Rising Fintech star Whites Group today announced the launch of SettlePay, a new, flagship technology platform designed to comprehensively expose all charges levied by UK forex providers.
In an industry blighted by substantial hidden fees and 'smoke and mirrors' tactics - including the worst-offending high street banks - SettlePay delivers a new level of transparency for UK businesses dealing overseas by not only making its own fees 100% transparent, but also those of every other foreign exchange provider in the market.
How SettlePay works
- Users enter details of any past foreign exchange transaction into dashboard
- Platform utilizes precise, historic, interbank rate data (detailing the cost of foreign currency to the provider at the exact time of each transaction)
- Users instantly receive details of total incurred charges on the transaction
- SettlePay offers simple 0.3% fixed rate on all transactions over £10,000 - for all transactions below £10,000, a £10 fee is added to the 0.3% fixed rate
SettlePay Cost Comparison
- 89% cheaper than average high street bank* on a £100,000 GBP to USD transaction.
- £4991.32 cheaper than RBS on single £100,000 GBP to EUR transaction.
- Cheaper than market-leaders Transferwise and Azimo on £5,000, £25,000 & £100,000 GBP to EUR & GBP to USD transactions.
SettlePay Managing Director, George Thomas said, "There's a lot of noise made around the complexity of foreign exchange. This is made worse for UK businesses by major banks and even many new 'disruptors' in the forex space being non-transparent and, in some cases, blatantly misleading, with their charges. The truth is, every provider in the industry can buy foreign currency at the same rate at the same time. The difference comes in how much they then sell it on to their customers for. We're very proud of the disruptive nature of SettlePay and fully expect it to lead to a significant amount of awkward conversations between SMEs and their current Forex providers once the lid is lifted on charges they've incurred."