Savings add up for businesses using currency specialists
For many businesses, the solution lies in working with a specialist provider, which can be cheaper and results in no hidden costs. Research carried out by Currency UK in 2015 shows a currency specialist would lead to savings of £3,327 per year for a business transacting a representative £170,000 annually in Euros.
Moreover, currency volatility is on the up, creating added risks for businesses.
The April 2015 International Trade Monitor report found 56% of SMEs in the UK cited currency volatility as a concern for their business.
London-based Digimob reports that foreign currency accounts for 90% of its annual revenues, making it particularly susceptible to movements in the currency markets.
Digimob says that working with a specialist provider has made it aware of locking in the exchange rate in order to reduce risks.
“We are now locking in exchange rates so that we have confidence in price and revenue, as we have previously been hit hard by FX fluctuations,” the firm says.