A foreign exchange business, which uses world-first online tools, says businesses could lose value on their export sales in 2015 by getting a raw deal on their currency.
Helen Scott, managing director of Leeds-based 4X Currency Corporation, says businesses are increasingly moving away from banks for their foreign exchange deals, in favour of specialist currency companies.
But many of these specialist companies rely on commission-based dealers to negotiate with customers on a deal-by-deal basis, leaving business owners frustrated and unable to rely on a consistent and open pricing structure.
As more companies turn to foreign shores to grow sales, Helen says the time has come for providers to be more open about their pricing so businesses can check they are getting the best deal when converting money.
4X Currency provides a completely transparent, online service which shuns commission-based dealers and sales staff.
Its online currency converter, 4X Dealer, shows an up-to-the-minute stream of live customer rates – an industry first. Other currency company websites just show the wholesale market rate.
4X also offers a unique comparison tool which enables users to compare quotes from other providers with 4X’s customer rate, either in real time or historically.
Helen said: “Recent revelations about the foreign exchange market have only served to underline its complexity and lack of transparency.
“This applies not only to the banks but to other currency companies as well, and inevitably it is small and medium sized businesses which are losing out.
“We have decided that enough is enough and we’ve done something about it.
“We are putting technology in the hands of users so they can see the all-in cost of doing the deal with 4X in real time and can compare it with other providers.
“We are disrupting the status quo and putting power back into the hands of small businesses who all too often have their profits eroded by poor conversion rates and hidden charges.
“We are proud of our claim to be the only company that lets customers compare foreign exchange rates honestly and openly.”