German company offers smart Hedging and cheap payments for SME's
This could be an opportunity, especially for small and medium-sized enterprises: a start-up company in Berlin offers inexpensive and transparent cover for foreign business, much cheaper and easier than banks are currently doing. Worldwide!Founder Robert Kröber is a banker himself, then he looked after customers independently and made the experience that especially small and medium-sized businesses have a hard time doing business with foreign countries. For example, there was a Swiss mechanical engineer who wanted to secure a sale of 200,000 francs, and his bank flatly refused, the amount was too low. Then the franc plummeted, and the machine builder made a loss of 20 percent. Robert Kröber said to himself: "It cannot be that large companies are hedged against such risks, but small companies are not. In addition, the entire construct was far too complicated and too expensive for him. "The foreign exchange market is completely inefficient and hardly innovative," says Kröber, "but digitalization would make everything quicker and easier to implement today."
So he started his own company, ForexFix. This has already won a start-up competition and offers its more than 200 customers transparent, inexpensive and uncomplicated hedging of their foreign exchange transactions. Among the customers are many travel companies, but also wholesalers, importers and wine growers.
The success of the young company can easily be expressed in figures: Customers currently pay 55 euros for a foreign bank transfer at Sparkasse, 41.50 euros at Commerzbank, 31 euros at Deutsche Bank and six euros at ForexFix. From 1 January 2019, transparent figures and comparisons will be available everywhere, as banks will then be obliged to disclose all fees. Business customers could then experience a nasty surprise, as some of them pay fees in the five-digit range. The start-up in Berlin, on the other hand, already offers complete transparency and considerably more favourable possibilities, and up to 60 percent can be saved on foreign business. In addition it goes fast by the own platform, here the customer of everywhere access has. By the way, it is constantly updated, also with suggestions for improvement from customers.
And they are more than satisfied. Tobias Büttner, Managing Director of Geoplan Touristik, one of the largest tourism companies in Germany, says he likes the super uncomplicated processing of transactions together with transparency in fees and attractive exchange rates. But also that everything is in German. "The colleagues in our accounting department have a poor command of English and are therefore reluctant to cooperate with partners who primarily handle transactions in English. If something needs to be clarified by telephone, there are super fast and customer-oriented solutions".
"Hedging is becoming increasingly important," says Philipp Stegmann of ForexFix. "The rates are very fluctuating and it makes sense for every entrepreneur to see whether the current rate can be hedged through us," says Stegmann. "And the further the date lies in the future, the better exchange rates we can offer."
ForexFix GmbH offers the most favorable exchange rates
for immediate and future international transfers in foreign currencies!
Using our financial and technology expertise, we are developing a product that enables small and medium-sized businesses to hedge their currency risks online quickly and easily. In this way, we help small and medium-sized enterprises to significantly minimize their risks and support our customers in their international growth.
Hedging and forward exchange transactions for SMEs.
More information at:
www.forexfix.de/de/product/payment
www.forexfix.de/de/product/hedging
www.forexfix.de/de/sector/trade
Philipp Stegmann
FOREXFIX GmbH
Rosenthaler Str. 2
D-10119 Berlin, Germany
Phone: +49 30 1208 3151
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