Last month, two thirds of UK businesses walked away from their local bank and moved their assets to a foreign exchange broker and other auxiliary financial services.
With the growth of auxiliary and online banking providers such as Currency UK Ltd, both individuals and businesses have been able to find a better and more cost effective way to conduct overseas transactions and foreign exchange.
Broker or bank, the pound has been said to suffer, as assessed by market analysts, due to the fluctuations since the 2008 recession, with markets plummeting last month, yet later reports stating that the pound is still doing well, particularly against the Euro. It seems that in such a volatile and changing market, the best option for small to medium enterprises in the UK is an alternative foreign exchange broker, not the high street bank.
In May 2010, over a thousand companies were surveyed by Currency UK Ltd, instigated by a 25% increase in sales. A quick detection of the growth inspired the research conducted by this leading foreign exchange broker and the results were staggering as it revealed how banks still have no advantage over the online foreign exchange broker, despite attempts to start lending to the public.
According to the Bank of England, mortgage lending shot up in April, and amplifying the availability of lending services has been noted by experts as the ‘key’ to recovery. But for the business world, banks still do not have the answer, with two thirds of the businesses in the country turning to alternative solutions such as foreign exchange broker services.
Posted in Daily Market News on May 30 2014