Banks are not catering to our FX needs, say SMEs

Such barriers may hinder firms from achieving their global expansion aspirations

Illustration of a businessperson carrying the world on one hand like a waiter

While small- to medium-sized companies (SMEs) in the UK believe going international is the best way to grow their business, they often feel banks are not catering to their foreign exchange needs and sometimes not even acting in their best interest.

More than half of the 1,000 senior decision-makers at UK SMEs surveyed late last year for a report, commissioned by currency experts World First, said banks do not understand their business needs and the fees they charge for making cross-border curren