ALT21 introduces foreign exchange service with pricing at 4 basis points
Foreign exchange service ALT21 has announced its new pricing structure, offering currency conversions at a charge of just 4 basis points. The company claims this will enable businesses to save significantly compared to traditional banks.
Foreign exchange service ALT21 launched its new pricing model on Tuesday, June 4, promising significant savings for businesses on currency exchange operations. The new model sets the mark-up for currency conversions at just 4 basis points, or 0.04 percent.
ALT21 states this is a fraction of the over 200 basis points (2 percent) typically charged by traditional banks. The company unveiled its service at the Money20/20 Europe conference in London. For example, converting £100,000 to euros would cost £40 with ALT21, compared to approximately £2,000 with a traditional bank.
The company also compares its pricing to other alternative providers. A similar transaction through Wise would cost 35 basis points, making ALT21 nearly nine times cheaper. ALT21 emphasizes that its pricing is fully transparent, with mark-ups displayed in real-time before each transaction.
According to Pritesh Ruparel, CEO of ALT21, the company aims to provide competitive FX solutions for businesses, especially small and medium-sized enterprises. As a dual-regulated provider, they claim to set a new standard for transparency and cost-effectiveness in the industry. ALT21 supports 34 currencies and its platform enables fully automated trading without subscription fees or hidden costs.