to and visibility over all their currency holdings. By registering as our client they can use Prime Cap's access to segregated accounts and can send, receive, exchange and hold currencies as they wish. For longer term deposits they simply credit the relevant foreign currency to their own account...dipping in, debiting and crediting as their longer term financial strategy requires|allows. At the moment the business uses their bank for their foreign exchange and payment services. Enabling them to see all their holdings on one screen is merely the tip of the iceberg when it comes to the efficiencies this business can benefit from by working with a boutique. Each of their global entities, although centrally managed from an accounting perspective, rely on domestic and territory specific banking relationships. This is not necessary with our model. Furthermore, every time the business moves money from one account to another and from one currency to another, they will incur a payment fee and be subject to whatever margin their bank sees fit to transact them at. Payment fees are not much, but, if you can reduce your costs in this area by over 25% then the saving mounts up. Additionally, shaving up to 4% off the rate of exchange margin - the amount by which the rate is marked up by their bank - ploughs that margin back in to their own margins and add to their bottom line. In a low interest environment like today's, anything over 1% is a truly compelling figure...we would argue. So, there are a number of elements that feed in to how we approach an appraisal of a business's foreign exchange and international payments activity. We have been doing this type of assessment for years so, although broad, it is not complicated and we can quickly cut to the main efficiencies available because most business using their bank suffer from the same issues. Whilst the employee we initially referred to is in fact the only member of staff, at this stage, who will be paid and positioned in the aforementioned way by this business, the concerns they will face are shared by the vast majority of employees who move overseas or who in fact relocate to the UK for work. Although they might never admit it when pitching for their move, many employees see secondment overseas as a way to save money. Their employer may be providing their accommodation. They may have tax benefits to living and working outside they UK. Without an as yet established social life they may be able to economise. All of these things mean that they might reasonably have excess income at the end of the month. With a mortgage or savings vehicle back in the UK, sending excess funds back is a perfectly normal practise and one that benefits hugely from the easy to use, accessible and competitive services Prime Cap offers. We also need to consider those who are still paid in sterling but are working abroad. They may wish to moving money to and from their primary current account. Non-dom landlords receiving rent in the UK may wish to repatriate those funds and there are also questions over the payment of tax for US citizens living in the UK. All these activities and more can be handled more efficiently, easily and economically by a specialist currency broker like Prime Cap. Businesses can certainly do more to acquaint their staff with the personalised services out there. Many magic circle law firms and big four accountancy practises focus on removals and shipment of chattels and possessions, but not money and capital. Simply by including a tailored and discreet pamphlet can they introduce their staff to useful and value added services. It is not a responsibility, but it is certainly the case that these large business are able to achieve preferential rates on all the global mobility concerns by introducing key carriers to their staff relocating. No such wholesale benefit can necessarily be achieved in the work of foreign exchange, which may be why it is seldom peddled. We relish the opportunity to speak with open minded human resources departments. As we always say, working with an individual is our route to growth. Yes, the business referred to above is a prime target for us, but by catering from their staff first and foremost we bolster our position and have internal advocates for our brand and the value of our work. If you would like to discuss or learn more then please introduce yourself to our team by call or emailing brokers@primecappayments.com #bluechip #corporaterelocation #workingabroad #foreigncurrencybankaccount #livingabroad #relocation #internationaltax

In our work as a financial services supplier to businesses and corporate clients we have achieved notable penetration in the interior design and lifestyle furnishings space. Our success stems from the perception, amongst our peers, that the sector at large does not deal in sufficient volume (in terms of payments activity) to warrant more vigorous courtship. This is of course a spurious notion and one we are the beneficiaries of. Payments systems, margins on purchases from abroad and strategies as to how to offset the effects of undesirable movements in rates of exchange all feed in to the tailored offering to owner managed and larger interior design studios and brands dealing in overseas markets and procuring pieces, collections and lines from wholesale brands located outside the UK. We already make payments to suppliers like Eicholtz, La Fibule, Interni Editions, Monpas and more. Here we take a look at the process from invoice to settlement and shipment. What advantages do we offer interior designers, their suppliers and their clients and why do we feel we have been able to establish a notable presence as go to payment services supplier for one of London's more salubrious sectors? Observations: Like so many sectors, interior design - whether dealing direct with clients on the scheme side of things, or supplying to the sector - relies on relationships. These might be relationships with private bankers, estate agents and private offices dealing with the demands of private and corporate clients, or they may be relationships with suppliers to the trade - lighting, carpets, furniture, wall and window treatments. Interior designers tend to work with suppliers and brand known for quality, timeliness and reliability. Solutions: Because clients briefs and budgets can vary quite wildly, interior design studios rely on a little black books and preferred supplier list. Partners that can not only accommodate the schedule of the project and it's budgetary specifics, but also their mark ups (should they apply them). Lead times on items vary regardless of whether or not they are made to order. This is one of the main areas where a broker like Prime Cap can have a measurable effect on cost. From the date on which a pro forma invoice is issued, to the date of payment for the item(s), rates of exchange will change either in favour of the buyer or not. Strategy relating to the mitigation of unfavourable movements in that rate of exchange tend to be reserved for large scale wholesalers importing collections, but, in the world of high-end interior design the benefit of such strategies are no less valuable and feed directly into the margins achievable by design studios. Smaller design outfits tend to shy away from directly handling client funds. They prefer to present the client with an invoice from the selected supplier. If a project relies on numerous suppliers to deliver for instalment and if multiple suppliers are being used then the client bears the brunt of not only the payments costs but oversight of more than one rate of exchange used for the myriad of different payments than need executing. The trade relationships interior designers have with the suppliers tend to, in our experience, leave room for the incorporation of a mark up of goods. By this we mean that the design studio can buy from the supplier at cost, but often the designer will ask the supplier to incorporate|apply a mark up. The client will oft be able to buy the item at better than the retail cost so the client is benefitting from the relationship their designer has with the supplier, but, given the designer tends to be receive that market up in a foreign currency, their margin on the purchase fluctuates to the same extent and the clients costs and this is something that we can help of mitigate for both parties. Many suppliers will not release product, or even begin the production of product, until they have received at least a deposit amount. An extension of the point above is to acknowledge the fact that, if paying a foreign currency amount, the cost of the item might in fact increase between the date of the deposit payment and the final balance - why not fix that price from the off? It may not seem like much, but, Prime Cap can have a supplier paid the same day. If we are introduced as a payment service directly to a client by the interior designer then our ability to update stakeholders as to the progress and completion of a payment means the designer knows precisely when the product is paid and, importantly, when that payment is received. This can shave valuable time off the dialogue between the designer, the client and the supplier. Being able to shave a few percent off the total foreign currency cost of procurement may not seem like much, but we doubt it is a saving the client would turn down, especially when their ability to use our services is quicker and simpler than paying the supplier direct. In collaboration with accounts teams we are able to provide project delivery teams with itemised statements as to what has been paid for and when. Notably, either in their own right as a corporate client of ours or as a client introduced to our services, a ledger of all payments associated with a project can be created and disseminated to all relevant stake holders. For Interiors firms who pay suppliers themselves - if they hold stock or if they are paying on behalf of their clients - we are able to incorporate a margin into our calculations too. So, making