Case Studies [5]
Steph’s company imports goods from overseas. Steph was experiencing delays between making the international payment with his bank and the goods being shipped.
After talking to Currency Matters it was determined that Currency Matters could help by offering Same Day Euro and Dollar payments. Making payments through their bank usually took a minimum of 3 working days. Steph began arranging their currency payments through Currency Matters and their suppliers began receiving funds and shipping the goods the same day. Steph also benefited from better exchange rates and fee free international payments saving them money.
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John’s company provides freight forwarding services between the UK and Europe. John often has to pay large bills in Euros but has to price his customers in advance in Pounds Sterling. John was finding it increasingly difficult to price his customers due to the fluctuating exchange rate.
John was introduced to Currency Matters by a friend and arranged a free no obligation consultation. Currency Matters reviewed John’s requirements and suggested that John should use Forward Contracts in order to guarantee the exchange rate months in advance. This enabled John to price his clients with confidence, guaranteeing his margin. John’s bank had never suggested booking Forward and moreover John compared the exchange rates available from Currency Matters with those quoted by his bank and determined that by transacting with Currency Matters his company would save tens of thousands of Pounds per year.
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Matthew’s UK company provides IT consultancy, increasingly Matthew was receiving work from overseas and these customers wished to pay in their local currency. Matthew didn’t hold any foreign currency accounts with his bank and was advised they would take weeks to open and there would be monthly maintenance costs. Alternatively, he could receive the foreign currency directly into his Sterling account but the currency would be converted with no control at a rate nearer to the expensive tourist exchange rate.
Matthew opened an account with Currency Matters within 24 hours and was provided with bank details in order that he could invoice his clients in the local currency. Currency Matters then received the funds and efficiently converted the foreign currency into GBP which was paid directly to Matthew’s UK business bank account. Matthew also had the choice of fixing the rate in advance of receiving funds. Matthew compared the rates on offer and found out he received an additional 4% compared to if he received foreign currency directly into his UK bank account.
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Barbara’s firm imports tiles, she found her day was increasingly taken up by arranging international payments with her bank. Barbara contacted Currency Matters and was able to streamline the process by transacting using their state of the art online platform. Barbara was able to save all her suppliers as beneficiaries easily online and was also able to set up her admin assistants as users on the platform. Barbara was able to set their permissions meaning she was able to limit the value of the transactions they could make without her approval. Barbara was also impressed with the keen exchange rates received and the speed of transaction.
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Ashley agreed to purchase a property in Spain and needed to pay a deposit followed by a final balance payment in 60 days. Ashley knew she could save money using Currency Matters having visited their stand at a Live local Exhibition. Ashley registered with Currency Matters online and was contacted by her dedicated account manager who was readily available by phone/email. Ashley arranged the deposit payment immediately to secure the property, saving £900 compared to the quote from her bank. Currency Matters transferred the Euros to the nominated account the same day and provided a Proof of Payment by email which secured the property.
Ashley then asked her account manager to contact her should the rate improve further. Currency Matters contacted Ashley once she was able to offer her target rate. It was still over a month until funds needed to be in Spain so Currency Matters suggested Ashley buy the Euros using a Forward Contract. This guaranteed the favourable exchange rate but meant Ashley only had to pay a small deposit to secure the Forward contract allowing Ashley time to arrange her finances. Comparing the rate on offer with her bank, Ashley saved an additional £7,000.
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Expertise
- Finance
- brokerage
- foreign exchange
- Financial Services
- currency
- Foreign Exchange Markets
- Property Aquisitions
- International Business
- Profit issues
Summary
Currency Matters offer a highly professional foreign currency exchange and payment facility to businesses that trade overseas. Whether you are paying an overseas supplier or receiving foreign currency from a customer, Currency Matters will provide an efficient cost effective facility that will enhance your bottom line. We can offer the best foreign currency exchange rates available.
Experience
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Currency Matters Ltd
Business Development Manager
- Current
Education History
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Film, TV and Culture
Manchester Met
2005 - 2007
Interests and Hobbies
I am interested in quite a few things. I would say though that I am very interested in football, tv and films. I enjoy going for a pint with friends and relaxing on the weekends.
