Our Co-Founders have decades of FX and corporate banking experience across several European countries. We have seen what works, but also what the challenges are from the corporate customer point of view. European banks often provide high quality services. However, the challenge from the customer point of view is that European banks often apply poor FX rates to their corporate customers. This results in significant hidden FX costs for European exporters and importers. The reasons for the use of poor FX rates by banks are related to for example European banks operating inefficiently as well as lack of transparency and competition in the European FX services market. First, banks tend to have high costs due to several reasons. These costs are passed on to their customers for example in the form of poor FX rates. Second, banks do not send invoices to their customers for providing FX services, but rather they often simply apply poor FX rates. Therefore, companies are often not aware of the magnitude or even the existence of these hidden FX costs. Third, so far fintech companies that challenge banks with low-cost FX services have had limited presence in the European FX services market, but that is finally changing.
NEOFX helps European companies cut foreign exchange costs by providing better FX rates than banks. Our customers cut hidden FX costs typically by tens or hundreds of thousands of euros annually. Our proven services are widely used by exporters and importers across Europe. Our customers’ legal counterparty for our EU regulated secure services is Currencycloud that was acquired by Visa. To become our customer, partner or employee visit www.neofx.eu and get in touch!