The outbreak of the coronavirus pandemic resulted in severe disruption to the global shipping industry in early 2020, with traditional supply chains being severed as countries began to close their borders. The consequences of which have seen the cost of shipping increase by well over 400% during the pandemic.
Making multiple payments individually through their bank was time consuming and costly
Batch payments platform
Typically, we return up to 5% more in local currency to our clients compared to what we used to return to when we were using our bank. Since using the Currencies Direct batch upload tool we save a full day each month since we no longer have to make individual payments. Finally, we saved a staggering £6500 last year in international transfer charges.
As an international debt collection agency, specialising in international debt collection and debt collection services, Credit Limits International Ltd (CLI) remits collected funds (GBP and EUR) to overseas clients. The company also remits collected EUR funds to UK-based clients who only have GBP accounts and pays overseas suppliers.
CLI makes up to 70 international payments each month to clients, suppliers and agents worldwide. Their payments involve a number of currencies and many different countries.
Arranging each transfer manually was time consuming and an alternative solution was required to support the company’s growth.
After conducting research into international currency providers, CLI found Currencies Direct.
Pierre Haincourt, the company’s Managing Director, wanted to work with a well-established, reputable company with a top level credit rating, and Currencies Direct ticked all the boxes.
Utilising our market-leading batch payments service helped CLI streamline and simplify their payments, while cutting costs.
Rather than processing each payment individually, CLI now uploads their payments in batches, saving time and reducing administration.
According to CLI: “Being able to deliver funds to our overseas clients in their domestic currency at a competitive rate is a big marketing advantage for an international company like us, and Currencies Direct provide us with a reliable, cost-effective service.
We would definitely recommend Currencies Direct – the team are excellent and responsive and are always a friendly email or phone call away. Our account manager Samuel has always been on hand to assist us whenever we need him, and any issues are quickly resolved.
Sending funds by batch upload has saved us time and money. As our company has grown, it has become unworkable to do each deal manually so the automation has come at the right time. Also, getting a competitive price for same currency transfers reduces our costs when compared to making the same payments via our bank.”
Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.