Small Business Foreign Exchange
We have all experienced exorbitant exchange rates and fees in the past. When it comes to small business, foreign exchange is starting to become a critical issue. As we expand into the global economy a customer is only a click away
Personal experience over the last 15+ years has led us to using Smart Currency Business for both business transactions and personal purchases of foreign property. We have received great customer service, good advise and competitive rates. And we like the online capability to buy and sell currency with the back-up option to speak to a trader in real time
They are rated the #1 currency exchange provider in the UK on Trustpilot and transfer over 35 currencies, to countries all over the world
Smart Currency Business
As an award-winning foreign exchange payments and risk management specialist, Smart Currency Business provides UK businesses with bespoke currency exchange solutions. They offer dedicated guidance on a range of tailored strategies to help companies mitigate currency risk and protect underlying profits on their international transfers and payments.
When dealing with Smart, you will be assigned to a dedicated business trader who will the take time to understand your foreign exchange requirements and guide you through a structured risk management process.
Smart Currency Business are also passionate about providing educational information to businesses both large and small, and help them understand, create and implement treasury management solutions that are bespoke to their requirements. Their clients can access news, insights and forecasts relating to currency, exports and imports, economic and business issues.
How can Smart Currency Help You?
As an award-winning foreign exchange payments and risk management specialist, Smart Currency Business provides UK businesses with bespoke currency exchange solutions.
Smart works closely with a number of businesses including Purity Global, a company with foreign currency exposure. The risk management experts at Smart ensure that Purity either meet or outperform their budgeted levels. De-risking their foreign currency exposure affords them true peace of mind.
The benefits of Smart Currency Business’ personal approach
Smart firstly contacted Purity Global’s Director, Kriss Hutchinson to try and gain an understanding of his current risk management strategy and see if they could improve it. After a brief introduction, they agreed to go and meet with Kriss at the head office in Hull to discuss Purity’s existing approach in further detail.
“What stood out for me in that first meeting was the personal approach that Smart took,” explains Kriss. “It was clear from the outset that your risk management experts had exceptional knowledge and experience.”
Purity Global were already implementing aspects of the Budget, Risk, Solution process that Smart Currency Business advocate. However, their providers at that time were adopting an all-or-nothing approach, pressuring Kriss to enter into an aggressive leveraged hedge.
De-risking the business and protecting budgets
Smart’s experts discussed the idea of not over hedging and managing the risk in smaller chunks to give Kriss a better blended rate. This ensured that the deals agreed would not be skewed in favour of Smart as the broker, but Kriss as the client.
Given the number of products they sell on the ‘bargain’ end of the price range, Purity Global’s profit margins are necessarily slimmer than other clients that Smart have dealings with. This means there is less wriggle room and protecting those margins is even more essential
Kriss’s budget was tight so Smart put strategies in place that were based on equalling and/or outperforming that budget level. This afforded Kriss peace of mind, as he knew that his budget would not be negatively affected, irrespective of what happened in the currency markets. In short, Smart de-risked his business through their tailored treasury management approach.
This approach allowed for continual tweaking to the strategy as and when required, thereby protecting Purity against adverse movements at the same time as allowing them to benefit from favourable movements.
A relationship where everybody wins
As Smart were working on extending their business service offering, they realised that, as a manufacturer of certain products, Purity Global might qualify for a R&D tax credit claim.
They explained the scheme to Kriss who was then put in touch with one of their service providers. “I didn’t think we had grounds for a legitimate claim, but after discussing it in some detail, we established that we had a decent chance of receiving a rebate,” explains Kriss. “The whole process took three months from beginning to end.”
Smart Currency Business continue to work closely with Kriss and the team at Purity Global. The relationship they have established is built on trust; Smart have their best interests at heart.