Real World Analytics wanted an easy-to-use and cost-effective platform to convert sterling into euros from operations in the UK to their HQ in Ireland.
About Real World Analytics
Real World Analytics, a business intelligence systems company, services clients across the UK and Ireland, with a key focus on pharmacies and automotive dealer groups. They provide data insights that allow their clients to optimize processes such as stock management to improve operating margins.
The Challenge
Real World Analytics were using their banking platform to convert funds from their UK operations back into euros. The process was proving to be inefficient and costly.
“We'd collect sterling from our UK customers, and that would land into our sterling bank account” said Lauren Mooney, Finance Manager at Real World Analytics. “But most of our supplier invoices, and our payroll, are all in Euro. So, we need to move money from sterling to euro, once a month, and we weren’t getting the best rates from our bank”.
The cost of these regular large volume transfers, in both transaction costs and FX fees, became more of an issue over time. As a growing company, where two-thirds of their customers were paying in sterling, reducing the expense was soon seen as priority.
“We could see how much the transfers were costing us. We could see the volume. Each month, it was like clockwork. When we saw that monthly expense we thought, "We should actually do something about this”.
The actual technical process of moving funds through their bank wasn’t easy either, and a lot of unnecessary administration time was being spent actioning the transfers, and solving any problems that came up.
“With our traditional bank, I found their business banking wasn't great. I didn't find the platform very user-friendly.”
The Solution
Real World Analytics now uses the TransferMate Platform to move funds from Sterling to Euro. It’s a simple process, using the online platform to collect funds from their UK sterling account and transfer to their euro account.
“At the start of every month, I'll log into TransferMate, I'll move the money and it's seamless, really. I almost don’t have to think about it. And an added bonus is that it is so user-friendly. The platform is so easy to use.”
The team found it was very straightforward in terms of getting set up on the platform and have found the support structure behind it to be another bonus.
“When we got set up with TransferMate, I remember our introduction call was very helpful. It was quite a straightforward process to get set up. And anyone I've dealt with, I must say, has been really helpful from the customer service side of things. If ever there's any kind of issue or query, I'll get an email from the team within the day or within probably the hour. There's never been any issues.”
The core reason for moving providers – cost – has been the biggest value the platform has brought to the finance team and business. Another has been speed.
“We’re getting better rates for moving money. That's the main reason we use TransferMate. And if I move money on Wednesday, it's in the account today on Friday. It's cost-effective and very quick.”
Reporting up the chain is also now easier for Real World Analytics with automatically generated reconciliation reports, allowing the finance team to accurately track how effective their payment process is month-to-month.
“When I make a transfer, I get a PDF of the transaction, and we'll have all those transaction reports saved. You can see the exact rate. You can see how it's moved since last month. I find that quite easy to pull those documents, and much easier than the bank.”
The Results
By using the TransferMate Platform to move money between the UK and Ireland, Real World Analytics has been able to make significant cost and time savings compared to the old way.
“With our bank, it was always time-consuming. The platform just felt old, and it wasn't efficient to use. Each payment run could have been a half hour, with a lot of information to be filled in each time. Whereas with TransferMate, our information is templated there, and I'll have that transfer done probably within five minutes.”
The Final Word
“If you are looking to move from traditional bank transfers, I would recommend moving to TransferMate. It’s simple to set up, the reporting functions are great and it’s quick and easy to use.”
- Lauren Mooney, Finance Manager, Real World Analytics
To improve how you move funds between currencies, sign up to the TransferMate Platform here, or contact the team for a demo.