sure we exchange currency at a better rate than the client or the designer can achieve by using their bank, a percentage of mark up can allocated to the design studio and the associated costs come in lower than retail - it is an extension of the same principle many firms already use. Cost is one thing, but the quality of the service and an understanding of the demands and concerns of our design clients tends to be a truly important aspect of our offering. Businesses dealing with a new overseas supplier may worry about the bank details they should be using. They might have questions or concerns over how quickly a payment might arrive and how they can be assured that the money has cleared in the right place. Our brokers are on hand precisely to address these questions and to clarify, correct and reassure when necessary. If an item needs to be returned then, again, the improvement we offer on our margin means that refunds will be greater than they would be were firms simply providing their own sterling bank account details to the supplier. Systems for dealing with international suppliers are rarely the same across this sector. We find that this is because, with respect, many interior design businesses begin as lifestyle businesses. The mechanics, innovations and efficiencies of a more mature or established business can often be overlooked which results in hard won margin and revenue being left on the table. We know the space. Our staff are equipped to deal with clients, suppliers and studios sensitively, patiently and in the language, context and subtext of the matter. If you would like discuss our work in this area in more detail then do pick up the telephone. Many of our corporate clients in this industry are minded to refer and introduce us to their contacts and peers so you may find that someone suggests you speak with us in the fullness of time and, with that in mind, we look forward to hearing from you on 02031728193 or via enquiry by email: brokers@primecappayments.com #buyingabroad #overseassupplier #suppliers #import #interiordesign #luxurydesign #purchasing #supplychain #Primeresidential #Designservices

Applicable to both property search agencies and individuals, and companies retaining the services of such agents, we look at the various ways a broker can add value and reduce cost, as well as the extent to which the introduction of a foreign exchange (FX) or currency broker can enhance a brand's 'stickiness' when courting internationally minded private clients and corporates alike. For Individuals | Clients: Whether you live in the UK and are looking to acquire property abroad, or you are buying a property for personal use, as part of an investment portfolio, or as a business acquiring an asset, having an understanding of the real time changes in the value of the currencies you hold is both prudent and profitable. Unlike a lawyer or financial adviser, because of the way currency brokers are paid you can make use of our services even if you do not proceed to use us for the conversion of funds for a purchase. At Prime Cap we have no hourly rate and we do not charge a retainer or for pre-engagement consultations. Our goal is provide a sufficiently valuable service and competitive rate that logic compels you to consider us the only worthwhile and credible mechanism for transmitting and exchanging your capital. If you are in the preliminary stages of a property search or purchase then by registering as a client you can access our online platform to get live rates of exchange useful in the calculation of the sterling of foreign currency amount you may be required to 'spend'. Our Data Centre has imbedded in it charts and data relating to the current and prior performance of certain currency pairs and, whilst you will not find us 'calling' the market for you or providing predictions as to the movements of a rate, our brokers will talk you through what the information we provide means. Broadly speaking our commercial rates of exchange will improve your buying power by between 2 and 5%. By this we mean that we can give back this proportion of the money you're converting. We charge less than other exchange providers and this feeds directly into you having more to spend. Considering the fact that an agent may charge you between 2 and 10% for a search, the improvement we offer to the rate of exchange offsets some, if not all, of that expense for you; plus, you have an experienced guide at the end of the telephone and an intuitive platform designed specifically to stream-line the process by which you can get your money into the UK or to a foreign currency bank account abroad. With our help you might exchange your money before you've found your new purchase, or as little as a few hours before you need to pay funds to the appropriate parties dealing with a transaction. Choosing the best time to convert you money remains a luxury you do not have to give up because of lengthy or uncertain transaction terms from your bank. We can keep each stakeholder informed throughout your transaction at no cost to you. For Agents: All of the above applies for clients who retain you, but, crucially, those who do not retain you now have a reason to make use of a valuable introduction you might have provided. Many search agencies are diversifying into lettings and management rather than just the search side of property acquisition. Aligning yourself with a trusted operator who caters for clients already using online transaction tools like online banking to make or receive their payments constitutes an upgrading of your offering for international clients or those relocating abroad. The numbers are compelling and so is the service. Giving your client 2-5% back because your recommended currency partner can add that back into the rate of exchange they receive is a compelling lure. As a boutique, Prime Cap makes sure that we do not over apply ourselves. We are selective in the businesses we work with and we take this approach precisely because our appeal is particular and the standards we maintain are of paramount importance. Operating 'lean' but making use of innovative and 'of the moment' technology which works to reduce cost and improve our clients' experience of using us, means we can match our partners' longer term development goals. Sure, currency companies have traditionally aimed their services at large volume, one-off transactions because therein lies a bigger proportional income, but, for brands within the property space our goal is different. We want to cater for all sundry and extraneous, regular and repeat transactions first and foremost. We believe that by making an individual the centre of our approach, we have a surer footing when it comes to their longer term use of our services. Brokers who have a 'minimum transfer size' tend to have significant overhead - whether that be in terms of geographical presence or marketing and business development. The intense and integrated way we work with referrers, only, means we're not having to account for BD or marketing from within the margin on our transactions. Aside from whatever we might pay an introducer to connect us with their client, the improvements we can offer to rates of exchange mean that the overall cost of using a search agent is reduced. This is our bottom line. As a nimble brand with an eye on innovation and penetration of new markets and new ways of engaging our clients, we feel we represent the future of value added but unobtrusive partnership development within the financial services space. Commercial edge is one attraction, but if we can help our partners in more ways than just lining their pocket then we're well placed to remain connected with our partners and affiliates for the long term and in a way that isn't the focus of many of our peers. Each of the partnerships and arrangements we strike with our partners, whether they in fact refer to us or not, is unique. It cannot feasibly be one size fits all and so we invite you to give us a ring to find out how we might approach working with you to the mutual benefit our all our clients and contacts in the UK or further afield. 02031728193. #propertysearch #housesearch #leaseholdproperty #propertyagent #buyingabroad #overseasproperty #internationalbuyer #offshoretrust #trustcompany #trustadministrator #lettingsandsales #propertyrental

We love the chance to detail how a contract can be used to best effect. For businesses, the answer to this question of 'when to use a forward contract' could simply be 'as often as you're able'. For details on the how and the all important 'Why?', read on. To frame the post we need to do some scene setting and a recent discussion with a long standing client will do nicely: Our client buys and then sell high-end 'construction hardware' - fibre glass, glass, venire, ballast and interior materials used in the manufacture and fit out of custom luxury vehicles, yachts and planes. Although it sounds very glamorous, like any other business providing a service and creating a product, margin and the ability to predict costs form a crucial part of their forecasting. What their purchases end up being installed into or fashioning isn't the focus of their foreign currency needs. Heretofore our client had used us to conduct 'on the spot' exchanges as and when their overseas suppliers invoiced them a foreign currency ampount. They benefited from the tighter margins we offer on our rates, the accessibility of our online platform and the responsiveness of our payments team. NB. our online platform is very useful at 'this time of year' as their accountants can login and access trade and dealing statements, monitor the progress of trades and settlements and draw up all manner of data relating to the rates they've achieved over the last year. Noticing that the value of the pound had improved by no small measure at the start of the year (2018), our client was eager to extend their ability to exchange at the improved rate. - and we were eager to explain to them how. So, in consultation with our broking