Many businesses continue to pay too much when it comes to foreign exchange. A lack of transparency by the major providers combined with specialised knowledge provides fertile ground for overcharging.
Understanding whether you are using the right foreign exchange provider can be confusing. Most people are unfamiliar with how the sector truly operates and many businesses fall back to the familiarity and perceived safety of dealing with their bank. At the end of the day, we all know that our bank will operate in our best interests won’t they?
We believe that businesses are entitled to make profit - but there is a difference between making a profit and over-charging. Transparency is the key to understanding whether you are receiving the optimal margin on your FX transactions.
Here are five questions you should ask your current FX provider to gauge the state of play for your foreign exchange. If you are not happy with the answers, please get in touch with us.
Foreign exchange for business can be confusing even for seasoned finance professionals. Specialised knowledge and a lack of transparency from providers makes this category ripe for overcharging. If you do not have clarity from the answers given by your provider after asking the questions above it is likely that you are paying more than you should.
Supply Clusters aim to help businesses make the right buying decisions. We do the due diligence on each expense category and we partner with organisations who are prepared to offer what we believe is the right approach to each category. For foreign exchange, transparency is the key differentiator. This is why we have partnered with HiFX who offer members low capped rates as well as no transaction fees.
If you do not get transparency from your current provider or would like to find out more, read a little more here or contact us using the form below.