Contact us now for all your importing and exporting questions: international@chamberelancs.co.uk / 01254 356454.

TUE 07 FEB | After our first ‘normal’ Christmas in what feels like an age, we would have expected the mood to be buoyant. Buoyant as we shed the shackles of now years of COVID, celebratory at the success of the vaccine programme, and reaping the benefits of the economic bounce back predicted when we were free of our generation’s first global pandemic.

Sadly the predictions were not to be, and the end of the pandemic, amongst other things, has more of a feel of a nasty hangover than a jubilant celebration. It’s been widely reported that the UK entered a recession in the third quarter of 2022, one that might last until 2024. With soaring energy prices and the disruption of global supply chains driving up costs, inflation is still far outstripping any nominal wage increases constricting household purchasing power, which is being compounded by the effects of flash points like soaring energy prices.

Something often overlooked, is saving money through your foreign exchange provision. At the British Chamber of Commerce we have a long standing partnership with foreign exchange specialists, Moneycorp. Through our partnership, we’re looking to help promote transparency in the FX market and decrease the cost of foreign exchange for our members.

We know it’s not always easy to see the true cost of foreign exchange, so with Moneycorp you can carry out a free audit to help you paint a clear picture. Moneycorp’s FX specialists will look at up to 12 months of data, including the times and dates of your transactions, the exchange rates, the type of products your business uses, and what currencies you trade. This allows them to understand your foreign exchange history and the needs of your business to show you accurately how and where they can save you money.

Remy Malvy, New Business Dealer at Moneycorp said:

“With the cost of living crisis projected to hit people harder than ever in 2023, foreign exchange can be a very smart way to save money quickly.”

“At Moneycorp, we offer businesses a free currency audit to determine if there is a better strategy for approaching their foreign exchange needs. We aim to present our results clearly and precisely to help you understand the alternatives and leverage our expertise to manage risk in this volatile market.”

Here are some of the ways Moneycorp can you:

Access to the most competitive rates
Unlike traditional banks, Moneycorp is not bound by its own rates. It can source the most competitive exchange rates through its panel of liquidity providers. Moneycorp’s fee structure is also different from banks. You won’t be charged to open a corporate account and to hold currencies, and there is either no, or only a small, transfer fee for businesses.

Experience and knowledge at your fingertips.
Moneycorp is not your run-of-the-mill fintech; it is a leading global payments solution provider with over 40 years of experience supporting the foreign exchange needs of private clients, businesses, and institutions. It uses smart technology and an intuitive payments ecosystem to enhance its personalised service and regulatory excellence.

Moneycorp’s FX experts work with you to understand your exposure and suggest the most appropriate currency tools that will enable you to save money on your exchange transactions. With a team of experienced currency management professionals who will help you execute your risk management strategy in line with your risk appetite and investment objectives.

Flexibility with you in mind
There are many ways to use the service. With recipients, transactions, and details in one place. The platform also allows you to export data and change your details. Moneycorp’s clients are able to trade 33 currencies, 24/7, via the online platform, and 120 different currencies over the phone. Alternatively, a dedicated account manager is on hand to help if you have a more complex query.

Moneycorp also offers interest-bearing deposit accounts with top-tier interest rates and the choice of 90 and 180-day notice accounts in tradeable currencies to suit its clients’ needs.

Strategic guidance
Moneycorp can help you protect your business from unwanted exchange rate movements with various strategies to suit your risk appetite and business plans. It offers multiple solutions to help you fix your exchange rate and manage volatility, including Forward Contracts and other services offered by Moneycorp Financial Risk Management.

With these, Moneycorp allows you to fix a specific rate for up to two years. Your account manager can also help you target a particular exchange rate using Market Orders if you’re not looking to purchase immediately. Alternatively, if you only have a one-off transaction, you can take advantage of the current favourable rate using a Spot Contract.

To schedule a free FX Audit, contact Mandy m.lockett@chamberelancs.co.uk or Stef, s.heywood@chamberelancs.co.uk 01254 356 454

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Published On: February 7th, 2023
managing foreign exchange

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