team they arrived at an estimate as to what sales and therefore what payments|exchanges they would need to make in the first two quarters of the year. Although an estimate, the client undervalued the amount of foreign currency they expect to pay. This is and was sensible because it means that even if sales came in below forecast, the client had not committed to buying too much currency. Conservatively they forecasted a foreign currency spend of approximately $475,000 between January 2018 and June 2018. They did not have sufficient cash in the bank to buy all that currency now and pay for it today, so, we explained how a forward contract works: We buy the $475k today, but we establish terms that allow our client to pay for the full amount some six months in the future if needs be. Given that the $475k represented the collation of a number of payments they might need to make to suppliers, it is important to the client that they can draw down funds from that $475k 'pot' over the six month period as and when invoices come in from their suppliers. A forward contract on the terms agreed enables them to do that and still use the rate fo exchange achieved today. So, what does the client gain from conducting their transactions in this way? + . Their sterling (GBP) costs are fixed for 6 months. +. The margin they apply to the products they produce does not need to change even if, day-by-day, the rate of exchange becomes less favourable; hence, they can afford to sell units at the same price when many of their competitors might not. +. They only pay for what they use until the maturity date - so, what cash they do collect from sales can stay in their bank earning interest. + . Even if they underperform 'saleswise', they still have a buffer to the tune of the difference between the $475k bought and the total amount they expected to need. If their fairer estimate was a spend of $600,000, but they underperformed by 25% (for argument's sake), they wouldn't mind. +. If they outperform their sales forecasts they can buy the difference they need on the 'Spot'. Having one contract does not preclude the use of another. One of the questions we tend do ask - in our heads rather than verbally because it can seem quite direct - is whether a business client would rather work off a definite and cemented cost base, or have to recalibrate their figures minute by minute, day by day, month by month. All too often business owners are tempted by the idea that the rate of exchange might go in their favour before their next invoice is due. They have the money in the bank, but they want to see if the foreign currency amount might cost them a little less. This mentality is totally understandable. If you think you might pay less tomorrow then why would you buy today? ...therein lies the issue with this approach... How can a business client, who specialises in whatever they specialise in (which certainly and assuredly is not the exchange of currencies) be sure that tomorrow will mean their costs are lower? Our brokers have years and years of experience and you won't find them speculating as to where the rate of exchange will be tomorrow, so, how can you justify making that call with your business activities, especially in as volatile and uncertain a climate that the one today? Do you buy in items from abroad? Does supplier ask you to pay them in the currency they are based in? Is the lead time on your purchases greater than 14 days? Do you currently pay your invoices as an when they come in? If your answer to any of these questions is in the affirmative then you may benefit from reviewing the way you make, receive, exchange and hold currencies. #leather #luxurycar #importduties #importtax #luxuryvehicles #highend

What follows is a simple 'day in the life' of an estate or search agent who has a friendly and responsive currency broker on speed dial. Whether you've been retained to find that UK house for your buyer, or they walk in to your branch cold, it is not too early to introduce a service like ours and there are various touch points during the UK buying process which could be appropriate times to reaffirm the benefits of our work. If we assume that your foreign buyer is already living or working, or living and working, in the UK then they may well be moving money to and from their UK current account already! You have a London based service partner who caters for private client currency exchanges! Or, they suggest they want to submit an offer on a house you've sourced for them. Regardless of whether or not your first thought is of Prime Cap, it is perfectly fair to speculate that the one of your questions would be to confirm whether they are bringing in any amount of foreign currency for the purchase and, if so, do they want some advice and help exchanging that currency for sterling? You know someone. A trusted, personal, boutique outfit that only works with private clients. They're a reputable firm and you know them personally. Would they like you to connect them by email? If so, then, please do. Alternatively|simultaneously, you message the team at Prime Cap noting the name of the buyer, a short overview of their brief and whether they have Ok'd us to call and introduce ourselves or that we should simply keep and eye out for their approach to us. First and foremost we are fabulously useful to your buyer when they're calculating how many pounds their foreign currency can be exchanged for against the live, real-time foreign exchange market. This is useful even before any offer has been accepted and our rates are often incorporated right into the very calcualtions done by buyers when they're working out what they can afford to offer. Remember, we can usually improve a rate of exchange by between 2 and 5%. That is a percentage that could go straight into the amount your buyer can offer...so, using us not only helps your vendor get a higher offer, but it is tantamount to a discount for the buyer - it's a helpful tip that could help you up their offer. From initial introduction|discussion to being in a position to exchange currency through us can be as little as a few hours; hence, the first thing to dispel is the myth that it takes ages to set up with a company like us. Some of our referrers will even help their buyers submit an application to become a client online and complement that by emailing us the client's brief at the same time. We're based in central london, a stone's throw from the West End and on the edge of the legal district. Our brokers have been known to sit in on meetings with a buyers solicitor, or schedule an appointment to follow it at our referrers offices. This is an excellent way for you to add flesh to your accumen. If you can time the buyer in with us, then you're basically making yourselves more 'sticky' too. + We can have your clients funds in the UK as GBP within the day. + We can pay the initial 10% directly to their nominated solicitor + We can keep them and you informed of the movement of those funds with near pin- point accuracy so that both solicitors, client, you and your vendor have eyes on progression of the matter. We will explain to the client the difference between just bringing in enough money for their initial deposit and the scope for them to secure one single rate of exchange for both the deposit amount and the balance, even though that balance might not be payable for a number of weeks or months. A number of the contracts and terms we have access to simply aren't available on the high street. They enable private clients to remove the risk of the rate changing on them even if they have more than one payment to execute over a certain time frame. They are excellent tools for those paying a deposit and then a balance, or those who want to quantify their sterling budget before finding a house to buy. Our brokers will happily elaborate. If the client is yet to firm up their own UK banking arrangements we can hold funds for them until they want them paid to the appropriate party. Hence, objections like 'we haven't got things in place' or 'we need to bring funds in to the UK' can be fielded with confidence and pro-activity rather than the unknowing on your part as to if and when the buyer might be proceedable. As you might imagine, we also have longstanding working relationships with a number of UK banks, both private and high street. We'd be very happy to make a recommendation if your buyer were as yet undecided. Likewise, we enjoy some exclusive|preferential terms and tie ins with insurers, school search specialists and resettling specialists should you want to truly guild the lily. If, for some reason, the purchase stalls, falls through or the buyer finds something else, your introduction to us means the client is vicariously but indelibly linked to you; so, if you have chosen to formally partner with us, we are still in a position to honour any reciprocal referral arrangement. Supposing things proceed and the buyer's offer is accepted, we agree the bespoke terms of the currency exchange, lock in the rate of exchange and simply ask the buyer to electronically transmit the foreign currency amount to our secure, segregated, client trust accounts. Our footprint is global. We work with Tier 1 UK institutions which means that regardless of the bank your buyer uses to send funds to the UK, funds will arrive here as quickly as they can and our brokers are on the telephone and communicating with the buyer pre-emptively to make sure there are no hold ups, they have all the information they require and they have an appropriate understanding of how to fulfill their side of the exchange. The buyer might elect to make use of our 'Fully Managed' service wrapper. This means that their only action is to authorise their bank to electronically transmit funds to us. If they are familiar with using a currency company then do still emphasise the benefit of enquiring with us. For partners we know we will tailor our margins to specifically undercut other brokers already on the scene. Any good will we can generate for you and for us by offering your client more is done so diligently and forms an important part of how we market ourselves. We will equip ourselves with the relevant details for the UK recipient and push through the booking and the payment the moment the foreign currency amount arrives with us. The client simply sits back and waits for you and|or their solicitor to confirm arrival of funds and completion of the purchase. Give our brokers a call if you would like to know more or discuss how our services might be best aligned with your work in this area. 02031728193 #buyer #vendor #buyingahouseinlondon #conveyancing #foreignbuyer #buyinginlondon #propertylondon #searchagent #propertysearch

