Huge | Business & Investments

Small Importers Hit with Huge Transfer Charges as UK Imports Increase

January 23, 2014 |

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Small Importers Hit with Huge Transfer Charges as UK Imports Increase

London, UK (PRWEB UK) 16 January 2014

According to the HM Revenue and Customs EU Overseas Trade Statistics Report published in December 2013, imports to the UK continue to rise. The report indicates that imports increased by £0.7 billion in October last year with total imports equalling £20 billion.

Imports also saw a sharp increase in October 2013 over the amount imported in October 2012. An increase of £1.3 billion (7.0 per cent) was seen. Last year’s import value was the highest on record.

Thomas Exchange Global, the foreign exchange specialists, have found that while many large importers rely on Letters of Credit to import goods, small businesses dealing with reliable overseas partners prefer invoice payments by international bank transfers.

“We have seen recently that a lot of small importers are thriving and their businesses are flourishing as the UK economy increases its need for imported goods. At the same time though they are being hit with large fees for international invoice payments by the big banks,” stated Trevor Samuel, Marketing Manager of Thomas Exchange Global.

Usually high street banks charge a commission anywhere from £25 up to £40 per overseas transaction and the exchange rates are also not favourable compared to market rates. Thomas Exchange Global Ltd offers a cost effective solution to help small business importers pay for their goods.

Trevor continued, “Compared to a fee of £25 and over by high street banks our money transfer service is free of charge if the amount is over £10,000, while a fee of just £12.50 is charged for amounts less than £10,000.”

Using an alternative money transfer service can greatly reduce the cost to small importers and help their businesses grow. This in turn boosts the economy as they are able to increase the amounts they import into the UK economy.

Thomas Exchange Global also offer very competitive exchange rates compared to high street banks and money brokers, making the overall transaction lucrative to the importer.

Their experienced dealers can guide new customers to open an account and transfer money abroad with minimum hassle. They facilitate international money transfers at any of their 6 branches in London and online as well.

About Thomas Exchange Global

As dedicated foreign exchange specialists, Thomas Exchange Global has the professional expertise, in depth market knowledge, technological infrastructure and commitment to provide an unprecedented level of service that sets the standard in the foreign exchange industry. They are specialists in all areas of foreign exchange. They provide commission free currency as well as travellers cheques.

Thomas Exchange Global also offers International Money Transfer Service where funds can be remitted to overseas bank accounts within 1 to 2 days. With commission free service for transfers over £10,000 backed by competitive exchange rates, customers are assured of a better deal and a substantial saving compared to banks and money brokers.

Thomas Exchange Global branches are located at Strand, Victoria Street, Liverpool Street, Hammersmith, Cannon Street and Wormwood Street.

For further details visit http://www.thomasexchangeglobal.co.uk or call 020 7240 1214.

As dedicated foreign exchange specialists, Thomas Exchange Global has the professional expertise, in depth market knowledge, technological infrastructure and commitment to provide an unprecedented level of service that sets the standard in the foreign exchange industry. They are specialists in all areas of foreign exchange. They provide commission free currency as well as travellers cheques.

Thomas Exchange Global branches are located at Strand, Victoria Street, Liverpool Street, Hammersmith, Cannon Street and Wormwood Street.

For further details, visit http://www.thomasexchangeglobal.co.uk or call 020 7240 1214.