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Case study – Business

Sinclair & Rush

“We save, or should I say gain, on average between £300 and £400 a month…”

The European division of multi-national firm Sinclair & Rush has clients scattered all across the continent, and each month must repatriate money that it receives from clients. The European division, which invoices for around 150,000 Euros per month, wanted to find a foreign exchange company that could offer the best rates. Janet Burke at Sinclair & Rush explains how Ultima Money’s expertise in foreign exchange helps her to save the business nearly £400 a month. She says: “We save, or should I say gain, on average between £300 and £400 a month. Ultima Money gives us a far better rate than the banks.”
But aside from the competitive rates, the professionalism and pure foreign exchange focus of Ultima Money impressed Sinclair & Rush. And this focus is something that banks struggle to provide companies, adds Janet. She says: “RBS quoted the wrong price recently, and they don’t always understand what we’re on about. Ultima Money on the other hand is far more focused on foreign exchange. The help they offer is second to none.”

Kitchen Finesse (Highland Ltd)

"I wouldn’t go back to using my bank”

When UK-based Kitchen company Kitchen Finesse (Highland Ltd), which imports supplies from a German-based company and pays for goods in Euros, decided that filling out a form at the bank each time it wanted to transfer money overseas was too much of a headache, it approached Ultima Money.
The main issue for Kitchen Finesse (Highland Ltd) was that money had to transfer to its supplier quickly and efficiently in order to keep business moving forward in the UK. Martin Westell of Kitchen Finesse (Highland Ltd), explains: “We used to go down to the local bank and fill out a form, it was a pain in the neck, they’d charge us to do that and their exchange rates weren’t the best. When we got introduced to Ultima Money we thought we’d give it a go, it’s a piece of cake now. We get a better exchange rate as well, which helps.”
The kitchen firm is also keen to point out that the Ultima Money service is extremely reliable, and has never been late at making payments. Martin adds: “All I do is phone them [Ultima Money] up a few days before I want the money to be transferred, they tell me the rate, I pay them the money and they send it over. It’s never been late, and I wouldn’t go back to using my bank.”

	Ultima	Bank
Exchange Rate	1.16	1.12
Transaction Fees	£0.00	£35.00
Total Amount	£10,606.90	£11,020.71
Total Saving	£413.81

The Kids Food Company

“Ultima Money offer complete transparency on the whole process…”
 
The Kids Food Company is a successful UK-based supplier of children’s food, with a presence in high street giants like Asda and Waitrose. The company regularly import from China, and so each month transfer US Dollars to their suppliers. Of paramount importance to The Kids Food Company is getting the best price, and though founder Sally Preston is willing to shop around, she explains that Ultima Money offer the best deal on foreign exchange. She says: “We find that Ultima Money always give us the best price, sometimes only by a fraction, but at the end of the day fractions do make a huge difference when you’re dealing with tens of thousands of dollars.” The security of funds is also important to the company, and Ultima Money help Sally to closely track all her transfers. “The service is very quick and secure, they confirm everything in an email, and offer complete transparency on the whole process.”

Goosemoor Organics

“I can book a rate one day but not have to get the money through to Ultima Money for a week…”
 
As a distributor of organic foods in the UK, Goosemoor Organics import fruit and vegetables from countries like France and Holland. The distributor trades around £35,000 per month and uses Ultima Money to buy Euros. According to Goosemoor Organics, one of the most valuable features of the Ultima Money foreign exchange service is the forward time option, which allows the distributor to secure a rate on a set amount of funds, and then have the flexibility to draw down any amount from her pool of money at anytime from the deal date up to the maturity date of her transaction. Via the forward time option, Goosemore Organics is able to fix an exchange rate across a period of one or two months worth of Euro invoice commitments. Alex Marsh of Goosemoor Organics, explains: “The biggest advantage of working with Ultima Money is that we can book a rate on one day but not have to get the money through to them for a week, so we can take advantage of the better rates. I couldn’t do that with my bank.”
 

Case study – Personal

Mexico homebuilding project 

"Ultima Money made it easy, efficient and worry free"

Determined to avoid the treacherous European winters when Ray Corness retired in 2000, he settled on the idea of building his very own retreat in Mexico’s sunny coastal village of Puerto Escondido.
Whilst financing the project and the design was not a problem for Ray, certain factors were out of his control, and he needed to transfer his money to Mexico quickly and efficiently, before rates fluctuated again. He says: “The biggest headache for me has not been associated with the building but with transferring money to Mexico to finance the construction.”
Getting the best rate on his currency transfer, from GBP to Peso, was something that Ray did not want to worry about, he simply wanted a foreign exchange company on board that could take deal with the transfer efficiently. Ray explains: “The good news is that, once I had decided to transfer my money, using the services of Ultima Money made it easy, efficient and worry free."


Based on 1,882,000 Mexican Pesos, on 5 May 2010, Ray saved £4,243 when he used Ultima Money instead of his bank.

	Ultima	Bank
Exchange Rate	18.82	18.06
Transaction Fees	£0.00	£35
Total Amount	£100,000	£104,243
Total Saving	£4,243