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IoD member service
FX: does your provider offer fair and transparent pricing?
With its focus on value, clarity and service, WorldFirst is setting a new standard for the foreign exchange industry
Disgruntled moans about the costs of foreign exchange (FX) transactions have never been in short supply – just ask any leader of a business that exports around the world. But some players in the FX industry are innovating, which means that gripes about hefty fees and a lack of transparency in pricing could soon be a thing of the past.
A new era of FX
The digital revolution did make it easier for SMEs to move money around the globe, because it broke the virtual monopoly that banks had enjoyed for decades as their FX providers. With new technology lowering barriers to entry, a whole raft of new fintech providers appeared without warning, undercutting the banks and outpacing them with their innovations. Yet today, even with the internet at your
fingertips, comparing the costs of FX providers remains a challenge. A continuing lack of consistency and clarity in charging structures still makes it hard for firms to forecast and/or track the costs of their currency transactions. But a quiet revolution is starting to change how businesses manage their FX affairs. Organisations working with overseas suppliers are demanding cheaper and easier ways of making international payments. They are seeking more customer focus from an industry that has historically favoured the broker. While some FX providers have been wrong-footed by this trend, others are responding positively.
The revolution begins
WorldFirst falls firmly in the latter group. In the summer it boldly introduced a service-driven, transparent pricing
structure for its UK clients. WorldFirst’s FX prices are now up to 85 per cent lower than those of its competitors*. Its new tiered pricing structure is clear and simple: the more you trade, the better the price. With WorldFirst, unlike other providers, you will always know your true FX costs in advance. These can be as little as 0.15 per cent of the value of the transaction. But a clear pricing structure is only the start: WorldFirst is also working on enhancements to the user experience, innovative platform integrations, smart accountancy integrations, new currency accounts and much more.
Whether you’re making an international money transfer for business or personal purposes, WorldFirst will work with you to find the solution that best meets your needs. IoD members benefit from a best exchange rate guarantee and no fees for money transfers. Visit
iod.com/internationalpayments for further information
The IoD’s preferred partner
director.co.uk 55
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