Do your clients have currency needs?
Posted by Matthew Andrews on February 19th, 2025.
As an accountant, you may find that your clients need to transfer money overseas. It may be the occasional payment for a personal client, or perhaps you handle currency transactions for a number of businesses. Either way, working with the right provider can save your clients considerable sums of money.
CHALLENGE
Steve is an accountant working with a number of small businesses, and for many of his clients he also acts as a financial administrator.
Some of the businesses Steve works with often have to send money overseas, whether to pay employees, settle invoices with suppliers or buyers, or for intercompany transfers.
Of course, Steve has a duty to help his clients make the best decisions about their money. But he found that his clients’ banks often offered uncompetitive exchange rates, while some of them charged a fee on every transaction. In addition, handling multiple transactions with multiple businesses can be complex and inefficient, resulting in a lot of extra administrative work.
SOLUTION
Fortunately, Steve has some experience in foreign exchange. When he’s needed to transfer money himself, he’s always enjoyed an excellent deal with TorFX, along with superb service.
He decided to open a CFX account with TorFX for his business clients, booking trades on their behalf and connecting them with excellent exchange rates. He also referred his non-business clients with currency needs, such as for purchasing a property abroad or repatriating inheritance, to TorFX.
IMPACT
Steve found it much simpler to manage all his clients’ payments through one easy-to-use account, particularly with the support of his Account Manager.
The whole process was streamlined, giving Steve space to refocus his time and attention on other parts of his accountancy work. Additionally, he could access transaction history and contract notes any time he liked, so keeping records for himself and his clients was easy.
Speaking of Steve’s clients, they were extremely pleased to benefit from strong exchange rates and a lack of transfer fees, which helped them keep more of their profits. Steve’s private clients also enjoyed great deals on their currency transfers, while Steve earned a commission for every successful referral.
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