Take a break from currency exchange stress

By on August 16th, 2016 in Editorial

Perhaps you were dragged endlessly from bureau de change to bureau de change by a determinedly thrifty spouse/lover/relative/friend, who wisely but tediously interrogated a series of indifferent desk jockeys until they found the exchange rate that least dissatisfied them. Perhaps you were that person. Or perhaps you had no such person, ending up out of pocket and in a mood that really took the shine off your paella.

Or maybe you’re not the most numerically astute individual – particularly after several units of the local schnapps – and ended up kicking yourself when you realised the reason the waiter’s eyes widened so dramatically when you paid the bill was because you accidentally tipped him the equivalent of £30.

The thing is, currency exchange can be stressful and confusing. It usually is, in fact, and many of the pitfalls inherent in your holiday currency exchanges can also apply to your business currency exchanges – just on a much larger scale.

“The pitfalls of holiday currency exchanges can also apply to business currency exchanges – just on a much larger scale.”

How can you possibly know that you’re getting the best rates? Even when services claim to offer zero commission, they’re still likely to be making a profit by offering exchange rates up to 14% above the interbank rate. Meanwhile, counters at travel hubs charge a premium for being open long hours on every day of the year, just as brokers offer small businesses additional services that allow them to add a hefty mark-up on top of the basic exchange rate.

And, as ever, the big banks hit SMEs making infrequent exchanges with hidden fees and unfavourable rates they don’t levy on bigger, more established businesses with better connections.

Perhaps this is why a recent study from Barclays finds that up to 83% of SMEs are missing out on international sales by failing to market themselves to foreign customers through digital channels; because it can feel daunting, as if involving your business with overseas customers and currency exchange is entering a world of confusion, mathematical masochism and potentially disastrous transactions.

Not so with freemarket. With us, you can make exchanges as frequently or as infrequently as you like, without your terms and conditions ever changing. You will be charged a one fee on any transaction you make with us, and you will invariably find our rates to be better than those of our competitors.

You wouldn’t shut yourself off to new holiday experiences because of the potential difficulty of obtaining local currencies, so why deny yourself the chance of finding new business opportunities? Especially, when freemarket is entirely geared towards making these sorts of transactions as straightforward as possible.

So relax, kick back, and bask in the warm glow of our gloriously simple, money-saving currency exchange platform.

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James is freemarket’s Chief Commercial Officer. He has a history of finding new ways to solve age-old financial challenges and was responsible for launching some of the first online money transfer and prepaid card initiatives in Europe.

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