For the second time in as many months a private client has asked us how best to deal with a foreign currency cheque. Typically a payment method associated with inheritance and|or dealings with legal businesses abroad, we outline how currency firms tend to view such matters, what options are available to private clients, and our considered view as to the most appropriate way to treat a foreign currency denominated cheque. Things to bear in mind when in receipt of a foreign currency cheque: If you were to try and pay it in to your UK sterling bank account then you could be waiting up to if not longer than 4 weeks for the funds to clear. The rate of exchange used to calculate the sterling equivalent of the foreign currency amount would be determined by your bank and could be applied at any point during the clearing process. So, you could get the rate today, or the rate achievable at any point over the time it takes for the issuer's bank to transmit the foreign currency amount. Furthermore, the rate you will receive will be an arbitrary 'retail' rate of exchange. Unquestionably it will be at least 2% less competitive than the rate a firm like Prime Cap might quote you. If you're cheque is €10,000, then you might receive between £200 and £500 less because of the rate alone. Why settle for less? What questions would we ask? + Who is the cheque made out to? Taking in to account that the bank accounts used by currency companies are not conventional 'current' accounts, but rather what are called 'client trust accounts', if you have a foreign currency cheque made out to you then it is understandable that you cannot pay this cheque into the account of someone else, currency company or not. It would be a push to assume that the issuer of the cheque would be prepared to rip up the one issued to you and reissue it with the payee being a foreign currency company; so, although possible, it is not a solution we would entertain. You can only pay a foreign currency cheque in to an account in your name. + Do you hold a currency account? If you hold an account denominated in the currency your cheque is issued in then you are well advised to simply pay said cheque in to your account. From there you can still use our services to convert that foreign currency amount into the currency you wish. Once the funds are in an account we are in a position to receive them by a simple electronic bank transfer in exactly the same way as if you approached us with cash in the bank. One option we tend to suggest is enquiring with your current banking provider as to whether they offer foreign currency accounts to individuals. If they do and you consider the costs to be weatherable (on the basis that the rate we can offer for conversion would more than offset the expense you might incur by setting up an account) then, once the facility is set up, you can simply credit the cheque to that account in your name and conduct a conversion as normal. + Who has issued the cheque? Depending on which institution, business or individual issues you with the cheque, you may have recourse to ask them to cancel it and send the funds to you, or indeed us if you are without an appropriately denominated currency account, as a standard|international bank transfer. Cheques are usually issued by law firms and often we are asked by those who have inherited funds from a relative of benefactor overseas. You are well within your rights to ask such a law firm to pay the foreign currency amount to an account of your choosing and, if you elect, this is entitled to be the appropriately denominated client trust account of Prime Cap. You may encounter procedural resistance from the issuing party. A law firm might insist on paying funds only to an account in your name; there is no legislative or regulatory reason for this insistence, but, if they are not prepared to concede to this request it is overcome by you setting up the relevant foreign currency account with your bank as above. You may not be in direct communication with the executors of an estate or the institution|firm overseeing the payment; if that is also the case then the setting up of a foreign currency account in your name may be the only realistic option open to you. Again, your UK bank should be content to open such an account. Don't be shy about explaining why you want them to do this. Telling them you have inherited or are due to be paid money denominated in a foreign currency and that you wish to make up your mind about it's conversion in due course should be sufficient to prompt them to do the necessary for you. Just because one currency broker is not prepared to receive and honour your cheque does not mean that another firm might|would. Cheques are no longer a realistic or reliable payment method in the context of modern day financial transactions. Cheques prompt all manner of questions to be asked by financial institutions, whether they're your bank or not. If you are trying to credit a cheque to an account not in your name then the first question is, why? How can we be sure you didn't just find the cheque lying about? An incoming electronic transfer however carries with it certain answers to questions over authenticity, origin and use. By virtue of the ease with which you can now set up a foreign currency account, even if it is just for a one off conversion, you should not feel you have to settle for the poor rate of exchange you own bank might offer you. If you have questions about this topic or you would like an introduction to one of our banking contacts whom we know to be amenable to the opening of foreign currency accounts for the purposes outline above, then by all means give us a call on 02031728193. #foreigncurrencycheque #openanaccount #foreigncurrencyaccount #Payinginaforeigncurrency

Many of the world's largest and most recognisable consumer service brands would describe themselves, in conversation if not on billboards, as 'technology' businesses. Their online platforms and algorithms may 'connect' 'users' and 'consumers' with 'suppliers' and 'distributors'. The service company doesn't own the thing you're buying; they're a conduit. For that reason you could reasonably argue that they're giving you access to their network of vendors - whether that is private hire cars, houses or professional business contacts. In some ways there has been a similar shift with foreign exchange and international payments. Traditionally the word 'broker' means a company arranging the sale or exchange of one asset for another. If you think about it, this is what a foreign exchange business is doing. This is also what someone like Uber is doing - they arrange the exchange|sale of your pounds for a service... a trip home after work. Online services like Uber & Prime Cap are far cheaper than their forebears because the purveyor does not need a high street presence. Their market is cloud based and online. Where an Uber differs from a Prime Cap though is that they don't need (to prioritise the hiring of) staff who know the route you're taking home, they just need to directly employ people who can help you ask the question of the vendor they're connecting you with; essentially, someone else provides the expertise, they're just providing you with a connection to that person. This is rather the case with online transfer businesses...they do not need to have an understanding of the changeable nature of one currency as it relates to another, they just need to be able to guide you through using their online system for payment entry and placing an order and, it works rather in their favour that few right minded people would be draw in to meaningful discussions about rates of exchange. Cost, adaptability and speed of change are the main reasons why online transfer companies attract such vast amounts of investment. With low overheads it is very easy to turn a profit provided you have sufficient number of customers converting a minimum amount of currency...and this is precisely what brokers like Prime Cap have witnessed with certain competitors like Revolut and Transferwise; personal financial services and a surge in challenger financial service institutions are 'of the moment' (rightly so), but this hasn't quite translated to optimal access for clients. It is still the case that consumers get what they are given and industry stakeholders pocket their returns. So, to get to our point - can a more traditional broker like Prime Cap compete with this new wave of tech driven financial services business? The answer is a resounding yes. We can compete because, for one thing, many individuals would like someone to guide them through the markets and not just the use of an app. Furthermore, because we have adopted many|much of the tech these companies use, we can do precisely what they can, but, we are able to overlay personalised insight too which carries significant benefits. Prime Cap can play cloud based rivals at their own game and yet win because we have seasoned professionals to add the nuance that a platform lacks. On a like for like basis a company like Prime Cap is able to cut its margin to offer the same, if not a better, price competition than someone like Transferwise. We offer an easy to use low cost online platform which gives precisely the same functionality as that of the proprietary IP these companies rely on for their valuations and