I was shocked to read last week that banks were telling their customers they had to wait for two weeks before opening a foreign currency account!
Bloomberg last week interviewed a range of economists, asking them about the impact of Brexit on the UK’s financial market. Nearly three-quarters of them predicted the country is heading for a recession and it’s been widely reported that the Pound Sterling has hit a 31-year low against the Dollar.
No one can predict the future but consumer confidence has fallen sharply, and as a result many Brits are rushing to banks to open foreign-currency accounts in an attempt to secure their savings. However shamelessly commercial coming from me as this may sound, it pains me to see that people who are desperately trying to open a currency account are being told to wait no less than 10 to 15 days. I’d say the ‘standard’ five days waiting time is offensive enough already.
99 per cent of foreign exchange transactions still pass through traditional providers such as high street banks and currency bureaus. Most these providers hide their entire margin - often three to four per cent due to slow and out-dated systems - in their exchange rate, backhandedly taking large sums of money from people trying to save what’s left.
The innovative technology behind FinTech start-ups like my own, prevent these prehistoric practices. There is no need for backlogs, no need for waiting time, and definitely no need for hidden fees.
With The Currency Account, it takes just five minutes to open a multi-currency account, not five days. And we don’t charge up to four per cent on currency exchange either! Our rates are fully transparent and as The Mail on Sunday’s ‘This is Money’ section showed, we offer the best deal for your foreign currency exchange, whether from Pound to Euro or from Pound to United States Dollar. It’s your money and you should have control over what you do with it. That’s what we believe, anyway.
Rishi Patel, Founder of The Currency Account.
For more information, see: http://thecurrencyaccount.com.