There is an attitude in the marketplace that currency exchange is the preserve of big boys like the banks, says Nick Fullerton. However, as managing director of London-based FC Exchange, he’s trying to change that attitude.
The entrepreneur started his foreign exchange company with three others in 2005 and three years on, FC Exchange now has more than 25 employees.
Fullerton says the foursome launched the business after realising that banks were the "default option" for currency exchange for both private clients and corporate clients. “Unless you’re a foreign currency exchange trading company, it’s unlikely the banks are going to look after you,” Fullerton argues.
“As far as banks are concerned, you’re small fry when it comes to your foreign exchange dealings. Why would they look after you on the exchange rates?”
Enter FC Exchange.
“Between us we had an appreciation of how we could make money as a business but we also realised there was a gap in helping people. Clients already have a requirement; it’s just helping them get the best deal,” Fullerton says.
“If you can save a greater percentage on the exchange rate, your turnover is a lot higher.”
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