capital raising. By using the skills of firms specialist in building tech platforms, we have isolated both our liabilities and our costs...which means, given the relationships we have, development of new tools becomes the cost burden of our partner and not our client. One of the most significant differences between Prime Cap and a Transferwise is that we are courting a niche market. We know who we know how to deal with and, although the briefs we deal in are less mainstream and therefore less conspicuous, we are not ploughing money into bill boards, pay-per-click or optimised online advertising. We do not actually need the same volume or scale as a Transferwise. At the end of the day this can very well mean we undercut their tiny margins...our clients do not have a price tag on them the moment they step through our digital door. Fundamentally (and here is where we get all ideological), the only difference between a Transferwise and a Prime Cap is funding... With so much external private equity investment, TW can afford to operate at a loss for longer than an independent can. Twas ever thus; but, whether it is Starbucks, Tesco or Transferwise, volume drives down price and, in our view, quality. Operating on such tiny margins, 'unicorn personal payment businesses' need to accumulate a base of regular clients or a vast number of one-off users and, once that base is established, they shift their model to margin cultivation, profit and investor returns. The Cloud allows purely platform focussed business to be truly global in service and staff sourcing, so, they can out manoeuvre some of the far larger and most physically established brokers; and yet, this is their flaw: Although in principle platform operators like Transferwise rely on much the same model as a Prime Cap, their investors have accepted TW's 10 - 15 year outlook and are prepared to wait. We believe that this means there is an inflexible nugget at the core of their premise. How can a business so driven by scaling cater for the nuances of particular markets? And, wouldn't deviation from their growth model undermine investor confidence? Their forecasts and outlook rely on attracting one profile of client. They are not really able to move with the market, nor are they able to mine certain areas that we can penetrate with our boots on the ground relationship building - to do so would mean a material change in their practises. Furthermore, without a value add and with only an on trend low cost platform to sell, how do they compete with and fend off the challengers that will come? You might ask the same questions of Prime Cap, but, our answer is clear. We know the markets we court and we are skilled in their penetration. We offer more than just the tech and a sophisticated market will always have an appetite for a multi-channel value proposition. Who cares how they do it so long as they do it better? This is a totally reasonable thing to ask...at the end of the day 'we care'...because their service appeals to the lowest common denominator and isn't 'better'. It is just more public. Part of their strategy is to drown out the competition. This is a clever MO, but it conditions a target market to accept whats offered and we see that as no different to what the banking sector has been able to do for the mast however long. Prime Cap does not consider itself high brow per se, but, we do believe that expertise in the complexities of certain private client matters makes for an optimised experience and greater overall value. Able to compete and better TW as we are, our overriding gripe with fin tech (so called), when it comes to financial services, is that as with things like law or wealth management, it removes subjective assessment of options. A firm like TW has access to funding akin to the budgets of banks and we consider their ability to swamp a market as suppressant of choice and the enemy of meaningful and personalise value - alas, twas every thus. #transferwise #fintech #onlineplatform #ubercurrency #unicornpayments #internationalmoney #transferbusiness #PrimeCap #PrimeCapPayments

Prime Cap is not in the business of advising on the where(s) and when(s) of buying a property abroad. Cliche abounds when it comes to the next hot-spots for international movers and shakers, speculators and red blooded capitalists. However, we know a lot of trusted and experienced friends (of the business) and partners who are happy to take you through a 'property search' and it serves us well to make 'string free' introductions to these professionals should introductions be of use|interest to those wanting counsel in the tricky and emotive world of international real-estate. Our work is to maximise the buying power of someone who holds a currency different to the one in which their intended purchase is priced in; to reduce, if not remove, someone's exposure to sudden or unexpected changes in rates of exchange during the buying process, and to ensure that someone servicing a mortgage or maintaining a foreign currency balance for their activities abroad pays as little as possible in order to achieve the biggest amount of foreign currency they can. Simple!? In order to do what we do successfully, we need clients to do it for. We come by these clients by aligning ourselves, both formally and informally, with businesses and professionals who work directly with families and individuals doing what has been outlined above, and more. At the most fundamental level, getting someone to introduce you to their precious and hard won customer|client boils down to a couple of key things. It is hard to write an objective post about referral of private clients largely because the actual practise of referring has subjective preference at its core. Generally money trumps good will when it comes to referrals from the property sector, but, as a relationship evolves, the latter overtakes the former in forming a lasting a reciprocal bond between the parties involved. Please do not mistake us as cynics. We do not consider commissioning an agent to refer work to you|us|one to be a bad thing and nor do we think less of agents for whom this is the overriding factor when it comes to selecting a firm...furthermore, we compete readily and aggressively to be the firm on the receiving end of such referral. Assuming that every FX broker pays a commission to an introducer and that every agent receives one will allow us to broaden the topic and truly establish what differentiates one broker from another when the playing field is in fact levelled. Principles and idealism do not pay the mortgage and, whilst Prime Cap is lucky enough to receive a larger number of non-commissioned referrals than most, we do have to work hard at reminding our partners just why, if not for the commission, we are best in class at what we do and therefore should be top of their list of 'valuable contacts' for internationally engaged individuals. Reasonable Margin Our head of business development remembers a conversation (some years ago now) with the CEO of a recognisable UK based high street estate agents. Although working with numerous foreign buyers bringing non-sterling capital in to the UK, the reason the agent did not refer a currency broker is because, in the words of said CEO, incorporating or recommending any specific third party for currency services was "too fraught". Reading the room, it was clear the agent wouldn't be moving to recommend a foreign currency company. The reason being that the agent had concluded that their former partner for currency services did not have a unilateral approach to pricing foreign exchange transactions. Individual brokers working for their erstwhile nominated partner were at liberty to dictate the rate|margin the client received. Hence, the agent had found on a number of occasions that their client had not received the most competitive rate and, in instances where profit had been generated on a transaction the margin applied was disproportionately weighted in favour of the broker. So, the margin the erstwhile partner of this estate agent had been applying to the rate of exchange had in fact resulted in negative feed back which over time compromised and undermined the integrity of the relationship between broker and agent and agent and client. "Too fraught' refers to an inability on the part of the agent to be able to rely on the broker firm, and their staff, to deal with the referred client reasonably. Needless to say, the degradation of trust in this case and the shortsightedness of the broker, or indeed the greed prompted by a purely commissioned operating model, means the agent feels unable to complement their own suite of services by referring those of another foreign exchange business. And who can blame them. Personal connections and knowing someone beyond the merely professional paradigm tends to be the main reason why one is referred. It is therefore not surprising that our brokers try to position themselves in the right places at the right times so as to meet appropriately connected potential introducers. We tend to be successful when dealing in the wealth management and legal spaces, probably because of where we are geographically located. Being referred to a client is one thing; the client engaging one's services is quite another and so it is again understandable that a referrer might seek to introduce a firm to whose value, style and motivation they can relate. What makes Prime Cap different is that so channeled and personal is our network, we often find ourselves able to offer that which most estate and search agents really want - a referral in kind. Sure, i can offer you a cut of the money i make on a transaction, but what if i could bring you someone who would use your services too? Although not always possible, this is what the Prime Cap team aspire to do. We never promise to be able to do this. Offering reciprocal introductions is not a standard part of our referral arrangements, but, over time and through close working practices with our partners it becomes easier to introduce