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SMEs across the UK could save millions of pounds if they were more proactive in looking for better foreign exchange pricing strategies.
New research from Moneycorp has shown banks are profiting from the high transaction fees that go with their services as well as uncompetitive exchange rates, as SMEs are not seeking out alternative sources for foreign exchange finance.
At a challenging time for the economy, when the import and export market is proving one of the more lucrative areas for SMEs to tap into, SMEs are rightly looking to take advantage of trading abroad. But could turnover and profits from this trading be hindered by not seeking out the best foreign exchange providers? It was estimated by the research that more than £2,000 could be saved on each international transaction if the best financial provider was sourced. With approximately 100,000 of the UK’s 4.82 million involved with the import and export market, that adds up to a lot of potential cash lost.
Money to be made abroad
Although spending cuts across many sectors in the UK are slowing orders at home, there is money to be made across Europe and the World. Why not take advantage of better demand abroad?
SMEs with our finance facilities have been given the money and the confidence to be able to focus on expanding their customer base across the UK and the world, developing a whole host of new clientele in the process.
If you’re an SME interested in making money from the import and export market and would like to discuss how invoice finance can benefit your business, please get in touch with us today.