Industry » Legal & Finance » Foreign Exchange: How Much Could Your Superyacht Save with Voly?

Foreign Exchange: How Much Could Your Superyacht Save with Voly?

Voly is passionate about saving its clients time and money.

It help yachts save substantial amounts of money by improving the visibility of expenditure through simple financial controls and real-time spend data.

It also saves captains and crew a lot time - up to 75 per cent, in fact - by automating paperwork that would normally take hours of their valuable time.

It is also doing our bit to save the environment with the revolutionary Voly Prepaid Eco Mastercard, which you can read about here.

But did you know that it can ALSO save you money on your foreign exchange fees?

The team is proud to announce that Voly’s revolutionary cloud-based financial management software solution for yachts and other multi-assets like private jets, helicopters and property, now has a built-in Payment Platform.

This highly-requested feature is a fully-integrated multi-currency platform that allows users to process secure, real-time payments across 37 different currencies, directly from within Voly, without the need to log into a separate bank account.

We already have a business bank account. Why should I use Voly for my payments?

The short answer is this: because Voly’s foreign exchange fees are significantly cheaper than traditional business banks.

The hard truth is that your business bank is charging you over the odds.

According to one source, businesses are losing hundreds of pounds per transaction thanks to the excessive and deliberately opaque foreign exchange rates charged by the world’s biggest banks.

It is believed that many business owners would move to a service provider with lower currency conversion fees if only they knew how much they were being charged for this in the first place.

The worlds traditional high street banks and even the specialist options for UHNWI (Ultra-high-net-worth individuals) are always looking to take large spreads on the clients FX requirements.

Naturally then, the banks are not actually interested in making it easy for you to figure out how much they’re charging you for your forex payments. And to make matters worse, there’s debate about whether existing European regulations, designed to make these and other fees more transparent, even apply to UK banks in the first place.

We recently audited one of our client’s costs, including their foreign exchange rates and bank charges with one of the well-known high street banks and found that they would have made close to a six-figure saving if they’d used Voly.

Banks rely on their customers’ inability or unwillingness to compare foreign exchange markups

The reason banks get away with all of this is that they assume that their customers are not going to go to the significant effort of comparing their quoted foreign exchange fees on any given transaction, to other providers, before hitting that last button to process the transaction.

And unfortunately, they’re correct.

As a yacht owner, and someone likely making large numbers of transactions on a regular basis, we know that you simply don’t have the time or patience to obtain multiple currency conversion quotes for every transaction.

That’s especially understandable given that ‘none of Britain’s five biggest banks…publicly disclose these charges on their website…and some appear to hide the charges altogether’ [source].

Clients often miss the hidden fees and charges added by banks to foreign exchange transactions. That means that significant savings can easily be achieved simply by working smarter. And by working smarter, we mean working with Voly.

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Voly has the solution 

Voly’s built-in Payment Platform with Multi-Currency Accounting offers clients the opportunity to save a huge amount of money on foreign exchange transaction fees.

When you make a payment on the system, you’re provided with a live foreign exchange rate at the point of payment. That’s the kind of visibility you deserve.

And to give you the pricing you deserve, Voly offers highly competitive wholesale rates. Its underlying foreign exchange technology takes all of the price shopping legwork out of the equation and delivers the best possible rate and fees structure to you at the point of payment.

These measures together mean that clients can stop relying on banks for their foreign exchange needs, which is especially important considering the large sums of money passing through superyachts for their ongoing running needs. Quite simply, there’s no longer any reason to let the bank skim off your hard-won profits.

Another reason to love the new Payment Platform is that, when making a payment with Voly, the payment is automatically assigned to the supplier’s invoice and a remittance advice is produced. The complete payment integration within Voly eliminates the need to upload bank statements and then manually match transactions to invoices. It’s a major time and money saver.

Comprehensive accounting solution 

The Payment Platform is just one of the many reasons why your superyacht and multi-assets need Voly’s Financial Management Platform.

But don’t just take our word for it - Voly has over 600 yachts already enjoying all of the benefits of its service, and you can read what they think about it here. These yachts range from 23m up to the largest superyachts in the world, but Voly is fully customisable for every yacht’s individual needs.

The professional support team is also available to answer any questions you might have. Voly is user-friendly, so we don’t expect that you’ll need support. But it’s nice to know it’s there.

To find out how Voly can improve the management of your asset, get in touch here

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