trusted resources when we can. When we offer a commission, what is it we're putting on the table? As a broker, we make our money on the fractional mark up we apply to the rate of exchange we offer our client. Our reason for being is that our mark up is less than what anyone else would apply, so the client gets the best rate around. Prime Cap can undercut our competitors precisely because of the volume of referrals we receive. We can operate profitably on lower margins because we have more transactions and bigger value trades going through our books. The more trades we conduct and the larger they are in size, the bigger slice by which we can undercut our competition and, in turn win business and attract new referrers. It is a proportion of that fractional mark up that we offer, on occasion, to a referrer. So, the level of competition the client gets is not affected or altered because it is our profit that is shared, not their currency. The client benefits from the unique arrangements we have with our market counter-parties and our ability to scale down our margin in light of higher volumes transacted. Here is a worked example: An apartment in Chamonix costs €600,000. Our client lives in the UK so will be paying sterling. The market rate of exchange (which is what global banking institutions exchange between themselves at and is what someone might see if they Googled GBP to EUR rate of exchange) is 1.50, let's say. When selling to our client directly, their bank pockets €0.05 for every pound out client spends (that is an approximation illustrative of a margin of difference and is by no means exact). Therefore, our client pays £413,793.10 using their bank. The banks revenue on this transaction is £13,793.10. Prime Cap applies a margin of €0.01. This means our client pays €402,684.56. Prime Cap's revenue in this instance is approximately £2684.56. Please allow for the fact that the rate of exchange between GBP and EUR is not 1.50 so the figures, costs and revenue are purely illustrative. If the market rate is at 1.50 then it costs your bank a mere £400,000 to provide the client with €600,000 because they are exchanging at that market rate. Prime Cap does not transact at the market rate, so some of the £2684.56 we might realise as revenue is in fact lost|taken|paid to the bank as they mark up the rate they offer us. In the true meaning of the word 'broker', Prime Cap are arranging an exchange between a client and a banking institution (not necessarily the institution the client banks with themselves). The client is able to benefit from the unique terms and relationship Prime Cap has with it's mark counter-parties (the institutions we have currency lines with). The bank recognises us as a broker and so offer us a better rate of exchange. The sad fact is that the client could never hope to achieve the rates we offer were they dealing directly with a bank; for one thing, a bank does not view an individual in the same way as they do a business like us. It is a percentage of our revenue that we pay to the introducer and, because that revenue is only realised once the deal has been executed|settled, the client's rate and exchange is not actually affected by any fixed arrangement with an introducer. At Prime Cap we think it is important to a) acknowledge how we make our money and b) provide clients with an understanding of how an exchange is completed. Much has been said about 'hidden charges' and it has been argued that the margin a bank applies is tantamount to an extortionate fee they do not declare. We do not think that is a fair understanding of the mechanics of foreign exchange. Your bank has a profit margin just like any other business. Some banks apply less of a margin and every person is at liberty to decide whether to accept a rate or not. Transparency is something we pride ourselves on delivering and, especially where our partners are concerned, it is one of the main reasons why we are referred as broadly as we are. Our margin is low and never withheld. So, if you happen to be a property agent and you would like to discuss what commission percentage we offer, be assured that it will be a percentage of the revenue generated off an exchange priced in order to ensure, unequivocally, that a client gets optimum competition. We are happy for you to negotiate with us to achieve a higher commission percentage, but we will not widen the margin the client receives as a means of offsetting the commission you expect. If you would like to discuss any of the figures, terms, concepts or practises discussed above then please arrange a convenient time to speak with our management team by messaging brokers@primecappayments.com #alps #zurich #swissproperty #buyinginaustria #buyingagent #chamonixproperty #skiproperty

There are a number of online platforms out there which allow individuals and companies to carry out currency conversions and to send currencies 'bought' to overseas or domestic foreign currency recipients (beneficiaries). You might want to repay someone for money they sent you whilst travelling. Pay rent or cover a foreign currency mortgage. You might be invoiced by your foreign supplier in their local currency. You might live outside one country, sell something abroad and want to convert and move the proceeds to your foreign bank account. At the end of the day, one of the main obstacles to using a simple online solution is a belief that, without guidance, the process is hard and uncertain. So, using images from our own online platform, here is a step by step guide to sending money to a foreign currency recipient, whether they're in the UK or abroad - remember, just because you're converting the currency you hold into a foreign currency doesn't mean the recipient is in a different country. All the aspects of your recipient's particulars feed in to how best to send money to them...and that is what we are here to help you through. First off, once you're registered as a client (and we'll approach this from the perspective that you're not necessarily a client of Prime Cap) you'll first and foremost be invited to familiarise yourself with the look, feel and function of an online platform. On completion of your registration with Prime Cap one of our team will arrange to take/talk you through using our system, either in person or verbally over the telephone. Having 'logged in' you will be confronted with our simple dashboard. Our system shows you any currency amounts you are holding with us. It shows you any transactions you have booked, whether they be outstanding and waiting for you to pay for them, in processing, or recently completed. We treat 'payments' and 'trades' as two distinct things. This is because, especially for people with dealings abroad or businesses with suppliers overseas, you might buy an amount of currency from us, but you might want that amount to be split up and sent to a number of different recipients. By enabling you to create and chose who gets paid what, you can hold money with us and determine when they are paid even though you know what your GBP costs is or was at the time of the booking; discretion is totally yours. The 'Dashboard' shows below it a number of different tabs. We have 'NEW TRADE', 'HISTORY', 'BENEFICIARIES'...etc. For your first transaction with us we want to talk you through the process. Therefore, our dealers will make some of the tabs on your dashboard visible to you only once you have called to speak with us. This is particularly the case with 'New Trade'. Feed back has taught us that you're experience is improved if we are there to take you through the key points. We would rather speak to you before you try and interpret the system, rather than leave you wondering whether you have done things correctly. Once visible on the left hand side, you can select 'New Trade', which takes you through to a sequence of steps, the first being titled 'Deal'. On these screens you select the currency you want to 'buy' or 'sell'. If you have sterling (GBP) any foreign currency you want to 'send' is considered the currency you are buying. You are paying sterling and buying euros, for instance; and you can make this selection from the relevant drop down menu. The final stage/screen in this sequence will ask you to chose the 'purpose of the transaction'. Please don't think us nosey - we ask you this because it is our responsibility to ensure that we can demonstrate an understanding of your uses for us should our regulator ask us to detail who uses our facilities. When you signed up with us we asked certain questions designed to enable us to create a profile for you and designed to enable us to fashion a profile of your uses for our services. Asking you to select an outline of the reason for your transaction helps us to ensure you're using us in the way you said you would. This is important because, for one thing, it enables our traders to guide you in future as to the most effective, cheapest and quickest way of executing the transaction. Additionally, if the reason deviates distinctly from the reasons you first gave us, we will attempt to confirm with you that this was intentional. Having this information helps us better serve you, but, it also serves as an initial barrier. Deviation from the norm prompts us to get in touch and talk with you in more detail. Should/could you be doing things differently, or to better effect? Once the currencies, contract and reasons for transacting have been confirmed, you're propelled through to the second heading - Beneficiaries. If this is your first trade with us you are unlikely to have any 'beneficiaries' available to chose in this section. For future transactions though, you will see previously used details or those details you might have pre-loaded, or asked us to load, in anticipation of a transaction. Bear in mind that, for your first transaction, one of the Prime Cap team will be on the telephone with you whilst you progress through this sequence of prompts. We will advise you to 'Skip' this section, because, as mentioned before, you can