Sending an international business payment is usually expensive, time-consuming and far from transparent. Cross-border payments to the tune of $21tn are made annually. Banks process 90% of B2B international payments but apply hidden markups of up to 4% away from the 'real' exchange rate, often disguising poor rates with '0% commission' slogans. To get the best rates, businesses are left to call up multiple brokers, which takes time and puts customers at the mercy of currency salesmen. Brokers further hoodwink their customers with 'honeymoon rates', offering a fabulous rate on day one, only to widen and widen markups over time.
CurrencyTransfer brings transparency to an opaque industry by allowing businesses to compare live quotes from different brokers alongside the mid-market rate, so that securing the best deal on a money transfer is as easy as booking the cheapest plane ticket online. More than just a comparison site, businesses can book trades, store multiple beneficiaries and view their complete trade history, simplifying and streamlining the cross-border payment process.
By providing a 360 snapshot of international payment quotes from top brokers, CEOs, finance directors and other decision makers can select the best times to make a payment, create more accurate revenue forecasts and ultimately have greater control over their international trade. Businesses no longer have to waste time sourcing quotes and crucially can be confident that they have got the very best deal on their money transfers abroad, each time they trade.
"No longer do firms have to place blind trust in their banks or brokers when sending cross-border payments. We give businesses the information they need to make informed decisions about international payments. For the first time, the customer is in full control and in less than 60 seconds, can decide and book the best exchange rates available from regulated currency suppliers. We are taking international payments out of the dark ages."
CurrencyTransfer is an online marketplace for international payments. Businesses can access foreign exchange quotes from multiple FCA regulated brokers and book trades in a single venue, making getting the best deal on a money transfer as easy as booking the cheapest plane ticket online.
CurrencyTransfer has been selected as part of the UKTI's trade mission to
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