SCC Chartered Accountants

SCC Chartered Accounts wanted a partner who could support their clients paying, receiving, and storing money internationally.  

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About SCC Chartered Accountants

SCC Chartered Accountants was founded in 2017 by Seán Cavanagh, offering a range of services including auditing, SME business services, tax advisory, forensic accounting, restructuring, and mergers and acquisitions (M&A).

With multiple offices in Northern Ireland and the Republic of Ireland, SCC specialises in cross-border trading between the two countries, and supports work in international markets including Europe, the US, and the Middle East. This has led to SCC becoming experts in cross-border transacting, advising clients on complex tax, audit, and business services for subsidiaries and parent companies in multiple jurisdictions.

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The Challenge

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Working with so many clients that worked across borders and manage multiple currencies, SCC saw the difficulties many of them ran up against first-hand. SCC’s clients would face challenges related to banking restrictions, high costs, and delays when handling foreign exchange (FX) payments.

“The complexity often comes from specific banking laws or restrictions in different countries,” said Seán Cavanagh, Founder and Managing Director, SCC Chartered Accountants. “It can lead to mountains of administrative work and high costs for businesses.”

Banking Restrictions

Many of SCC’s clients struggled with the restrictive nature of traditional banking systems when managing international transactions. These banking restrictions often present hurdles in terms of setting up bank accounts in different jurisdictions or complying with various regulatory requirements, which can delay payments.

"A lot of clients are rightly surprised by the complexity of banking internationally. The reality is that every country has its own regulations and restrictions, and traditional banks aren’t designed to make simple things like a foreign business opening a local account easy. And they’ll make you fill out 1000’s of forms to do it."

High Costs

Clients also frequently faced high costs when making foreign exchange (FX) transactions. They’d come up against unfavourable exchange rates, hidden fees, and charges imposed by traditional banks. For companies handling large volumes of payments, these costs can become prohibitive.

"One of the biggest pain points I hear from clients is about the cost of moving money internationally. And the thing is, they don’t know there’s an alternative way of doing it. When they realise that they have a choice with a tried and trusted company, it’s a real eye-opener.”

Delays when Handling Foreign Exchange (FX) Payments

SCC clients found international payments might take several days or even weeks to clear. These payment delays could disrupt cash flow, strain relationships with international suppliers, and cause operational inefficiencies.

"What I hear again and again is frustration with how long international payments take. Someone might be trying to receive money, pay money, buy stock, get stock released, or move funds from one part of the world to another to get an investment return – and it’d take a long time to process.”

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The Solution

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Seán and SCC have been working with TransferMate for nearly a decade, recommending the solution for clients looking to reduce complexity and costs when moving money internationally. It has become part of their product offering.

“I’m often on to TransferMate with questions like how to pay suppliers in China, Korea, or in the Middle East, or how to receive money from the US. A lot of it usually starts with, "Is it possible to do this?" And usually the answer is, "Yeah, no problem." When I was convinced, that’s when I was happy to send clients to TransferMate, saying, “I've been working with them for a long period of time. I trust them. So, it's okay for you to trust them."”

Overcoming Banking Restrictions

TransferMate has simplified the process of opening and managing international accounts by providing a global network of local accounts. It allows SSC clients to quickly operate in multiple countries without the usual red-tape.

"With TransferMate, clients no longer need to worry about the difficulties of opening bank accounts in each country they operate in. Instead of taking a day to get all the paperwork together, and even potentially having to travel to the location, you can sit on the phone with someone who’ll set you up quickly with an account in the currency and location you want. It really helps when expanding into and operating in new markets.”

Reducing High Costs

By offering more competitive exchange rates and transparent fee structures, TransferMate’s payment network has reduced the costs associated with FX transactions for SCC clients. It’s also proven to be a time-saver when it comes to the time needed to process international payments.

"The platform is very easy to use, first off, which reduces the workload for clients. Then, the fee savings are substantial. We’d often ask clients what rate they get for a certain transaction and then, when we tell them what TransferMate could do for the same transaction, they suddenly realise they have a choice that can save them money.”

Eliminating Payment Delays

TransferMate reduces the time it takes for international payments to clear, offering same-day or next-day settlements for many transactions. This improvement in payment speed has allowed SCC clients to manage cash flow more effectively.

"The speed at which TransferMate processes payments is super. Instead of waiting days or weeks for payments to clear, they’re often seeing same-day or next-day settlements. This means no more cash flow issues. It’s one of the biggest operational improvements our clients have experienced."

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Results

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Through TransferMate, SCC has been able to introduce better alternatives for clients when moving money internationally, offering faster transaction times, fewer forms, and access to competitive FX rates.

“Clients want something they can trust,” Seán concludes. “They need a system that is simple to use, reliable, and offers good value. TransferMate does exactly that, and that’s why we continue to recommend it.”

The customer service delivered by TransferMate is something Seán doesn’t underestimate.

“With banks, you could be 45-minutes on the phone, and end up in the wrong department. With TransferMate, you having a dedicated relationship person that you can pick up the phone and say, "Can you help me?" and, within 15 minutes, have a quick solution. That’s what business owners want and need. They want something that they can trust, that they know is good value, and it's not taking up half their day.”

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The Final Word

“If our clients do better in business, and we've been part of that success, we're going to be trusted more and we're going to win more business. TransferMate is part of that joint success, and we trust them to grow with us.”

- Seán Cavanagh, Founder and Managing Director, SCC Chartered Accountants

If you're interested in becoming a referral partner of TransferMate, contact the team here.