always create a payment and add a beneficiary later if you want - or you can just ask us to do it for you. This 'New Trade' part of the process if focussed on securing the rate for you and firming up the amount of currency you need to pay for the foreign currency amount you are buying. Before you 'buy' anything, all the details of the transaction are outlined on the 'Confirm' screen. At this point you've not committed to anything. Also, at this point we show you an indication of our 'live' rate of exchange. This will is the first visual presentation you will see of this rate. We can and will happily provide you with quotations as to this figure over the telephone or via email, even before you are formally registered. The rate of exchange is a very important part of why you might chose to use us, so, you're rate will always be tailored to your conversations with us. It is hard for us to give you a figurative rate before we know a little bit about your transaction. Bear that in mind if you're 'shopping around'. A company who provides you with a rate before knowing what you need to do is being somewhat careless and probably doesn't intend to honour it, so, taking the time to understand what you need to do is in fact a good thing for a company to do. To formalise this quotation, but not yet buy, you simply click 'Get Rate' in the bottom right of the screen. This brings you on to a time dependent screen which provides you with a 10 second window to 'accept' the rate, or not; you can refresh an expired rate as many times as you like. The reason we give you 10 seconds to accept the rate or not is because we only price our currency transactions from the 'live' market. Innuendo abounds when it comes to talking about live rates of exchange. Essentially, these are the numbers you see flickering up or down, second by second, when you see financial screens or generic online financial or institutional platforms/charts. Electronic matching of what an institution will offer for one currency and what another institution will 'accept' for it are the reasons why these figures fluctuate with such frequency. Computers and electronic matching means rates change quicker than one can keep up with in some cases. And so, we provide you with a window to consider what we are offering - it is a 10 second 'haven of reflection'. Yes, it is fair to say that the rate we quote on this screen won't necessarily change too dramatically were you to visit another currency transfer provider and then pop back to us, but, we strongly recommend you compare our rates as closely (timing wise) as possible to someone else's because otherwise you're not comparing like for like. We are often on the telephone with prospective clients who are looking at their existing platforms. We verbally provide them with a rate they can compare visually; it is a reasonable way of comparing and winning experienced customers over to our level of competition. Understanding what moves the rate of exchange and which contracts and tools can improve your position, mitigate your risk to adverse movements and transact with confidence all forms part of the service we provide. The decision to accept a rate will always be yours, but, how you convert your currency should bear scrutiny because it can significantly reduce your costs, whether you are an individual or a business. Once you have 'accepted' the rate you are immediately provided visually with the banking details of our settlement account - forgive us for not publishing these here. Our system will also email you a copy of the transaction details and settlement instructions too. Further more, your dashboard will now be updated to show the transaction and the actions you need to take to progress it. It is likely this will simply be paying the GBP amount to us. We email you once your settlement amount has arrived with us. We also email you once your payment has gone from us. All of the dates and particulars of it's arrival are catalogued on the system for you and you can refer to them simply by logging in and checking your 'Recent trades'. Now, using our online system is, as we go to great lengths to impress, just one of the facets of the Prime Cap service. The vast majority of our client, particularly in the private client space, never actually look at the online platform. They opt for either a bespoke operating arrangement or our 'Fully Managed' dealing structure. Prime Cap represents the confluence of a number of different foreign exchange transacting methodologies. Before us there were the voice brokers, who simply provided quotes and took instructions over the phone. In the current market place millennial uses opt for the DIY method, happy to log in and execute for themselves. Prime Cap has taken the most valuable aspects of each approach and spliced them together in such a way as to ensure clients, whether businesses or private clients, get the most out of both. There is no longer one dimension to sending funds. Far from having to settle for the lesser of two evils, choosing either purely online or only verbal broking, you can now call on an experienced dealer to handle the online payment for you...and you get to witness and check in on that action if you chose. If you're running for a flight, or even on one, you can message us to execute the payment you forgot to conduct before you left. Knowing you have funds sat on account with us, you can request we upload you beneficiary details and send to your recently confirmed recipient. In the same way that time poor clients out source arbitrary activities, foreign exchange has a new silver service operator, and we are Prime Cap. If you would like more detail on any of the topic discussed above, information on how to register as a client, or a taster as to the rates, terms and contracts unique to us, then please give us a call on +44 (0) 2031728193. #onlinepayment #Forex #sendmoneyu #internationalmoneytransfer #FXtrading

Disposal of foreign currency denominated assets and repatriation of a foreign currency lump sum so as to make use of wrappers and structures that better suit your longer term tax, savings and investment objectives is often an exercise that benefits somewhat, if not hugely, from the fractional but meaningful improvements a non-bank broker, like Prime Cap, can offer on rates of exchange, contract types, terms, and transmission, holding & clearing costs. Many financial services businesses are not wholly 'turned on' to the measurable benefits that can come from working with an a-tuned currency broker; so, let's explore some of the way in which 'we' can be used and some of the bottom and top line enhancements we can bring to the margin ordinarily available to UK and worldwide private client digitally converting and transmitting physical currency... In the world of private wealth volume is important. Returns are often best affected on the more sizeable portfolios. Equally, losses evened out by longer term plays. This tends to mean that sundry conversions of currency and movements of capital for fairly mundane things are often overlooked when it comes to competitive treatments. And yet, with a private client moving funds somewhat often - a retired surgeon living in the south of France who moves £10 - $15k twice a quarter for his living expenses, when annualised the savings on £80,000 and upwards are higher than 1%...which, in a low interest UK environment constitutes a return that many savings facilitators would happily publicise. So, why then do so few wealth management businesses formally align their brands with specialists in foreign exchange? Brewin Dolphin for one - they have no 'house partnership' with an FX firm. Julius Baer likewise. Sure, they may be EAMs or Private Banks in their own right, but they don't 'sell' FX advisory as a product other than as part of a diversified or focused investment category. Deliverable currency - the movement of money between accounts - is left by the wayside. We know that internally these institutions use their prime brokers to convert between nostro accounts. Their treasury is their own business and, as it happens, most|many enjoy similar margins on their proprietary FX conversions (with turnovers that exceed if not match that of many FX brokers) which closes the door on someone like Prime Cap being able to win their treasury business, but, their clients tend not to have the same arrangements or access. Referring FX work to someone like Prime Cap not only keeps the client local, but, also limits the opportunity for other financial services players to enter the fray. Given that we only work with sources we know (so we won't necessarily entertain an approach from a prospective client who doesn't mention a referring name with which we're familiar) our referrers know whom they are referring to and can take confidence from that. We know we would rather someone we cannot assist being introduced to a trust source who can aide them, than being left to trawl Google to help themselves and we suppose our peers in the wealth management space take the same view. Although not public material, our marketing team recently sought opinion on a 'HOW IT WORKS' brochure. The idea was essentially panned because it was concluded that the array of FX matters to which the concepts under analysis might apply was so broad that to try and condense the principles of our approach and our work (the two being equally important to us) would be an exercise in futility; also, we found ourselves getting angry about just how poor the banking sector is - marketing material written in anger is not attractive. That being said, what do you think? 'How it works' tends to be one of the most often coined phrases around the Prime Cap table. Foreign exchange services such as ours are still relatively, and somewhat incredibly, niche and even those with an understanding of the principles of our operation tend to overlook or even forget to introduce them to clients for whom they could be supremely valuable. Since the Retail Distribution Review and what was billed as a renaissance for transparency, a number of wealth managers and financial advisers, independent or not, have questioned the ethics behind referring a client for FX services. Well, if you do not ask for a kick back or a bung, then you are not only compliant with the spirit of the legislation, but you can sleep better because you've done a selfless good deed for your client - how patronising are we! We find that persistency backed by consistency propagates our networks. Increasingly those networks include those dealing in the savings, investments, borrowing and lending spaces. Our goal is to steadfastly pump margin back in to our prices so that those competitors who attempt to scale at the cost of competition for the client reach critical mass and can no longer be called a competitor of us. It's about the long game, you see. If you would like to have a chat with us about any of our work, who we work with and who we work for then do give us a ring on 02031728193. We would be very grateful for your feedback on the above material too. #wealthmanagement #IFA #assetmanagement #RDR #RetailDistributionReview #referral #Marketing #Marketingmaterial #Banks

