The situation
Our client sends and receives payments in over 20 countries due to having contracts with multinational companies. Prior to dealing with Capitex, our client was receiving funds mainly into their GBP account from many different countries, with the funds often crediting short due to intermediary charges.
The challenge
To provide our client with a centralised treasury facility where different currency accounts can be instantly created. To eliminate the need for our client’s customers to make cross-border transactions in GBP and be subject to intermediary fees causing funds to arrive short into our client’s bank account. To give our client the international banking facility that matches their international presence.
The solution
Upon discovering that funds are sent to our client from over 20 different countries, we explained it would be beneficial to issue our client virtual currency accounts in each of the different currencies required. This enabled our client to include these payment details on their invoicing giving our client an international banking presence.
This improved relationships with their customers by allowing them to send funds locally and in their own currency preventing the need for their customers to incur FX charges. By eliminating the FX charges for their customers, it would allow them to offer a more transparent price without the need to factor in FX fluctuations between client’s initial orders, and settlement. Our client is now in complete control of the FX, meaning that they can take advantage of our competitive pricing module instead of their customers factoring in extortionate intermediary FX fees.
Local collections in 20 countries
Centralised facility
International banking presence
"Capitex are an invaluable resource for my company. Our business activity spans the globe and thus having a trustworthy and knowledgeable FX partner is very important. We can't recommend them enough." Founder & Director
International Office Furniture Dealer