FAQ

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Company

It is in our DNA to provide all our services at very low cost to all of our customers, while ensuring first class customer service. Therefore, our operating model includes a combination of efficient global production of services and local focus on Nordic companies specifically. This is possible, because our partner Currencycloud develops and provides our FX and payments services efficiently on a global scale and we focus on the customer facing activities in the Nordics specifically. Banks often try to be everything for everyone in specific regions while developing their services in-house, which results in inefficient operations and high service costs to customers.

Security is a top priority for us. NEOFX’s (Finnish Company ID 3216020-1) FX and payments services are provided by Currencycloud B.V. (Dutch Company ID 72186178), which is owned by Visa Inc. (world’s leader in digital payments). Currencycloud B.V. is authorised and regulated by De Nederlandsche Bank (Dutch financial supervisory authority) as an Electronic Money Institution (Financial Services Register Number R142701). Customer funds are held in segregated accounts at credit institutions separately from operating accounts. Compliance with strict governance and operational processes is regularly audited. The UK Financial Conduct Authority and De Nederlandsche Bank review capital adequacy on an annual basis.

It is in our DNA to provide all our services at very low cost to all of our customers, while ensuring first class customer service. Therefore, our operating model includes a combination of efficient global production of services and local focus on Nordic companies specifically. This is possible, because our partner Currencycloud develops and provides our FX and payments services efficiently on a global scale and we focus on the customer facing activities in the Nordics specifically. Banks often try to be everything for everyone in specific regions while developing their services in-house, which results in inefficient operations and high service costs to customers.

Security is a top priority for us. NEOFX’s (Finnish Company ID 3216020-1) FX and payments services are provided by Currencycloud B.V. (Dutch Company ID 72186178), which is owned by Visa Inc. (world’s leader in digital payments). Currencycloud B.V. is authorised and regulated by De Nederlandsche Bank (Dutch financial supervisory authority) as an Electronic Money Institution (Financial Services Register Number R142701). Customer funds are held in segregated accounts at credit institutions separately from operating accounts. Compliance with strict governance and operational processes is regularly audited. The UK Financial Conduct Authority and De Nederlandsche Bank review capital adequacy on an annual basis.

Customers

Our typical customers are Nordic companies with annual FX volumes ranging from three million euros to hundreds of millions of euros. It is critically important for us to be able to provide all our services at very low cost to all our customers. Therefore, we focus on only companies with at least three million euros of FX volumes annually. We do not serve companies with lower FX volumes or consumers, because that would result in excess costs for us. We do not serve companies in so-called high-risk sectors such as cryptocurrencies, gambling or weapons either for the same reason. This enables us to offer our services at exceptionally low cost to all our customers. It is also critically important for us to provide all our customers with first class customer service in their own language. We have in-depth knowledge on the needs of Nordic companies, and we speak the Nordic languages. Therefore, we focus on Nordic companies specifically.

You can simply contact us. You can call us, send us e-mail or submit the contact form. Then we will together determine the optimal service offering for you specifically. After agreeing on the optimal service offering, we will provide you further information including customer agreement. After onboarding you will start cutting FX costs immediately, because our FX rates are often significantly better compared to banks. All our customers get a dedicated contact person, who is responsible for assisting them in all matters including training and support in their own language or English.

Our typical customers are Nordic companies with annual FX volumes ranging from three million euros to hundreds of millions of euros. It is critically important for us to be able to provide all our services at very low cost to all our customers. Therefore, we focus on only companies with at least three million euros of FX volumes annually. We do not serve companies with lower FX volumes or consumers, because that would result in excess costs for us. We do not serve companies in so-called high-risk sectors such as cryptocurrencies, gambling or weapons either for the same reason. This enables us to offer our services at exceptionally low cost to all our customers. It is also critically important for us to provide all our customers with first class customer service in their own language. We have in-depth knowledge on the needs of Nordic companies, and we speak the Nordic languages. Therefore, we focus on Nordic companies specifically.

You can simply contact us. You can call us, send us e-mail or submit the contact form. Then we will together determine the optimal service offering for you specifically. After agreeing on the optimal service offering, we will provide you further information including customer agreement. After onboarding you will start cutting FX costs immediately, because our FX rates are often significantly better compared to banks. All our customers get a dedicated contact person, who is responsible for assisting them in all matters including training and support in their own language or English.

