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Foreign Exchange

Foreign Exchange

Easy access to better foreign exchange rates and faster international payments.

Briars have partnered with OFX to be able to offer our clients access to better foreign exchange rates, potentially faster international payments and in most cases reduced international bank charges.

Savings of £2,290 achieved by using Briars’ Foreign Exchange Partnership

The unique “money matching” service alleviates the need for most cross border transfers. Parties transfer funds to a domestic account held by OFX, or its subsidiaries, and the funds are matched in the receiving territory. As an example, a US to UK transfer could be reduced from 4 days to the same day with no international bank charges incurred!

Briars’ clients will benefit from our experienced banking and payments team who will fully manage your international payments through the foreign exchange service.

To take advantage of this service follow one of the links below in order to start making savings on your International payments today!

Register a non US Account
Register a US Account

Example

Without utilising the Briars OFX arrangement

  • UK based Client X remitted $350,000 to the US supplier on 15th June 2016
  • Client X was debited £248,780 at their bank’s exchange rate of 0.7108 (average OANDA rate was 0.7061)
  • International bank charges were debited at £15.00
  • It took 3 days for the payment to reach the supplier

Client X was debited a total of £248,795

Utilising the Briars OFX arrangement

  • UK based Client X remitted $350,000 to the US supplier on 15th June 2016
  • Client X was debited £246,505 at the exchange rate of 0.7043 (average OANDA rate was 0.7061)
  • No International bank charges were incurred
  • Payment reached the supplier on the same day

Client X was debited a total of £246,505 which is a comparative saving of £2,290

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