SMES WASTE MILLIONS ON FX

Small and medium-sized (SME) businesses could be wasting millions of pounds every year when making international payments, according to Travelex Global Business Payments, the cross-border payments specialist. It estimates that smaller businesses that trade internationally are wasting up to £280m per year on transaction fees by using their bank instead of a payment specialist, or £2,280 per business. 80 per cent of the businesses surveyed currently use their bank to make international payments, potentially costing them between £25 and £40 each time they make a payment.