Pricing

Our customers cut FX costs substantially. The challenge from the customer point of view is the lack of transparency in the FX market. Banks do not send invoices for using their FX services, but rather they often apply very poor FX rates, which results in significant hidden cost for their customers. A good rule of thumb is that, if you do not know how much you are paying, then you are probably being overcharged. In fact for most of our customers it came as a surprise how much they were paying to their banks for their FX conversions and / or hedging. If you do not have foreign currency accounts, but rather collect / initiate foreign currency payments to / from your home currency account and let your bank make the FX conversions automatically, then you are probably paying way too much in terms of poor FX rates. Even if you use foreign currency accounts for collecting and / or initiating foreign currency payments, it is likely that you are paying way too much to your bank. The same applies to FX hedging. Contact us to determine together how much you are currently paying and how much you can save by starting to use our FX services.

It really boils down to our ultra-efficient operational model involving Currencycloud that develops services for global use. Even though our default FX rates are very competitive there is enough margin for us to be profitable without charging any service fees due to our ultra-low costs. Banks, on the other hand, typically have massive amounts of bureaucracy, highly inefficient processes and they also tend to pay outrageous salaries to multiple layers of management. These costs are passed on to their customers. Other fintechs often develop their services in-house and / or focus also on smaller companies / consumers, which results in high costs that are passed on to their customers.

Our customers cut FX costs substantially. The challenge from the customer point of view is the lack of transparency in the FX market. Banks do not send invoices for using their FX services, but rather they often apply very poor FX rates, which results in significant hidden cost for their customers. A good rule of thumb is that, if you do not know how much you are paying, then you are probably being overcharged. In fact for most of our customers it came as a surprise how much they were paying to their banks for their FX conversions and / or hedging. If you do not have foreign currency accounts, but rather collect / initiate foreign currency payments to / from your home currency account and let your bank make the FX conversions automatically, then you are probably paying way too much in terms of poor FX rates. Even if you use foreign currency accounts for collecting and / or initiating foreign currency payments, it is likely that you are paying way too much to your bank. The same applies to FX hedging. Contact us to determine together how much you are currently paying and how much you can save by starting to use our FX services.

It really boils down to our ultra-efficient operational model involving Currencycloud that develops services for global use. Even though our default FX rates are very competitive there is enough margin for us to be profitable without charging any service fees due to our ultra-low costs. Banks, on the other hand, typically have massive amounts of bureaucracy, highly inefficient processes and they also tend to pay outrageous salaries to multiple layers of management. These costs are passed on to their customers. Other fintechs often develop their services in-house and / or focus also on smaller companies / consumers, which results in high costs that are passed on to their customers.

Services

We offer FX conversion and hedging as well as foreign currency payments services in the NEOFX Direct service (the hedging services will be launched later). In addition, we offer automated FX conversion services in the NEOFX Robo service.” You can find more information on e.g. products, currencies and cut-off times here. Contact us for additional information about our services.

We offer FX conversion and hedging as well as foreign currency payments services in the NEOFX Direct service (the hedging services will be launched later). In addition, we offer automated FX conversion services in the NEOFX Robo service. You can find more information on e.g. products, currencies and cut-off times here. Contact us for additional information about our services.

Partners

We are continuously looking for new partners to refer Nordic prospects to us. Our partners include companies such as accounting firms that have Nordic exporters or importers as customers and associations of various kinds that have Nordic exporters or importers as members. Our partners also include individuals, who personally know CEOs or CFOs of Nordic exporters or importers. We pay our partners a fee for each referred prospect that becomes an active customer. After getting referrals from our partners, we handle the rest including e.g. actual sales, onboarding and support. In other words, the partner’s role is simply to refer prospects to us in exchange for a fee, so it is super simple to come up with a new source of revenue from the partner point of view. Please contact us to discuss the partnership opportunity in more detail.

We are continuously looking for new partners to refer Nordic prospects to us. Our partners include companies such as accounting firms that have Nordic exporters or importers as customers and associations of various kinds that have Nordic exporters or importers as members. Our partners also include individuals, who personally know CEOs or CFOs of Nordic exporters or importers. We pay our partners a fee for each referred prospect that becomes an active customer. After getting referrals from our partners, we handle the rest including e.g. actual sales, onboarding and support. In other words, the partner’s role is simply to refer prospects to us in exchange for a fee, so it is super simple to come up with a new source of revenue from the partner point of view. Please contact us to discuss the partnership opportunity in more detail.

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