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| Infinity International Checklist |
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Competitive rates, up to 4 % cheaper |
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Reliable, transparent service |
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Dedicated account manager |
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Forward trading up to 12 months |
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FSA registered |
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Overview
An international recruitment company in the UK specializes in IT recruitment across Europe. This means that 90% of its revenue is generated in a foreign currency but all running costs are priced in Sterling.
Their bankers had not advised them to open a Euro account so all customers were paying into the company's Sterling account and the funds were automatically converted and a rate that was approximately 4% away from the benchmark rate. The companies annual foreign exchange turnover was 4 million Euros so the bank were generating profits in excess of 160,000 euros on only the foreign exchange side of the business.
Solution
Infinity International recommended that the company open a Euro account with their bank. This instantly gave them more control over their foreign exchange trades.
We then opened a free trade account with Infinity International. This gave them access to superior spot exchange rates saving them approx 3.5% on each deal and Infinity International assigned a personal account manager to keep them informed of market moves that affected them.
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