Foreign Exchange (FX)

The secret that banks and FX brokers don't want you to know is how much profit they actually make off each international transfer you either send or collect from abroad. Both banks & brokers alike will show you a fee per transaction which could range from £5 - £15. These are labelled as wire fees, however, in reality this is only the tip of the iceberg for what you're being charged. 

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The word that represents the secret profit that banks & brokers make from their client's transactions is called 'spread'. Spread is the difference in the exchange rate they offer their clients and the exchange rate at which they buy their currency at. As the spread is often not discussed, the rates shown to clients are variable depending on the discretion of the FX provider. 

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Unfortunately an overwhelming number of businesses are kept in the dark about the spread that their FX provider is making off of them. Funding Routes experts are here to bring transparency to your international payments and to help you negotiate a fixed spread that ensures your business' profit margins are maximised.