At the time of writing Bitcoin hangs above $11,500 and everyone is asking whether it is a fad or the future? As brokers 'extraordinary' of physical currencies, we prefer not to have an overly conspicuous opinion and, even if we did, we would be careful to caveat anything resembling a recommendation with the tag of being based on information anyone can read anywhere, any time. This week's post is brought to you with 2018 in mind. It is a puff piece, designed to tell you a bit about the effort behind the effortless. Networks, connections and the way one courts new business. Frankly, we like to think that this title is near as important an aspect of Prime Cap's 'being' as the incisiveness of our solutions or the sharpness of our rates. The calibre of our referring sources and the strength of their trust in us is nearly the most important thing to our business because it sustains us. So, we're going to talk about how we approach business development (urghhh). Whom do we 'network' with and what goals and expectations do we have when it comes to those we enjoy sharing contacts with? As a company we believe that our appeal comes from our approach. Please don't roll you're eyes - we mean it! It would be wrong to say that we have a particular 'strategy' or understanding of our prospective clients' appetites; and yet, we are a successful, profitable, boutique business. If we aren't doing something right then how are we doing anything at all? We don't think we know it all. We know we haven't thought of everything. We are reactive to feed back. We have absolute confidence in explaining concepts and activities the workings of which we understand. We never use a script. We always remember our clients name and we will only discuss the short comings of our banking and broking peers and rivals when presented with statements we can either confirm or refute. Be assured that we aren't so pretentious as to say that 'our approach to every engagement is underpinned by 'X' or 'Y'...' - Yes, a financial services firm needs to take 'how it's brand is received' seriously, but, espousing yourself to cliches is one of the quickest ways to fall short of an expectation which you've helped establish/set. On the flip side, reducing and distilling one's self down to the barest of qualities one speculatively identifies as important not only strips away things that your client might relate to - comforting fallibility for one thing - but also, when it comes to complex subject matter, devalues your expertise and experience. So, what do we do? Well, hoping not to sound too flippant about it, we leverage the extent to which we personally 'get on' with our industry partners in the professions of law, property and wealth management. These are very very very hard sectors to crack. This is because they deal with intensely private matters of personal wealth. It is about both trust and competency and the ability to interpret queues and anticipate reactions. 'Only working by referral' does genuinely serve a few purposes. Many of our competitors think we publicise the fact that we only work by referral because we want to come across as exclusive and aloof...only working with foremost operators in a particular sector. Well, we do understand why they might infer that and we aren't rushing to correct them in a hurry, but, dealing 'by referral only' genuinely informs the confidence with which we can begin our consultation. It really does make a huge difference to the way we are able to do business and is almost unique! Our team is confident. The client is already qualified in our minds eye. We know what our partner expects, of course. Also, practically speaking, it means our staff are never in a position whereby they need to call someone they don't know. No cold calling occurs at Prime Cap. If someone really wants to introduce themselves to parties unknown then we advise researching of mutual contacts and connections so as to approach with some form of context to hand. Prime Cap does not have many partners who refer to us, but, the one's that do, do so without hesitation. We have spent many years quietly building up the trust of lawyers and IFAs who we know and have always known work with currency requiring private clients. Confidently dropping in anecdotes about the FX work we do, carefully posting and sharing case studies or news about the markets, all of this has steadily built up the confidence our partners and friends have in us. Our staff are always eager to have an interesting or different conversation. Those with whom we can find agreement and common ground are far easier for us to refer to. Unlike many of our peers, we strive to make sure our relationships are two way. Whilst our residential property partner might thank us for allocating them 10% commission on the deal we've done for their Singaporean buyer, they would much prefer us to refer them a new client! Keeping the pool of contacts we work with close and personal enables us to remain 'sticky' to our clients and they to theirs, when referring to us. It's not quite as vulgar as a mutual back scratching exercise, but it does mean both Prime Cap and our partners needn't worry about incorporating a third party expert into the crafting of a tailored solution. Another moving part is not a risk but an asset. Now, to an anecdote: Many moons ago, one of the Prime Cap team, before the company was in fact established, happened to meet a manufacturer of fine, bespoke furniture. He headed a firm of 'joiners'. This joiner produced his wares in Austria. As a result he oft needed to transmit sterling, paid to him by his London based customer, over to his factory in Austria to co er euro denominated manufacturing costs. It is not uncommon and something we can do in our sleep. Fast forward nearly 7 years and the same Prime Cap team member (having now become a member of the Prime Cap team, of course) is called upon by an interior design firm for whom he does some procurement work (they purchase key pieces from a number of Europe based wholesalers - Eicholtz being one such). The interior design client had recently won a contract to redesign and refurbish a new build Chelsea penthouse apartment for a non-UK family establishing their London base whilst their children finish their education - again, not an uncommon reason to need to convert and send currency. By sheer coincidence the penthouse owning couple had previously contracted the skills of Prime Cap's Austria based joiner. We therefore found ourselves as the currency broker for both the interior design business and the joinery business. Once our role for these suppliers had been identified, the financial activities of the underlying private client stood to benefit hugely from the 2.66% improvement we could bring to their rate of exchange when we were compared with their private banking service. Many of the contractors hired by the private client in this scenario source product, materials and services from outside the UK, so we have become the de facto broker and payment facilitator for the project at large. The faith our clients had in us begot us more business. At is happened, the foreign client who engaged both the interior designer, the joiner and Prime Cap was introduced to us all by a wealth management business known personally to the interior designer. The structure was not predicated on any referral fee set up. The private client will go on to deal with Prime Cap until we no longer operate or they find someone better. Equally, they will add to their property portfolio in London, which gives us, the joiner and the designer the chance to unite in endorsing search agencies, real estate advisers and build contractors. It is not typical that we are able to refer back to our partners, probably because we serve one rather perfunctory purpose for an internationally disposed individual or their business, but it most assuredly forms part of our motivation, business development strategy and longer term brand development methodology. To round off this epistle it feels sensible to say that, only as a result of the varied exposure our staff have had to a huge array of private client matters, can we reasonably call ourselves specialist in that segment. We like dealing with private clients because, ultimately, every client is at their core a private client. Family offices, trusts administrators, entrepreneurs and even LLP's rely on one person to buy in to the value we offer and the animated way we conduct ourselves. They might not be using our services for their own personal use, but they are an individual nonetheless and we think that it is our treatment of that fact which wins us business and means we sit as broker designate to some of the UK's most prominent families and are referred to by an increasing number of HNW and UHNW advisers. #privateclient #familyoffice #propertylaw #buyingproperty #referral #partnership