Property market affects growth plans
by Catherine Woods - Thursday, 8th May 2008 -
London-based FC Exchange targets hot property spots around the world when deciding where to expand its business internationally.
Managing director Nick Fullerton co-founded the commercial currency brokerage in May 2005 in London but already the firm has opened offices in Cyprus and Portugal.
“They’re quite popular property spots, which is why we decided to open up there,” he says. It also helped that FC exchange had links and private clients in those locations.
FC Exchange serves both private and corporate clients. Private foreign exchange is mainly based around people buying property overseas, emigrating or making other overseas money transfers. Corporate foreign exchange aims to protect profits by currency fluctuations.
Fullerton says FC Exchange’s next move is likely to be into Dubai and South Africa. “The more visible you are, the more likely people are going to use you,” he adds.
Plenty of people are using FC Exchange; Fullerton says business is going well. “People always need to move money. Whether it’s in good times or bad times, people need to switch across from different currencies.”
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