Tails, a classic menswear retailer based in Cardiff, began life as a vintage clothing stall in the town's antique market back in 1979. At that time, maximising the efficiency of foreign currency transactions wasn't a priority. However, as the company and the number of transactions grew Managing Director, Joshua Williams realised something had to change.

Tails imports clothing from France, Italy & Spain and also from Norway, and as a result they are exposed to GBP/EUR & GBP/NOK currency movements.

As is the case for many SMEs, all of Tails' international payments were being transacted through their local bank, and as a result, was offered poor exchange rates, unfair fees and unacceptable levels of service. Joshua slowly became frustrated with his bank and decided to explore alternatives for their international payments. In fact, what he was looking for, was a company that could offer his business the exchange rates, fees, risk management products and service usually only reserved for much larger companies.

As Joshua said; "As a smaller company, it was frustrating to have to spend twenty minutes on the phone to our bank every time we needed to make foreign currency payments."

After undertaking some research, Joshua contacted UKForex who walked him through the registration process, asked him questions about Tails', discussed his FX requirements and then quoted him an exchange rate based on an upcoming payment. Joshua decided that UKForex was a good fit for his business and switched all future international payments to them.

Tails continues to use their service to make spot transactions to Euros and Norwegian Krone. UKForex also manages Tail’s foreign exchange risk, reducing its exposure to unanticipated changes in exchange rates.

Tail's experience is just one successful example of where a company, while not necessarily making a large volume of currency transactions, is able to leverage many of the benefits only usually reserved for Enterprise sized companies.