moneycorp, international payments and foreign exchange (FX) specialist, has announced a partnership with the Scottish Chambers of Commerce, which will provide 12,000 Scottish firms with access to specialist foreign exchange support from moneycorp’s Edinburgh based team. In addition, the collaboration will also open up support for smaller Scottish chambers, including those in the Highlands and Islands.

The way we conduct business is changing. As Brexit and Covid-19 continue to cause market volatility, it is vital that businesses take a proactive approach in managing opportunities for growth and currency risks associated with international trade. moneycorp’s expert team and all-encompassing suite of FX tools will be a vital partner in helping Scotland’s firms to weather the storm, and providing expert guidance in accelerating Scottish businesses’ ambitions for growth on the international stage.

Along with access to moneycorp’s experts, Scottish businesses will also benefit from competitive foreign exchange rates. Currently high street banks can charge Scottish firms up to £40 on every international payment made, negatively impacting on their bottom line. By partnering with moneycorp, Scottish Chambers of Commerce members will benefit from significant savings on transactions, free FX health checks for Scottish finance teams and corporate treasurers, and expert advice on hedging currency exposure.

Niall Handy, moneycorp’s head of sales for Scotland and Northern Ireland commented:

“This partnership is incredibly exciting and a key strategic move for Scottish businesses during these tumultuous times. One of the great advantages that we can offer businesses is that we have offices across the world, so our customers don't just get global servicing, but also local insights. Having this access to local expertise will help defend Scottish profit margins and boost commercial returns.

“At moneycorp, we know the importance of the personal touch, we work closely with clients and our international network to support local businesses on the international stage. I’m very proud we’re going the extra mile, expanding locally to help our clients take a proactive approach to their currency strategy, creating opportunities for Scottish businesses.”

“Far too many firms fail to record FX costs as a line item, resulting in hidden charges being levied by most retail banks. We believe in absolute transparency and look forward to working with Scottish Chambers of Commerce to boost the global competitiveness of Scotland’s businesses.”

Dr Liz Cameron OBE, Chief Executive, Scottish Chambers of Commerce, added:

“Scottish Chambers of Commerce is delighted to partner with moneycorp. This partnership will provide a valuable service for the Scottish Chambers of Commerce Network and will strengthen our international trade offering. It will provide foreign exchange transactions, help and guidance based on comprehensive market knowledge and experience, as well as aid in reducing costs and risk for our members. We look forward to working with moneycorp to realise the benefits of this partnership for the Scottish business community.”

Today’s announcement supports Scottish Chambers of Commerce wider work with the Scottish Government to get businesses ready for Brexit. It will boost Scotland’s exporting performance through a range of international trade services and give direct support to the Scottish business community.

ENDS

Notes to editors:

For further press information and interviews please contact:

Stand Agency on +44 7807 439089 / moneycorp@standagency.com

About moneycorp:

Established in 1979, the moneycorp group serves the growing foreign exchange and payments needs of global businesses, importers and exporters, online sellers and personal clients. Headquartered in London, with a worldwide presence, moneycorp pride themselves on providing exceptional customer service. A global company with local expertise.

• moneycorp is a trading name of TTT moneycorp Limited – one of the UK’s fastest exchange providers
• moneycorp provides an international payments service to individuals and a wide range of businesses, offering quick and comprehensive solutions to foreign exchange challenges
• moneycorp traded £32bn worth of currencies and handling millions of transactions in 2017
• moneycorp offers telephone, mobile and online payments on a multi-currency platform, helping thousands of customers exchange across 120 currencies in the last year.
• moneycorp began dealing in foreign exchange in 1979. The business was acquired by Bridgepoint Advisors Ltd in 2014
• moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services

About Scottish Chambers of Commerce:

The Scottish Chambers of Commerce is Scotland's largest business network with over 12,000 business members, across a network of 30 regional Chambers of Commerce, providing business intelligence, business connections and international trade support: https://www.scottishchambers.org.uk/