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Transferring currencies between multiple foreign currency accounts can be expensive.

Cash management across multiple currencies can be complicated and time-consuming, with your funds exposed to the financial risk of currency volatility.

Internal transactions made across multiple foreign currency accounts will not only increase your exposure to fluctuations in exchange rates relative to your denominated currency but also directly impact your margins – reducing your overall business profitability.

Kwanji’s real-time online FX comparison & payments platform allows your business to secure the best FX rates in seconds, providing businesses with the flexibility and foresight to better manage foreign currency inflows and outflows more efficiently and securely.

Free to use, businesses can compare multiple FX quotes from respected financial institutions from Kenya and around the world. Kwanji ensures your business always gets the best rate when transferring funds between foreign currency accounts.

Start managing your internal forex requirements more effectively and securely, whenever and wherever it suits you best:

1) Minimise USD Conversion Costs

Kwanji helps companies trading both from Africa and the wider world with US Dollar holding accounts to save big.

The Forex Challenge

Transferring funds between KES and USD holding accounts can be expensive. The sustained threat of depreciation and high FX costs levied by local providers mean that it’s essential for Kenyan businesses to minimise currency conversion costs. Businesses in Kenya were typically quoted, on average, an exchange rate 2-4% off interbank between April and June 2016.

The Kwanji Solution

In comparison to other local financial institutions, Kwanji were typically able to connect businesses to USD/KES exchange rates which are significantly closer to the real interbank rate of exchange.

This means that by using Kwanji for all USD- KES conversions, local businesses were able to unlock savings of typically amounting to 1.7% on their foreign exchange requirements. In practice, when a client needed to transfer $500,000 on 18/04/16 they were able to secure a saving of KES 845,093.

2) Minimise KES – Pan-African Conversion Costs

Kwanji helps companies in Kenya get the best FX rates on transfers between KES and other pan-African currency accounts.

The Forex Challenge

Businesses based in Kenya but which trade across Africa often utilise foreign currency accounts for each specific market they operate in. Problems typically arise when they are required to transfer funds between these accounts, with banks and local forex providers offering grossly uncompetitive rates.

For example Kenyan businesses needing to transfer KES-UGX, on average, received rates 2-4% off interbank between April and June 2016.
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The Kwanji Solution

By using Kwanji, local Kenyan businesses with multiple local African currency accounts were able secure the best FX rates on their inbound internal transfers, improving their margins on foreign exchange compared to traditional providers.

On average, Kwanji was able to save Kenyan business with internal UGX conversion requirements with savings that were typically 2% better than other regional banks or brokers. In practice, when a client needed to transfer KES 30,000,000 on 01/05/16 they were able to secure a saving of KES 600,000.

3) Minimise Pan-African Conversion Costs

Kwanji can also help Kenyan business with operations across Africa get the best FX rates on transfers between non-KES denominated foreign currency accounts.

The Forex Challenge

Businesses face uncompetitive rates and high costs when transferring funds between their foreign currency accounts in Africa. To compound matters, currencies across Africa are frequently hit by spikes in volatility.

For example, Kenyan businesses needing to convert Tanzanian Shilling to Ugandan Shilling, on average encountered rates 3-6% off the interbank rate of exchange between April and June 2016.

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The Kwanji Solution

By using Kwanji, Kenyan businesses with non-KES denominated currency requirements are able to optimise their internal transfers by receiving foreign exchange rates significantly closer to the interbank foreign exchange rate.

In practice, this meant that a Kenyan business needing to convert TZS to UGX on 01/06/16 were able to unlock a saving that was 2.12% better compared to what traditional pan-African foreign exchange providers were able to offer.

Take the next step and find out how much your business can save on internal treasury trasactions by signing up to Kwanji today, for free.

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