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The case for independent foreign exchange providers

by 1st Contact | Jul 07, 2011
  • Banks are not the only option for Foreign exchange and international remittance. Most consumers don’t know this. Ironically the high street banks know that most consumers don’t know this, which all causes a very strange economical phenomenon: Banks hold a façade monopoly position in the Foreign exchange and remittance markets, whereby they continue to offer sub-standard service at exorbitant prices to an unknowing public.
    Forex

    It is estimated that £300 million per year is lost to these monopolies. The anomaly occurs because a huge number of consumers of Foreign exchange and remittance services are not aware that there are better options in the market. These consumers shoulder the burdens of the façade monopoly which the banks hold; High fee’s, hidden costs, poor rates of exchange, lack of transparency on exchange rates, poor service, and slow turnaround times from staff who aren’t really interested. In fact, dealing with the banks is a travesty of 21stcentury customer service.

    Enter the independent Foreign exchange and Remittance providers. These small to medium sized companies specialize in completely and utterly beating the banks on value for money and solid customer service with a smile. They also simplify the money transfer process into something which the layman can understand and execute easily. These companies offer exchange and remittance services at a fraction of the fee’s (if any), zero hidden costs, very competitive and guaranteed rates of exchange, complete transparency, excellent and friendly service from people who want to hear from their clients, and fast secure online systems which ensure cleared funds in any globally nominated account as fast 1 working day. If only the consumers knew about these better options.

    Ironically consumers have direct and easy access to these services. Most independent companies run online, and offer their full service as an online package. Therefore if a person has access to the web via a PC, internet café or mobile phone; it is very easy to capitalize on the benefits these providers create, from anywhere on the globe. Welcome to the 21st century.

    2 such companies are 1st Contact and the Sable Group. Both companies offer a range of accounting, wealth, legal, visas, tax and payroll services, along with their much honed expertise on foreign exchange and international remittance services.

    It’s a no-brainer.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    25 Richefond Circle
    Ridgeside
    Umhlanga 4320 +27 (0) 31 536 8843

    United Kingdom

    Croydon

    One Croydon
    12-16 Addiscombe Road
    Croydon CR0 0XT +44 (0) 20 7759 7514

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services Licence issued by ASIC to deal in foreign exchange (1st Contact Group - AFS Licence number 335 126).

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