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UK businesses spend over £426 million a year in currency costs when making payments via bank

Centtrip has asked 500 medium-sized and large companies about their foreign exchange strategy when making payments across the globe. Here are some of the findings.

UK’s medium-size and large businesses spend more than £426 million a year on currency costs when making international payments using their bank

More than half (53%) of the medium-sized and large businesses in the UK use a bank for international payments potentially costing them more than £426 million a year in currency costs, according to foreign-exchange and treasury management specialist Centtrip.

Centtrip’s survey of 500 medium-sized and large companies has revealed that on average each spent £978,000 on international payments over the past 12 months. With UK banks charging an average of 2% for currency conversion, the 53% of all medium-size and large firms in the UK would have spent an additional £19,560 each in currency costs, or more than £426 million collectively in just one year.


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