The dollar climbed against major currency pairs on Monday, briefly hitting a four-month high versus the euro.
Tag Archive for Currency
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Starting your own currency brokerage firm is a horrible idea
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
Starting a financial-focused business in 2021 is challenging enough as the full impact of the Covid-19 pandemic has yet to be fully understood. This is especially true in the money exchange space as the industry is dominated by multi-billion pound giants like Wise (formerly TransferWise) who compete against multi-hundred-billion pound banks.
Anyone thinking now is an opportune time to enter the currency brokerages space may not fully understand how crowded the space is and just how much power the industry titans have.
The currency brokerage industry: many big and small players
One of the first steps in evaluating a business idea is understanding the competitive environment. Starting a business knowing there are few companies in the space offering a competing service makes the entrepreneurship journey just a little bit easier.
But looking at the global foreign exchange space shows this is far from the case. There are at least two dozen FX exchange providers in London alone. London is the epicenter of the global foreign exchange industry so it is natural for a large number of companies to be based out of the United Kingdom.
There are other major global money exchange hubs, including New York City, Singapore,
Hot Business News Today
Starting your own currency brokerage firm is a horrible idea
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
Starting a financial-focused business in 2021 is challenging enough as the full impact of the Covid-19 pandemic has yet to be fully understood. This is especially true in the money exchange space as the industry is dominated by multi-billion pound giants like Wise (formerly TransferWise) who compete against multi-hundred-billion pound banks.
Anyone thinking now is an opportune time to enter the currency brokerages space may not fully understand how crowded the space is and just how much power the industry titans have.
The currency brokerage industry: many big and small players
One of the first steps in evaluating a business idea is understanding the competitive environment. Starting a business knowing there are few companies in the space offering a competing service makes the entrepreneurship journey just a little bit easier.
But looking at the global foreign exchange space shows this is far from the case. There are at least two dozen FX exchange providers in London alone. London is the epicenter of the global foreign exchange industry so it is natural for a large number of companies to be based out of the United Kingdom.
There are other major global money exchange hubs, including New York City, Singapore,
Hot Business News Today
Revolut launches free accounts for freelancers and small business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Revolut, the challenger digital bank, has made two of its business accounts free for freelancers and small businesses.
The bank is suitable for entrepreneurs who travel or trade overseas a lot. Its currency exchange rates are far lower than high-street banks and customers can hold, exchange and transfer 29 currencies. Employers can issue fee-free corporate cards to employees to reduce expenses when they’re abroad. Revolut also integrates with apps including Slack, Xero, FreeAgent and Zapier. Future bolt-ons include expenses management.
More than 100,000 businesses in Britain and the rest of Europe have signed up for the service.
Although Revolut will not say how many customers it wants to sign up by scrapping its £25 per month, product owner James Gibson said: “We got feedback from small businesses that £25 a month is too much for them. Now that we’re free, we want customers to come and give us a go.”
And although there is no subscription fee, international transfers are charged 0.4pc above the interbank rate.
Revolut for Business has also introduced more flexibility into its paid-for plans, enabling customers to either upgrade or downgrade their plans at any time.
Gibson said: “We understand first-hand how frustrating it can
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Why Knowing Your Personal Currency Can Help You Make an Impact
by Jessica Abo • • 0 Comments
Jessica Abo sits down with this CEO to talk about how next-gen philanthropists are working with social entrepreneurs from around the world.
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How to protect your profits from currency volatility
by Michael Somerville • • 0 Comments
The post How to protect your profits from currency volatility appeared first on Small Business.
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Currency in 2018: The small business outlook
by Owen Gough • • 0 Comments
Now that 2018 is off to a flying start, last year may already seem like a distant memory. Yet one thing that won’t easily be forgotten by businesses trading overseas is the uncertainty which weighed over currency in the last twelve months. Though volatility was relatively low, unknowns like Brexit and the French elections hung
The post Currency in 2018: The small business outlook appeared first on Small Business.
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Deadline looms for SMEs to rid themselves of old pound coins
by Owen Gough • • 0 Comments
This Sunday – the 15th October is the final day of the old pound coin functioning as legal tender, and this is something many SMEs are not ready for. On 28th March, 1.5 billion new, lighter-weight, 12-sided pound coins came into circulation. There remain a number of concerns for SMEs in regards to the change,
The post Deadline looms for SMEs to rid themselves of old pound coins appeared first on Small Business.