UK firms paying over the odds for Forex

Published by Freight Business Journal

New finance firm Covercy says that it can save smaller firms up to 80% on the cost of international transfers compared with the mainstream banks. Unlike them it has no intermediary charges, which can amount to 40 pounds per transaction and also offer more favourable currency exchange rates.

Transaction can be completed within 24 hours and its quoted rates are guaranteed through its own algorithm, unlike personal online exchange and remittance providers, meaning businesses know exactly how much their overseas transactions cost before committing to use the service…