Businesses large and small can find themselves struggling to deal with fluctuations in exchange rates – and the impact these movements have on their bottom line. However, the Financial Controller at this Republic of Ireland-based client, a franchise company operating five KFC outlets in Dublin and Limerick, recognised that his firm could benefit from more tailored expertise than was being offered by the bank in order to reduce the risk exposure and costs of its overseas payments.
He came across Smart Currency Business, liked what he saw and soon transferred his company’s business across. He has not looked back since.
“Basically our turnover comes in Euros but most of our suppliers are based in the UK, so we need to transfer our euros into sterling to pay our invoices,” he explains.
“We had previously been using our bank but the exchange rates we received were very poor and their customer service was terrible. So I searched online for reputable payment specialists, got in touch with Smart Currency Business and we have been with them now for over three years.”
As well as receiving far better rates of exchange than the bank provided, he says he has been impressed by the superior service and high level of efficiency which Smart Currency Business provides.
“The rates have been much better, there is no doubt about that. But apart from the rates, the biggest factor for us has been the customer service. It is a very seamless process with no issues at all – I simply make a phone call to our trader and it’s done. Alex Bennett is our main contact and he is really on the ball and looks after us very well – maintaining regular contact without being pushy.”
He adds: “The better communication we have with everyone at Smart Currency Business has helped us to better plan around the market movements. We have used forward contracts which have been very useful for hanging onto a more desirable rate when things have begun to move against us. Personally I keep a close eye on the markets, so I know that I am getting a good deal, but I can see further benefits for other businesses which don’t observe the rates like I do.”
When asked whether he would consider using a different payment specialist, he replies: “we have no need to move away from Smart – they have definitely helped us!”.
For more information, get in touch with the team at Smart Currency Business, contact us on 020 7898 0500 or email email@example.com