Former stockbroker launches currency exchange firm

A former stockbroker is making waves in foreign exchange markets with the launch of a new venture to help UK firms operating overseas.

Founder Jamie Holmes says his Leeds-based firm can save between 2% and 3% per foreign exchange transaction, compared to conventional banks.

Holmes, who in has worked for some of the country’s leading stock brokers and banks, said: “Whilst more than 85% of overseas currency transactions are done through banks, small and medium sized companies pay more in exchange rates than their larger counterparts.

“And, because these charges are hidden within the exchange rate they are given, they won’t know much they are being charged for each transaction.

“Although the financial services industry is tightly regulated and controlled, the ‘FX’ sector is the last remaining area that is not transparent. CurrencyWave’s fees on the other hand, are totally transparent.”

The firm’s target market is SMEs with a turnover of up to £50m who trade internationally.