Domestic and international foreign currency payment ‘solutions’ are an area in which private client, immigration, property and family law practises (whether single focus or multi-disciplinary), as well as accountancy firms and fiduciary managers, tend not to cater concertedly or directly for their clients’ FX needs – it is not core to their business.
Law firms, accountancy practises and change/management consultants are allowed to work with foreign currency dealers and thus benefit their corporate and individual clients to the same extent were a private client or company to engage us organically without having been referred or recommended to do so.
We offer no financial remuneration to these sources of new business; the quality and competition we offer is in no way affected by any obligation on our part to pay a commission to our professional services partners. We are introduced and engaged because of our compelling rates and expertise.
CrossbarFX holds client accounts very similar to those used by law firms, segregated from the company’s accounts.
The Financial Conduct Authority (FCA) ensures that client monies are not at risk and because we receive better commercial rates of exchange than professional service businesses who only have a limited or infrequent currency need, the customer – whether that be the firm themselves or their clients – improve their conversion rates by a comfortable 1-3% margin, if not more.
Some of London’s leading law firms already refer their business to us precisely because of the tailored and unobtrusive way in which we deal with their hard won and uncompromising clients.
Added to which, firms with offices around the world, or dealing with freelance consultants outside the UK can remit and repatriate or settle fixed contract work at a lower cost than by using their primary banker, all through a fully authorised foreign currency provider like us.