Transferring money internationally is a key part of day-to-day operations for organisations of all sizes. But this practice can often be overlooked when it comes to implementing cost-cutting measures. In fact, for small to medium-sized companies, wiring money abroad can prove incredibly expensive, particularly if they use a bank.
This is because banks not only sell foreign currency at the ‘interbank’ rate, but can also add a mark-up, sometimes as high as five per cent more than the ‘real’ exchange rate. On a single £200,000 transfer, this equates to £10,000. ed to.