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How SendMoneyHome can maximise the value of your corporate currency transfers.

Posted 2nd March 2010.

SendMoneyHome offers an independent and impartial service dedicated to helping corporations make significant savings on foreign currency transactions. As a business you could be unnecessarily losing thousands of pounds per transaction under your existing arrangement.

Through our broker platform, we work closely with a number of specially selected foreign currency specialists to guarantee that the customer can get the best rates for their desired transactions and make a significant saving in the process.

Initiated in March 2005 with the support of the UK Government’s Department for International Development.

Our Mantra is to encourage competition, reduce transfer fees and provide information about money transfer options that were otherwise not commonly known.

Described as the benchmark for money transfer comparison sites by the UKs champion for consumers, Martin Lewis (moneysavingexpert.com).

Broker Platform caters ideally to the corporate market that regularly make international payments in the form of salaries, real estate, paying suppliers or any other form of overseas payment.

Selected as a winner of BT Business Essence of the Entrepreneur judged by Dragons Den’s Peter Jones.

By promoting competition and transparency and continuing to work with the financial sector, we can ensure a better deal for corporates transferring money overseas. By offering flexible products and competitive exchange rates, payment specialists that we partner with play an essential role in ensuring that transfers are easy, affordable, secure and on time.

As an example of the services that we provide, one of clients, Salans LLP very much valued our assitance by stating that,
I would like to thank SendMoneyHome for helping us to maximise the value of our foreign exchange requirements. Through the currency advice and subsequent introductions you provided, the firm has made significant savings.
Furthermore your service has given us the piece of mind that we are receiving the best possible deal on each transfer.

If your company is simply making your international payments through your bank for loyalty and convenience then you could be losing thousands of pounds per transaction through poor exchange rates, hefty fees and money mismanagement.

Whatever industry you are in currency specialists can save you money with your foreign currency payments. SendMoneyHome’s clients range from large public companies to SMEs and private individuals, with our platform of brokers able to offer a bespoke solution to service your exact needs.

Question 1: How much money can my business typically save?

A Foreign Exchange specialist can often save a company between 1-5% per transaction, a figure that can often run into thousands of pounds. Your Bank will make big profits on your foreign exchange transaction by selling currency at the interbank rate plus a significant margin, a margin that you will pay for and goes straight into their pockets.

Unlike banks, currency specialists do not set their rate at the start of the day, instead they call into the live FX market in order to obtain the best rate for their client at the time of the transaction. Because they are working with live rates, a currency specialist can get much closer to the interbank rate, thereby saving clients thousands.

Banks will also often charge a fee per transaction of around £20 and over multiple transactions these fees certainly add up. By using SendMoneyHome these costs can be drastically reduced and even eliminated completely.

Laura Shannon of the London Metro’s Money section advises users that,
SendMoneyHome will help you reduce the cost of transferring your money so dont just settle for the first option you stumble across. Investigate the options to drive down the price.

For example, James Smith owns GlobiTrade, a UK company who import various products from around the world. Today he must pay his American supplier $90,000 for goods he has purchased from them.

James banks with HSBC so, out of convenience, uses their currency service to pay the American company as the payment will need to be paid in dollars. HSBC offers James an exchange rate of $1.4511 to £1 in addition to a transaction fee of £17.

This represents a cost of £62,038. Had James contacted SendMoneyHome he could have made a significant and ongoing saving. Our brokers could have offered him a rate of $1.5388 with no transaction fees whatsoever.

Therefore James’s purchase would have cost just £58,487 representing a saving of £3,551 on this transaction alone!

It is clear that there are very significant savings that your business could make by properly assessing your foreign exchange and money transfer needs. At SendMoneyHome we would be delighted to offer your company a free payment audit to decide what would be the best route for you.

In the words of the UN Secretary General Ban-ki Moon himself competition was enacted in the marketplace by the set up of sendmoneyhome.org by allowing users to compare transaction costs. Driving down these costs has never been more important for your business.

Please visit http://www.sendmoneyhome.org, email adam@sendmoneyhome.org or call one of the team on +44 (0)207 100 5644 for further information, arrange a payment audit or if you wish discuss your needs in more depth.

www.sendmoneyhome.org and its sister site www.sendfundsoverseas.com independently compare the best value services offered by Money Transfer Operators and FX brokers – every provider listed on either site has been vetted by the company and is fully regulated.

SendMoneyHome is always eager to stress that checking the regulatory credentials of a foreign exchange specialist is imperative. Security is the leading priority when transferring funds and using a reputable dealer will ensure that the beneficiary ultimately receives their money. As a basic bottom-line, ensure that the FX business is regulated by HM Revenue and Customs as a Money Services Business.