A Company Expense the Banks Don’t Want You To Know About…

Thousands of UK company owners and managers are focusing on two actions to survive the recession – reduce expenses and keep enough cash coming in to cover costs. Those that can’t reduce overheads quickly or are subject to a large loss of cash-flow are the organisations that will ultimately collapse.

Being forced to reduce spend is a painful process. Making lists of employees to lay off along with sourcing cheaper offices, finding less expensive materials and slashing marketing budgets are all activities that cause serious upheaval. Additionally, the weight of wondering whether or not the efforts will save the organisation can cause owners and employees to suffer extreme stress.

There is however an overhead that organisations could cut immediately, yet many don’t know that it exists! Once removed, this overhead could potentially allow a company to save thousands and ultimately stay solvent!

The Hidden Overhead Exposed
If your company pays for goods or services in a currency other than Sterling OR receives payments in a currency other than Sterling, you may be paying out more money than necessary.

During the process of making and/or receiving international payments (from Sterling to Euro, US$, etc or vice versa) the banks can take a substantial margin without you even realising it. This margin can add significant cost running into many £'000s, and in some instances nearly 5% can be added to an organisations annual costs. The sad fact is that this overhead is completely unnecessary.

The banks profit from providing poor exchange rates and charging various fees. They also fail to assist companies with the money saving option available to fix exchange rates so that budgets are maintained. Although many exchange rates are unfavourable right now, it’s possible to ensure that you fix a rate so that it doesn’t get any worse over the course of the next few months or year.

Exploitation of UK Companies
The outrageous truth of all this is that the banks have caused an economic collapse, they’ve then paid bonuses for failure and to add insult to injury, they continue to cause massive financial issues with UK organisations by exploiting them on the international payment process.

Thankfully, there is a solution. By using an international payment specialist, you can completely eliminate the unnecessary costs charged by the banks. A specialist will be able to provide exceptional exchange rates, reduce and/or eliminate all fees along with mentoring organisations as to the options available to minimise risks and save money. On average, specialists can save companies 3% (or £3,000) on every £100,000 transacted. Further savings can be accomplished when working in tandem with a specialist to set and achieve budgeted rates. To avoid being further exploited by the banks discuss your options with an international payment specialist today.

For more information on Smart Currency Business call: 0845 638 0571 (or +44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyBusiness.com