Six of the best reasons to switch to Privalgo
24 October 2019

Sourcing the right foreign currency provider is a challenge in a crowded market. Banks provide traditional transfer options with tried and trusted familiarity and security. But their reliance on reputation can prove detrimental to clients enabling companies with a proactive and dynamic approach to challenge this dominance. Privalgo is bucking this trend with a dynamic and personalised FX template that is delivering a great deal of interest – literally.

1. Best rate of exchange

Before we delve into exchange rates, it's important to note what is meant by mid-market rate, it's the midpoint between the buy and sell prices of two currencies and is also known as the interbank rate. On average banks, mark-up exchange rates by approximately 2-3% for most transactions, reserving the tight margins for substantial institutional transfers.

To paraphrase Charles Dickens, the result is not always happiness for clients that are charged a significant fee on top of their transaction cost, a process that gives the bank a sizeable advantage on the start line. Privalgo on the other hand, on average, adds around 0.5% on the interbank rate, ensuring 'advantage client' epitomising our policy of complete transparency, enabling our customers to understand precisely what they are paying for.

2. Higher rates equal lower charges

Banks also apply fees to international transfers in nominated currencies, adding extra costs as a transaction charge. This rate may vary, but the damage is done. We carry out transfers with no additional fees – the rate you see is what you get.

3. Faster masters

Banks' currency transfers can typically take more than three business days. Privalgo strives to get funds into clients accounts within 24 hours – enough said.

4. Everything personal

Banks have departments specialising in currency exchange, along with established procedures carried out by experienced professionals. But customer faith and loyalty combine to inhibit change and innovation. Our clients benefit from a team of FX specialists who have already made a mark in the sector and whose vision and approach ensures a dynamic and contemporary service. We don't see FX as a transaction – for us, it's one of the financial parts of a life story.

5. No to the critical mass

The banks have a wide variety of tools that view customers as part of a mass market. This impersonal approach to FX does not allow for an individual approach. Privalgo's strategy accentuates the individual client by applying the appropriate foreign transfer tool to the task in hand and reflecting each client's individual requirements.

6. Quickest on-boarding in FX

Banks put their clients through a convoluted and time-consuming process involving identity checks and extensive paperwork to carry out transactions. Privalgo uses Fintech with biometrics and multi-factor authentication to ensure the security of client information while making the process streamlined and straightforward and completed in a matter of minutes, not days. That's why we're known to have one of the quickest on-boarding process' in the industry.

Six of the best reasons to switch to Privalgo
24 October 2019

Sourcing the right foreign currency provider is a challenge in a crowded market. Banks provide traditional transfer options with tried and trusted familiarity and security. But their reliance on reputation can prove detrimental to clients enabling companies with a proactive and dynamic approach to challenge this dominance. Privalgo is bucking this trend with a dynamic and personalised FX template that is delivering a great deal of interest – literally.

1. Best rate of exchange

Before we delve into exchange rates, it's important to note what is meant by mid-market rate, it's the midpoint between the buy and sell prices of two currencies and is also known as the interbank rate. On average banks, mark-up exchange rates by approximately 2-3% for most transactions, reserving the tight margins for substantial institutional transfers.

To paraphrase Charles Dickens, the result is not always happiness for clients that are charged a significant fee on top of their transaction cost, a process that gives the bank a sizeable advantage on the start line. Privalgo on the other hand, on average, adds around 0.5% on the interbank rate, ensuring 'advantage client' epitomising our policy of complete transparency, enabling our customers to understand precisely what they are paying for.

2. Higher rates equal lower charges

Banks also apply fees to international transfers in nominated currencies, adding extra costs as a transaction charge. This rate may vary, but the damage is done. We carry out transfers with no additional fees – the rate you see is what you get.

3. Faster masters

Banks' currency transfers can typically take more than three business days. Privalgo strives to get funds into clients accounts within 24 hours – enough said.

4. Everything personal

Banks have departments specialising in currency exchange, along with established procedures carried out by experienced professionals. But customer faith and loyalty combine to inhibit change and innovation. Our clients benefit from a team of FX specialists who have already made a mark in the sector and whose vision and approach ensures a dynamic and contemporary service. We don't see FX as a transaction – for us, it's one of the financial parts of a life story.

5. No to the critical mass

The banks have a wide variety of tools that view customers as part of a mass market. This impersonal approach to FX does not allow for an individual approach. Privalgo's strategy accentuates the individual client by applying the appropriate foreign transfer tool to the task in hand and reflecting each client's individual requirements.

6. Quickest on-boarding in FX

Banks put their clients through a convoluted and time-consuming process involving identity checks and extensive paperwork to carry out transactions. Privalgo uses Fintech with biometrics and multi-factor authentication to ensure the security of client information while making the process streamlined and straightforward and completed in a matter of minutes, not days. That's why we're known to have one of the quickest on-boarding process' in the industry.

For the Best Exchange Rate

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