Banking

An alternative to over-priced bank transfers for SMEs

| Editor: Briggette Jaya

Forexfix avoids the usually expensive fees by having a partnership with the internationally active company Currencycloud, which secures the transactions.
Forexfix avoids the usually expensive fees by having a partnership with the internationally active company Currencycloud, which secures the transactions. (Source: Forexfix)

New on-line service for foreign payments provided by Forexfix offers favorable exchange rates to SMEs as well as security against exchange-rate fluctuations.

Berlin-based Forexfix in Germany says it offers SMEs hedging of small amounts of up to 12 months ahead at a rate fixed on day one (known as forward rate). The new online service provided by the B2B Fintech company is said to be attractive for SMEs that wish to avoid costly international transfers outside the euro zone and thus save on expensive bank charges currently practised. The company relies on cost-effective processing via an online platform.

The five steps: 1. Free registration 2. Calculation of the exchange rate 3. Confirmation of the offer 4. Processing the transaction 5. Avoid losses
The five steps: 1. Free registration 2. Calculation of the exchange rate 3. Confirmation of the offer 4. Processing the transaction 5. Avoid losses (Source: Forexfix)

Particularly SMEs face the problem of getting a fair rate when paying imports from abroad because they have to pay the expensive additional banking fees. Many companies therefore choose the usual route via their house bank and remain dependent on the conditions made by their bank. One cost trap is that even for supposedly favourable exchange rates, banks usually apply expensive processing fees for both the sender and the recipient.

Five process steps to keep up with global competition

Market Intelligence

Five process steps to keep up with global competition

02/28/2018 - What is the key to success in times of internationalisation? The WBA Aachener Werkzeugbau Akademie defined process steps that have to be taken in order to gain market intelligence and thus compete on a global market. read...

Forexfix says it solves this problem by offering companies fast processing via the platform, which it has developed for this purpose: Customers can register online and, after identification, send and receive payments conveniently in over 30 currencies and more than 100 countries. Forexfix avoids the usually expensive fees by having a partnership with the internationally active company Currencycloud, which secures the transactions.

"In international payment transactions you can incur losses of 10-20% in just a few days – look at the Turkish lira or the Swiss franc," says Forefix founder and managing director Robert Kröber. "With our innovative service, we really want to offer every SME a fast and cost-effective alternative. Until now, this was only possible for large customers.”

Hedging no longer for big players only

Another decisive added value includes the option of receiving a fixed price today for payments at a later date, the so-called "hedging" of future price changes. In the past, this was only possible with large volumes (millions) and usually only for companies that are longtime customers of the bank.

Forexfix is already successfully positioned internationally with customers in Germany, Austria, Switzerland, France and Thailand – from various industries such as mechanical engineering, international trade, tourism and many more.

Brexit: Telling it all

Statista

Brexit: Telling it all

11/12/2018 - Leading provider of market and consumer data Statista has just presented its latest publication on Brexit - The Brexit Factbook. read...

Comments are being loaded ....

Leave a comment

The comment is checked by an editor and will be released soon.

Discuss anonymously or log in Log In

Avatar
To protect our interests, we store the IP address in addition to the above information. This is solely for the purpose of identifying you as the author of the comment. The legal basis is the protection of legitimate interests in accordance with Art. 6 para. 1 lit. f) DSGVO.
  1. Avatar
    Avatar
    Edited by at
    Edited by at
    1. Avatar
      Avatar
      Edited by at
      Edited by at

Comments are being loaded ....

Report comment

Kommentar Freigeben

Der untenstehende Text wird an den Kommentator gesendet, falls dieser eine Email-hinterlegt hat.

Freigabe entfernen

Der untenstehende Text wird an den Kommentator gesendet, falls dieser eine Email-hinterlegt hat.

copyright

This article is protected by copyright. You want to use it for your own purpose? Infos can be found under www.mycontentfactory.de (ID: 45617533 / Markets)