# Britain’s Smes Urged To Consider Reducing Uncertainty As Brexit Approaches
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-03-22
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Lock in Exchange Rates: Money Mover Overseas Payments
Meta Description: Save your SME from uncertainty by securing foreign currency costs ahead of Article 50 with Money Mover's transparent and cost-effective online service.
URL: https://financedigest.com/britains-smes-urged-to-consider-reducing-uncertainty-as-brexit-approacheshtml

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_Innovative FinTech firm, Money Mover’s overseas payments service gives small and medium sized businesses the chance to secure their upcoming foreign currency costs for up to six months as Article 50 looms_

Online overseas payments service, Money Mover, today urges Britain’s SMEs to consider reducing uncertainty surrounding their foreign currency transactions by ‘locking in’ an exchange rate for their upcoming overseas payments. [\[i\]](#_edn1) This comes as the House of Lords passes the EU Withdrawal Bill, which allows the Prime Minister to trigger Article 50, expected to happen next week.

Money Mover’s payments service, unlike most banks, gives SMEs total transparency over the cost of their overseas payments _before_ they make the transaction. In addition, by aggregating payments, Money Mover gives SME customers access to better wholesale foreign exchange rates as well as the ability to secure the [price of their overseas currency payments for up to six months](https://www.financedigest.com/world-food-price-index-falls-for-sixth-month-in-sept-fao.html "World food price index falls for sixth month in Sept -FAO") – a service the established institutions typically only offer to large corporates. [\[ii\]](#_edn2)

Hamish Anderson, CEO of Money Mover, says: “Britain’s small businesses are [facing](https://www.financedigest.com/britain-facing-tomatoes-shortage-after-overseas-harvests-disrupted.html "Britain facing tomatoes shortage after overseas harvests disrupted") unprecedented levels of uncertainty in light of the UK’s vote to leave the European Union. Many small British businesses make invoice payments, pay salaries and manage their treasury accounts overseas. Money Mover’s service gives these firms the ability to eliminate some of the uncertainty they [face by locking in rates for their payments](https://www.financedigest.com/investors-brace-for-rough-ride-as-evergrande-faces-payment-deadline.html "Investors brace for rough ride as Evergrande faces payment deadline") for the next six months.”

Money Mover was established three years ago, with a mission to overcome the lack of transparency and high costs that small businesses [face when making overseas payments through established banking](https://www.financedigest.com/analysis-u-s-banks-face-trillion-dollar-reverse-repo-headache.html "Analysis: U.S. banks face trillion-dollar reverse repo headache") methods. They wanted to give SMEs access to the wholesale rates and services that the largest [companies benefit](https://www.financedigest.com/the-benefits-of-investing-in-healthtech-and-medtech-companies.html "The Benefits of Investing in Healthtech and MedTech Companies") from and to cut, what they felt, were unnecessary fees and charges.

The [online service](https://www.financedigest.com/online-food-delivery-services-market-will-reach-a-valuation-of-over-us-4212-6-mn-towards-2029-end-fmi.html "Online Food Delivery Services Market will Reach a Valuation of over US$ 4,212.6 Mn towards 2029-end: FMI"), which uses the latest digital technology, is clear and easy to use. Backed by significant investment capital, the business has grown rapidly, and is part of the PWC ‘Future of Work’ programme.

Hamish continues: “Our aim is to empower SMEs to make [informed decisions about currency exchange](https://www.financedigest.com/the-health-information-exchange-market-to-grow-on-a-satisfactory-note.html "The Health Information Exchange Market to grow on a satisfactory note") and global payments. By giving full and upfront information about the cost of a transaction, Money Mover can help SMEs free up capital set aside to cover uncertainty, and ultimately help them expand their businesses, employ more people, and deliver greater value to the economy.”

[\[i\]](#_ednref1) By ‘urging SMEs to consider reducing their uncertainty’, Money Mover is in no way providing financial advice or forecasts for the future. Foreign exchange rates fluctuate and the [rate SMEs can ‘lock into’ now may go down as well as up, ultimately meaning the customer has ‘locked in’ to a less optimal rate than they could get at a later date](https://www.financedigest.com/moodys-flags-oct-21-as-crucial-date-for-uk-rating.html "Moody’s flags Oct 21 as crucial date for UK rating") in the next 6 months. What they will achieve by choosing to ‘lock in’, however, is certainty over their overseas costs for this time period. This will be of value for those SMEs who would like to [see more certainty over their upcoming](https://www.financedigest.com/the-next-upcoming-years-to-see-the-aesthetic-lasers-and-energy-devices-market-get-through-the-best-of-both-innovation-and-inquisition.html "The Next Upcoming Years To See The Aesthetic Lasers And Energy Devices Market Get Through The Best Of Both – Innovation And Inquisition") expenses and want to minimise their short-term FX risk.

[\[ii\]](#_ednref2) Research from Accourt, commissioned by Money Mover in late 2015 and published January 2016, into international payment and transfer costs incurred by small and medium-sized enterprises (SMEs). Accourt tested the international payment services provided by six major UK [banks as part of their online banking services](https://www.financedigest.com/the-role-of-fintech-in-disrupting-traditional-banking-services.html "The Role of Fintech in Disrupting Traditional Banking Services") for small and medium-sized business customers. Accourt [tested each bank across a range of transaction sizes](https://www.financedigest.com/non-invasive-prenatal-testing-market-size-to-reach-us-5-1-billion-and-registering-a-cagr-of-16-4-by-2027.html "Non-Invasive Prenatal Testing Market Size to Reach US$ 5.1 Billion and Registering a CAGR of 16.4% by 2027") and currency pairs and gathered information about the fees charged and the currency spread applied to each payment.


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