Converting overseas profits

Let’s say you’re an established but growing SME based in the UK but with satellite offices running operations in Dublin and Dubai. Your presence in each country is big enough to have a permanent office, employed staff and a domestic bank account.

Your operational costs and business revenues for these satellites are in euros and dirhams, which may be fine for the day to day, but at some point you’ll likely want to repatriate the revenue to the pound or another currency for, say, tax reasons or to invest in a new market. But leaving your foreign exchange up to your various international banks is a costly mistake to make.

Relying on banks leaves you exposed to a raft of hidden costs – especially when transferring from one foreign currency to another where unfamiliar systems and levies are commonplace. Some banks even take a fee from both the sending and receiving accounts, effectively charging you twice if you’re transferring between your own accounts.

Alongside inflated exchange rates, costs can run to 5-6% of each transaction – serious money. Clear Currency offers another way that reduces your costs to less than 1%. And we’ll help you manage your multiple exchanges across multiple currencies and jurisdictions more efficiently, so you can minimise your exposure and risk easily and economically.

It takes two minutes to open a cost-free no obligation Clear Currency account with no hidden fees, exchanges based on the mid-market rate so you’re always getting the best deal and an expert team only a phone call away. We can handle payments in more than 35 currencies, all ready to transfer into your UK bank account within a day – a quick, simple and cheap way to repatriate your profits.

We’re authorised and regulated by the Financial Conduct Authority.