CLIENT: Leading international recruitment agency, receiving Euros from clients.
CHALLENGE: Didn’t know how much the bank were charging when exchanging Euros back to GBP
SOLUTION: FX Health check calculated that Capex could save them £3,950 a month by taking advantage of our wholesale rates.
RESULTS: £47,400 savings per year, praised transparency.
A RecWired member had been receiving funds into a Euro account held with their bank, then exchanging the Euros at the end of the month into GBP on their online banking platform. They thought they were only being charged a small wire fee; however, the bank was also charging a hidden margin on the exchange rates.
Our rates saved them £47,500 per year. The client also gets informed when the markets are moving in their favour rather than being left to their own devices, as they were with the bank.
The client was delighted with the saving and appreciates the market updates as it means they can now take advantage of market movements, rather than converting the currency on the same day every month. They still receive funds into their Euro account with the bank, so didn’t need to change details on invoices – they just send Capex they Euros they wish to sell and receive the sterling back on the same-day.
To explore the benefits of an FX health check and streamline your international payments, reach out to Capex Currency today.
Our dedicated team is ready to assist you in optimizing your FX experience.