Currency Transfer, a new online marketplace, has launched into the international payments market.
The new service promises to provide businesses with the best rates when making payments abroad. Companies can access currency exchange quotes from multiple brokers regulated by the UK’s Financial Conduct Authority (FCA) and book trades in one place, allowing them to control their cross-border trade.
Currency Transfer comments that sending an international business payment is usually expensive, time-consuming and far from transparent. Cross-border payments totaling US21 trillion are made annually.
“Banks process 90% of business-to-business (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,” the firm claims.
“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.”
Daniel Abrahams, the firm’s co-founder, adds: “We want to remove the inefficiencies and opaqueness that making an international payment has entailed. It is a scandal that in 2014, business foreign exchange is one of the last areas of banking where you don’t clearly know what you’re paying.
“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.”
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