In 2002, while working for one of the largest UK high street Banks. I saw a glaring gap in the market for a specialist foreign exchange and payments provider. Daily, I was listening to the Banks business and personal customers complaining about a multitude of issues. Terrible exchange rates, extremely slow delivery of funds, delays during the transfer, hidden fees and very poor customer service.
The great thing about working for the bank was that I could see exactly how much they profit on international transfers. Sometimes it would equate to over 6% of the amount being transferred and I thought this was outrageous to just move money from one place to another.
With these issues in mind, I set out to create a solution with the focus being on what we call the big 3. Transparent exchange rates – Fastest transfer times – Exceptional customer service
And so, on July 5th 2004, Excel Currencies was born.
