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Case Studies
The following are real case studies or transactions made by our clients. The clients' names have been changed to protect their confidentiality.
Case Study One - United Kingdom Importer #1John does not have internet access but another UKForex client suggested he contact UKForex after John had commented on the poor rates his provider was offering.
John called the UKForex toll free number (0845 686 1950) and asked for our rate for him to buy Euro 4,500.00 in exchange for Australian Dollars. We quoted a rate of 0.5820 which meant the Euros would cost A$ 7731.95. Including the A$20.00 fee, the total of the transaction was A$ 7751.95. John's existing provider offered him a rate of 0.5695 which would cost John A$ 7901.66 before the fee. John saved around A$160.00 on this small transaction.
Case Study Two - Peter and Jenny move from the United KingdomPeter and Jenny, having just moved to Australia, were awaiting the proceeds from the sale of their house in the UK - about GBP300,000. Peter found UKForex via a search engine after being appalled at the exchange rates the major banks were offering. They decided to use UKForex and instructed their solicitor in the UK to pay the GBP directly to the UKForex account.
Once UKForex sighted the funds, we notified Peter and Jenny that their funds had arrived and offered them an exchange rate of 0.3640. Peter checked around and our rate was indeed the best he could find, the next best rate was 0.3660. The difference in Australian Dollar proceeds between the UKForex Rate and the next best provider was A$ 4528.44.
Once the rate was agreed the Australian dollars were paid into Peter and Jenny's account with an Australian bank.
Case Study Three - United Kingdom Importer #2Mary arranges the foreign currency payments for her company which imports heavy machinery parts from around the world. The company has eight regular suppliers and makes about six currency payments per month.
Mary now uses the UKForex online Currency Payments platform because it allows her to store the information for their regular suppliers online so there is no need to re-key information each time a payment is made. She also likes being able to check indicative quotes as often as she likes when she needs to make a payment to try and get the best rate on the day.
When deals are done, Mary simply transfers Australian dollars from the company account to the UKForex Australian Dollar account using their bank supplied Electronic Funds Transfer system. When the Australian dollar funds arrive in the UKForex account, UKForex then sends the purchased currency electronically to the nominated supplier.
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