The Challenge
Competition is fierce amongst Scotland’s world famous independent smokehouses. Exporting a majority of their smoked and cured fish to boutique retailers across Europe, currency exchange and cross-border payments are a key part of business strategy for Cluny Fish and Manager James Paterson.
Having spent ten years phoning around for the best rate, James needed a more cost-effective, consistent way of exchanging currency and receiving payments from Europe.
“Calling different companies for foreign exchange made business quite difficult. Rates would vary with the amount I wanted to change, and it was hard to plan. I would manage currency on a daily basis, and try to sell our Euros at the best time, but in a small business you can’t hold on forever.”
James needed to exchange Euros for Pounds on average every ten days; at busy times such as Christmas, it’s significantly more often.
The Freemarket Solution
Combining access to wholesale bank exchange rates with low fixed commission, Freemarket gives James the best available pricing, coupled with the transparency and stability needed to plan ahead.
“The fixed, attractive rate we get with Freemarket seemed a fairer and more transparent way of doing things. We set up an account straight away, and we’ve never had a problem.”
Using the intuitive web dashboard, James is able to make and receive payments quickly and easily, opening up time to focus on growing the business. With support from their dedicated Account Manager, set up is simple and expert instruction on how to get the most out of the platform is always on hand.
”It’s so convenient to use Freemarket when you have 101 other things to do. Just pop up the website, and you’re done within a matter of minutes.”
The results
Cluny Fish have been able to use the savings and certainty of using Freemarket to drive their export strategy, saving thousands whilst remaining a step ahead of competition. And with a Hard Brexit looming, bringing with it further price volatility and competition Freemarket will remain a key part of their growth.
“A few pennies on the pound doesn’t sound a lot – but on a payment of £30,000 it’s a significant sum to a business like ours. And it gives us a clear advantage in our pricing.”
With new opportunities for Cluny Fish now arising outside of the EU, Freemarket’s Managed Banking Platform is again proving to be a crucial asset. The ability to instantly do business in over 30+ currencies and 100+ countries further cementing an exciting partnership.
