The Currency Club expands its Travel Money Services to Business Travellers

Sept. 24, 2010 - PRLog -- Gone are the days of business travel on unlimited expense accounts and the freedom to fly in the best seats and stay at the best hotels. No matter the industry, size of enterprise or frequency with which employees are dispatched around the world for meetings, conferences and presentations, the costs associated with doing business globally have never been more closely scrutinised. However, while it’s now commonplace to make savings on travel and accommodation, few executives consider their currency exchange as a possible avenue for further savings.

Online currency exchange specialists The Currency Club estimates that around 60% of business travellers from the UK take responsibility for arranging their own travel money when planning a business trip, often using a Bureau du Change at the departure airport, irrespective of the exchange rate being offered. The cash is then claimed back on expenses upon returning to the office. There is also a tendency to use a personal debit or credit card while on an overseas business trip in much the same way as it would be used for last minute or unexpected costs on holiday, with a reimbursement request being filed at a later date.

Meera Thakkar, one of the co-founders of The Currency Club says “Currency exchange costs can make up as much as ten percent of all business travel expenses when airport commission rates, overseas card charges and poor exchange rates are considered. There is little incentive for an employee to arrange their travel money in advance or to shop around for the best currency exchange rates as they expect to be reimbursed from office funds at the end of the trip.  However, as an office manager or company director, implementing a foreign exchange policy for all business trips can amount to significant savings.”  

In many cases, a business trip will be arranged at the last minute, making an airport exchange booth seem like the only option. In reality, it’s just as quick to log on and purchase travel money online. It’s also significantly cheaper in the long term.
The Currency Club estimates that based on 10 people travelling with a budget of £500 per month, ordering US Dollars, the company can make savings per annum of anywhere between $6,000-$10,000 simply by purchasing foreign exchange online through The Currency Club, rather than buying at the airport or using credit cards and local ATMs.

Business today is global, with everyone from fashion buyers to manufacturers, service providers to investors regularly communicating with, purchasing from or selling to non-UK third parties.  Leaving currency exchange to the last minute is the worst option for any business, be it a small, medium or large sized company.

As an online company, The Currency Club offers the perfect solution with dynamic rather than fixed exchange rates that provide the best possible rate of exchange throughout the day. Better than the airports, better than the high street and far more efficient than queuing up at an ATM, using The Currency Club definitely saves travellers money.

From a convenience viewpoint, The Currency Club has begun trialling same day deliveries of foreign currency to business clients in the London area. Miss Thakkar says, “As a London-based firm, we’re ideally positioned to help businesses requiring travel currency the same day.  The service has been welcomed and very well received. Companies have found it more cost-effective and convenient for their travelling employees.”

Find out more and order online at https://www.thecurrencyclub.co.uk/ccp/home.do



About The Currency Club

The Currency Club is a young and innovative company that has introduced one of the first fully automated online retail currency systems to deal with travel money requirements for its members.

Based in London, The Currency Club is a wholly owned subsidiary of Sterling Consortium Limited. It is listed on the Financial Services Authority register (FSA no. 504439) under the PSD Directive and governed by HM Revenue and Customs as a Money Service Business.

Editor’s Note
The Currency Club is represented by Apple Jupp Media. Please direct press queries to Rebecca Appleton. Tel: 0800 094 9001 opt 6 or email Rebecca@applejupp.com

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The Currency Club is a young and innovative company that has introduced one of the first fully automated online retail currency systems to deal with travel money requirements for its members.