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Partner with Godi Financial – a specialist currency broker.
Are you buying a property abroad?
Are you moving abroad needing to send money in a different currency?
Do you pay for goods or get paid in different currencies?
Best Price FS have teamed up with Godi to offer a currency conversion starting at 0.25% for large trades to 0.5% for trades smaller in value, e.g. £2,000 to £10,000.
Best Price FS remain committed to delivering valuable financial products and services at the best price to our customers.
We know that Banks make large profits from Foreign Exchange currency services so we are focused on educating and supporting our clients to save money in relation to their currency dealings. An example of trades are detailed below. Click the link to read more: https://www.bestpricefs.co.uk/app/foreign-exchange/
At Godi Financial our mission is to help businesses and individuals with currency requirements achieve greater profit, and greater certainty of outcome from their global financial transactions.
Put simply, we pride ourselves on saving people and businesses money when converting currencies and making international payments.
So how does that actually work in practice? Below we are going to outline three typical examples specifically involving businesses, which we encounter on a daily basis. Each example will cover a different monetary threshold (lower, middle and higher) and will aim to provide further clarity and a clearer understanding of just how the process works and why you should be using a foreign exchange specialist like Godi Financial for your currency transactions:
Example One – Lower Threshold (£1,000.00 – £10,000.00)
Scenario: A fashion start-up business who need to make an immediate international payment to a new supplier in Pakistan.
Currency Requirement: Threads Fashion Ltd is a UK based company and they need to pay their new supplier 9,500.00 US Dollars for the manufacturing of their new clothing range. This is likely to be a regular payment going forward if the first order goes smoothly.
Typical Action: Typically, a business like Threads would have gone through their bank in order to make such a transfer. What they might not have been aware of, is that not only would they be getting charged high payment fees (Sometimes as high as £25), but they would also be getting a terrible exchange rate. In our experience the typical spread/margin applied by banks on transactions of this size is 3% or higher.
Why Use Godi Financial: Godi Financial will typically apply a maximum spread/margin of just 0.5% on sums of £1,000.00 – £10,000.00. That is a fraction of the cost of a typical high street bank. Also, Godi Financial only ever have to add a fee of £10 on transactions below £3,000.00.
Savings Example:
Threads Clothing Ltd need to Buy 9,500.00 US Dollars to send to their supplier in Pakistan immediately. They will be selling Pounds in order to buy the Dollars.
Interbank/Mid-Market Rate at the time of writing (24th July): 1.2505
| Godi Financial (0.5% Margin) | High Street Bank (3% Margin) | |
| Buying Amount | $9,500.00 | $9,500.00 |
| Exchange Rate | 1.2442 | 1.2129 |
| Selling Amount | £7,635.43 | £7,832.47 |
| Charges/Fees | £0.00 | £25.00 |
| Total Cost | £7,635.43 | £7,857.47 |
So even on a relatively small transaction Threads Clothing Ltd stand to save £221.04 by using Godi Financial over their bank. They will however need to do this same transaction at least 4-5 times per year going forward, so all of a sudden that saving becomes closer to £1,000.00. A lot of money to a new start-up or any small business for that matter.
Example Two – Medium Threshold (£10,000.00 – £100,000.00)
Scenario: A UK Manufacturer who exports their products to America and the rest of the World. They are due to take payment on a recent order that went to Texas.
Currency Requirement: ABC Ltd is a UK manufacturer who successfully exports their products across the globe. They recently shipped an order to Texas and are now due to receive a payment of 65,000.00 US Dollars for the order. ABC Ltd already have a US Dollar account with their bank, but they are seeking the best deal on converting the Dollar funds back into Sterling.
Typical Action: ABC Ltd have had a good working relationship with their current bank for the best part of a decade and have always assumed they were getting good exchange rates. However as their revenues in Dollars have increased as a result of growing exports they have started paying closer attention to the exchange rates and are unhappy with the rates being applied by their bank for converting their Dollars into Sterling. Their bank have confirmed they are applying a fixed 2% margin and are unable to amend that based on the volumes ABC Ltd are transacting.
Why Use Godi Financial: Godi Financial will typically apply a maximum spread/margin of just 0.4% on sums of £10,000.00 – £100,000.00. That is just a fraction of the cost of a high street bank, regardless of whether it’s a standard or ‘premium’ account.
Savings Example:
ABC Ltd need to convert $65,000.00 back into Pounds Sterling.
Interbank/Mid-Market Rate at the time of writing (24th July): 1.2505
| Godi Financial (0.4% Margin) | High Street Bank (2% Margin) | |
| Selling Amount | $65,000.00 | $65,000.00 |
| Exchange Rate | 1.2555 | 1.2755 |
| Buying Amount | £51,772.20 | £50,960.41 |
| Charges/Fees | £0.00 | £25.00 |
| Total Amount Received | £51,772.20 | £50,935.41 |
Having been prudent enough to start looking at the rates their bank were providing them more closely and subsequently choosing to use a specialist currency broker like Godi Financial, ABC Ltd ended up receiving £836.79 more back for their US Dollar funds. Sadly it is not at all uncommon for many banks to still charge upwards of 3% on transactions of this value or even higher, so the cost could be far greater than illustrated in this example.
Example Three – Higher Threshold (Over £100,000.00)
Scenario: A husband and wife team have run a successful software company for the past 25 years but are now in the process of selling the business as they look to retire. The buyers are a German based IT conglomerate.
Currency Requirement: Having worked incredibly hard to build up a successful business over the past 25 years, Mr and Mrs Williams are now positioning themselves for retirement, part of which involves selling their UK-based software business to a German-based conglomerate. As part of the deal, the German buyers insisted on the purchase being in Euros, with a figure of €450,000.00 agreed. Mr & Mrs Williams therefore had to manage the currency conversion themselves.
Typical Action: Having not had any prior need to deal in overseas currencies where their business is concerned the Williams’ simply instructed the German buyers to make the initial down payment to their UK current account. A figure of €45,000.00 was subsequently sent and automatically converted into Sterling by their UK bank, what the Williams’ had not anticipated however was the poor exchange rate that was applied to the conversion. Having queried the matter with their bank they were informed that a spread/margin of 2% had been applied as standard. Understandably the Williams’ realised they needed to get something else in place ahead of converting the remaining €405,000.00.
Why Use Godi Financial: Godi Financial will typically apply a maximum spread/margin of just 0.3% on sums of above £100,000.00. That is just a fraction of the cost of a high street bank and there would be no charges/fees incurred.
Savings Example:
Mr & Mrs Williams need to convert a final amount of €405,000.00 into Sterling on completing the sale of their business. They will be selling Euros in order to buy Pounds sterling.
Interbank/Mid-Market Rate at the time of writing (24th July): 1.1210
| Godi Financial (0.3% Margin) | High Street Bank (2% Margin) | |
| Selling Amount | €405,000.00 | €405,000.00 |
| Exchange Rate | 1.1243 | 1.1434 |
| Buying Amount | £360,224.14 | £354,206.75 |
| Charges/Fees | £0.00 | £25.00 |
| Total Cost | £360,224.14 | £354,181.75 |
The Williams’ had already been stung on the exchange rate for the initial 10% down payment, but fortunately by seeking the assistance of Godi Financial for the larger €405,000.00 conversion Mr & Mrs Williams’ received £6,042.39 more back. For a couple looking to kick-off their retirement, or for any business for that matter, that sum of money could make a huge difference.
Assuring you of our best attention and support at all times.
Best price FS Team