Leading VAT Recovery Company selects 4X Currency to achieve cost savings of over 50 per cent

  • Real-time currency exchange system will enable Eurocash to significantly improve its currency exchange
  • 4X DealerTM offers less than half the exchange charges of world's leading banks
  • Gives company live Desktop rates and instant currency transactions

Brighton, UK - Tuesday 9th January, 2007 - 4X Currency, the UK's leading online foreign currency exchange organisation, has announced that Eurocash, a worldwide leading VAT recovery company, has selected 4X Currency's unique 4X DealerTM solution to carry out all FX trades. 4X DealerTM will allow Eurocash's finance department to monitor live market rates on its desktop and instantly purchase and transfer foreign currency through a simple on-screen display. For the first time, Eurocash will be able to benefit from a speedier and more cost-effective settlement, with many of 4X Currency's transactions being completed in less than 24 hours - at less than half the cost of that of a high street bank.

Eurocash deals with more than 500 VAT reclaims per month globally, resulting in over GBP 20 million worth of transactions per year, so it is vital that the company has full visibility of its FX dealings. Eurocash has been in operation for over 10 years and had previously used some of the world's leading banks to make its FX transfers. However, lack of visibility and increasing costs prompted Eurocash to consider a more cost-effective way to exchange currency on a regular basis.

"Due to the international nature of our operations it is vital that we are able to process transactions quickly and efficiently," commented Clive Hayton, Chief Financial Officer at Eurocash. "We looked at other FX companies but 4X Currency offered the best market rates by far - resulting in significant cost savings. One of the other deal clinchers was the fact that we were able to monitor the live market rates on our desktops - increasing visibility and productivity for us company-wide.

"Before we had 4X DealerTM we regularly had to wait days for our FX transactions to go through the bank. With the 4X DealerTM system we now have the ability to buy foreign currency online and have it paid into our back account very quickly - some times on the same day," Clive Hayton added.

Helen Scott, Managing Director at 4X Currency said: "This deal is significant for 4X Currency as it highlights just how good our market exchange rates are compared to some of the world's leading banks. The fact that we cut out the middleman and conduct all of our deals online means that we are able to offer our customers the best possible foreign exchange rates. When it comes to VAT, every penny counts, so efficient service and full transparency make all the difference."

The open-access FX platform is free to download and enables the user to instantly make business-critical currency transfers without the need for long, costly phone-calls to banks. The user simply downloads the free software and then logs in whenever they wish to view exchange rates or make a transaction. The software now also has a 'same day' payment system which gives users the added benefit of same day settlement as standard using cutting edge payment software developed in partnership with its clearing bank ABN Amro.

About Eurocash:
Eurocash offers the most comprehensive package of VAT recovery services available. Eurocash can aid clients with every aspect of their VAT claims and refunds, drawing upon many years' experience liaising with tax authorities across the EU and beyond. Its service coverage extends worldwide, providing businesses of any size or setup the opportunity of a central point of control for all local and cross-border VAT reclaims.

For more information visit: www.eurocashvat.com

About 4X Currency:
4X Currency is the UK's leading online provider of foreign currency exchange services. 4X Currency deals in large volumes at wholesale rates with major City institutions, meaning it can offer the best exchange rates available. It is the first company in the world to offer live online foreign exchange rates to individuals, taking in up to half a million real-time exchange rates a day from the London market.

4X Currency is the only currency company in the world to be endorsed by ABN, and is also registered with HM Revenue and Customs as an overseas money provider. It is also a full member of, and sits on the Board of, the UK Money Transmitters Association.

For more information visit www.4xcurrency.com

Note to Editors:

Click here to view live market rates

For more information please contact:
Louise Sambells
The PressOffice - PR for 4X Currency
Tel: 01780 721433
Email: lsambells.pressoffice@targetwire.com

Helen Scott
Director
4X  Currency

Tel: 01273 203311
Email: helen.scott@4Xcurrency.com 


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