Foreign exchange for business: East Lancashire Chamber of Commerce can help with international finance

These are the words of Moneycorp*, International payment and banking experts for over 40 years, a company which enjoys a close relationship with Chambers of Commerce, like the local one here in East Lancashire, and is here to help business [HT1] get the best deals from currency exchanges.

The British Chamber of Commerce has a long-standing partnership with foreign exchange specialists, Moneycorp. Through this partnership, it is looking to help promote transparency in the FX market and decrease the cost of foreign exchange for its members.

Moneycorp is offering a free currency audit* to Chamber of Commerce members, to see if there are ways your business could improve its foreign exchange needs.

We asked the East Lancashire Chamber of Commerce, to tell us more about Moneycorp and how local businesses could benefit.

About Moneycorp

“After our first ‘normal’ Christmas in what feels like an age, we would have expected the mood to be buoyant. Buoyant as we shed the shackles of now years of COVID, celebratory at the success of the vaccine programme, and reaping the benefits of the economic bounce back predicted when we were free of our generation’s first global pandemic,” they said.

“Sadly, the predictions were not to be, and the end of the pandemic, amongst other things, has more of a feel of a nasty hangover than a jubilant celebration.

“With soaring energy prices and the disruption of global supply chains driving up costs, inflation is still far outstripping any nominal wage increases constricting household purchasing power, which is being compounded by the effects of flash points like soaring energy prices. Something often overlooked, is saving money through your foreign exchange provision.”

How does it work?

“We know it’s not always easy to see the true cost of foreign exchange, so with Moneycorp you can carry out a free audit to help you paint a clear picture,” the Chamber said.

“Moneycorp’s FX specialists will look at up to 12 months of data, including the times and dates of your transactions, the exchange rates, the type of products your business uses, and what currencies you trade. This allows them to understand your foreign exchange history and the needs of your business to show you accurately how and where they can save you money.”

Here are some of the ways Moneycorp can support you:

Access to the most competitive rates: Unlike traditional banks, Moneycorp is not bound by its own rates. It can source the most competitive exchange rates through its panel of liquidity providers.

Moneycorp’s fee structure is also different from banks. You won’t be charged to open a corporate account and to hold currencies, and there is either no, or only a small, transfer fee for businesses.

Experience and knowledge at your fingertips: Moneycorp is not your run-of-the-mill fintech; it is a leading global payments solution provider with over 40 years of experience supporting the foreign exchange needs of private clients, businesses, and institutions. It uses smart technology and an intuitive payments ecosystem to enhance its personalised service and regulatory excellence.

Moneycorp’s FX experts work with you to understand your exposure and suggest the most appropriate currency tools that will enable you to save money on your exchange transactions. There are many ways to use the service. With recipients, transactions, and details in one place, the platform also allows you to export data and change your details. Moneycorp’s clients are able to trade 33 currencies, 24/7, via the online platform, and 120 different currencies over the phone.

Alternatively, a dedicated account manager is on hand to help if you have a more complex query.

“At Moneycorp, we offer businesses a free currency audit to determine if there is a better strategy for approaching their foreign exchange needs. We aim to present our results clearly and precisely to help you understand the alternatives and leverage our expertise to manage risk in this volatile market," Moneycorp said.

For more information, or to schedule an FX audit, contact your local chamber contacts, Mandy and Stef on +44 1254 356 454 or email them at[email protected] or [email protected]

To find out more visit https://www.chamberelancs.co.uk/

*None of the information contained in this article constitutes, nor should be construed as financial advice. Moneycorp Financial Risk Management Limited (company number 5774742) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp FRM is a trading name of Moneycorp Financial Risk Management Limited is authorised and regulated by the Financial Conduct Authority for the provision of designated investment business (firm reference number 452443). Moneycorp is a trading name of TTT Moneycorp Limited and is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services