Mr Stern works for a small UK company which hosts competitions and events for major brands around the world. His responsibilities also include making regular payments to the competition winners and to pay lawyers and other professional service providers in various jurisdictions for services rendered.
Mr Stern also makes frequent trips abroad to meet existing and prospective clients and to prospect for suitable venues and plan for upcoming events. Historically, Mr Stern used HSBC to make these payments. HSBC provided HSBC Net to access their services, but this proved extremely cumbersome, time-consuming and costly with FX spreads that bore little or no resemblance to the interbank FX market. Transaction fees were high combined with monthly account maintenance fees which together further eroded profit margins on a monthly basis.
Mr Stern now uses VFX to buy currencies and make payments and also receives much tighter spreads (that are agreed in advance) providing a level of transparency not often seen on the High Street. Mr Stern is also provided with access to the currency markets online and he also has access to an experienced broker to assist him whenever necessary, to answer questions of a more technical nature and to discuss market sentiment. Mr Stern also has access to VFX’s suite of advanced Forex tools to execute a range of transactions such as Spots, Limits and Forwards and is fully in control of his Forex and cross-border payments needs.