CurrencyTransfer, an online marketplace for international payments, launches today to provide businesses with confidence, transparency and the best rates when making payments abroad.
Businesses can access currency exchange quotes from multiple FCA regulated brokers and book trades in one place, allowing them for the first time to take complete control of their cross-border trade. In the same way that Expedia, Kayak and Booking.com have transformed the travel industry, CurrencyTransfer aims to disrupt international business payments, driving down fees and levelling the playing field.
Sending an international business payment is usually expensive, time-consuming and far from transparent. Cross-border payments to the tune of $21tn are made annually. Banks process 90% of B2B international payments but apply hidden markups of up to 4% away from the 'real' exchange rate, often disguising poor rates with '0% commission' slogans. To get the best rates, businesses are left to call up multiple brokers, which takes time and puts customers at the mercy of currency salesmen. Brokers further hoodwink their customers with 'honeymoon rates', offering a fabulous rate on day one, only to widen and widen markups over time.
CurrencyTransfer brings transparency to an opaque industry by allowing businesses to compare live quotes from different brokers alongside the mid-market rate, so that securing the best deal on a money transfer is as easy as booking the cheapest plane ticket online. More than just a comparison site, businesses can book trades, store multiple beneficiaries and view their complete trade history, simplifying and streamlining the cross-border payment process.
By providing a 360° snapshot of international payment quotes from top brokers, CEOs, finance directors and other decision makers can select the best times to make a payment, create more accurate revenue forecasts and ultimately have greater control over their international trade. Businesses no longer have to waste time sourcing quotes and crucially can be confident that they have got the very best deal on their money transfers abroad, each time they trade.
Founders Daniel Abrahams and Stevan Litobac are the team behind successful comparison sites MyCurrencyTransfer.com and MyTravelMoney.co.uk. Since 2010, MyCurrencyTransfer.com has helped consumers find the best deals on over $650 million worth of currency transactions and introduced nearly 60,000 quotes to money transfer specialists. It is the UK's leading affiliate for many top tier non-bank foreign exchange providers.
Daniel Abrahams, Co-Founder of CurrencyTransfer, comments: "We want to remove the inefficiencies and opaqueness that making an international payment has entailed. It is a scandal that in 2014, business foreign exchange is one of the last areas of banking where you don't clearly know what you're paying. We set up CurrencyTransfer to modernise a tired & expensive industry. Through our competitive platform inviting regulated companies to quote for a companies' business, we give businesses worldwide confidence they are getting the fairest deal on currency exchange.
"No longer do firms have to place blind trust in their banks or brokers when sending cross-border payments. We give businesses the information they need to make informed decisions about international payments. For the first time, the customer is in full control and in less than 60 seconds, can decide and book the best exchange rates available from regulated currency suppliers. We are taking international payments out of the dark ages."