International payments and foreign exchange specialist moneycorp has announced a partnership with the Scottish Chambers of Commerce.
The agreement aims to provide 12,000 Scottish firms with access to specialist foreign exchange support from moneycorp’s Edinburgh based team.
The collaboration will include support for smaller Scottish Chambers, including those in the Highlands and Islands.
The company said that with Brexit and Covid-19 continuing to cause market volatility, it was vital that businesses take a proactive approach in managing opportunities for growth and currency risks associated with international trade.
Moneycorp’s specialist team and suite of FX tools will will offer to help Scottish businesses, it said, providing specialist guidance to firms' ambitions for growth on the international stage.
It said the arrangement also includes competitive foreign exchange rates.
High street banks can charge Scottish firms up to £40 on every international payment made, negatively impacting on their bottom line, moneycorp said.
By partnering with moneycorp, Scottish Chambers of Commerce members they would benefit from significant savings on transactions, free FX health checks for Scottish finance teams and corporate treasurers, and specialist advice on hedging currency exposure.
Niall Handy, moneycorp’s head of sales for Scotland and Northern Ireland said: “This partnership is incredibly exciting and a key strategic move for Scottish businesses during these tumultuous times. “One of the great advantages that we can offer businesses is that we have offices across the world, so our customers don't just get global servicing, but also local insights.
“Having this access to local expertise will help defend Scottish profit margins and boost commercial returns.”
He continued: “Far too many firms fail to record FX costs as a line item, resulting in hidden charges being levied by most retail banks.
“We believe in absolute transparency and look forward to working with Scottish Chambers of Commerce to boost the global competitiveness of Scotland’s businesses.”
Scottish Chambers chief executive Liz Cameron said: “This partnership will provide a valuable service for the Scottish Chambers of Commerce network and will strengthen our international trade offering.
“It will provide foreign exchange transactions, help and guidance based on comprehensive market knowledge and experience, as well as aid in reducing costs and risk for our members.
“We look forward to working with moneycorp to realise the benefits of this partnership for the Scottish business community.”
Today’s announcement supports Scottish Chambers of Commerce's wider work with the Scottish Government to get businesses ready for Brexit.
