The pound traded with modest gains on Tuesday, following the publication of the UK’s latest employment figures.
Firms doing business abroad can now improve their profit margins using I-PAYFX, a new online service from Currencies Direct, the UK’s leading foreign exchange company.
In an increasingly global world, with firms buying and selling more and more goods and services overseas, foreign exchange and transaction costs can rapidly erode margins.
And once firms have factored in the complications of banks, overseas accounts, and exchange rate negotiation the whole process of international trade becomes an exhausting drain on time and money.
Now Currencies Direct has launched an online service which simplifies the transfer procedure to a few quick clicks of a mouse while saving firms to three per cent of their money per transaction.
The product, I-PAYFX, combines the foreign exchange and payment elements of a transaction into one simple online process, giving users full and transparent control of their foreign payments.
It works in real time and allows users to see exactly what currency rate they are getting, whilst its built-in validation procedures meet the standards set by international banks.
Ignacio Hernandez, managing director of Currencies Direct, said: “Around 850,000 of the UK’s smaller businesses regularly make payments abroad, costing them time and money.
“I-PAYFX will simplify the whole process whilst delivering a better exchange rate than any high street bank will offer – reducing hassle, improving efficiency and saving money.
“Any company doing business overseas should be savvy about their foreign exchange dealings and I-PAYFX is the best way of achieving this.”
Currencies Direct can save its clients between two to three per cent per transaction through more competitive exchange rates and low or non-existent transaction fees.
Stuart Boon, director of e-commerce at Currencies Direct, said: “Over the years banks have grown from deposit and loan specialists to being multi product outlets, which has not led to cost savings for customers.
“At Currencies Direct we focus on what we are good at – foreign exchange and payments. Businesses can save money, often over 50% on fees alone, using our service without changing their banking provider.”
I-PAYFX is a user-friendly service, with transparent, real time pricing, which enables customers to move money around the world at any time of day.
Almost everything can be completed in a couple of clicks. With built-in IBAN and payment validation to ensure payments are processed quickly by international banks.
The service has already been compared by pilot customers to online shopping – intuitive, quick and simple.
With most forecasters expecting further currency slips, proactively managing foreign exchange risk and protecting against variances of the currency market is likely to become of increasing importance to businesses.
Ignacio Hernandez, managing director of Currencies Direct, said: “FX should no longer be treated as an afterthought and a process that is transacted via a bank. There is a significant amount of money to be saved here, on transaction costs and large currency spreads”.
I-PAYFX is available to businesses at www.i-payfx.com.