skyline of new york business district

International currency transactions: your questions answered

Businesses venturing into overseas markets need to understand how best to make and receive payments in different currencies. Below we answer some of the most common questions being asked about international currency transactions. How do multi-currency business accounts work? Businesses that trade across borders normally need to hold accounts in more than one currency, or face the costly process of constantly converting money to and from Sterling. Multi-currency accounts are intended to simplify this, by enabling businesses to manage all their day-to-day business banking and international money transfers in one place. They make it easier for businesses to be paid […]

atm scam

10 business travel scams and currency tricks to avoid

Even seasoned business travellers are at risk of being taken in by scams and fraud that can cost them or their company money – sometimes before they have even left the office. And it’s no small problem. According to Action Fraud, run by the City of London Police, fraudsters stole £6.7 million from 4,700 unsuspecting UK travellers in 2017 with two key scams largely to blame. It identified the most common scams as the sale of fake airline tickets (47%), and accommodation booking cons (38%), where fraudsters use fake websites, hack into legitimate accounts or post fake adverts online to […]

airport boards

Fear of flying and business travel: what employers need to know

Nearly one in six Brits are scared of flying, thanks to anything from a fear of heights to a previous bad experience with turbulence. This high rate of ‘aviophobia’, revealed by YouGov research, could make life difficult for businesses that need to send employees overseas. After all, UK companies sent staff on a total of 7.2m business trips abroad in 2016, according to the Office for National Statistics. But what can companies do if a member of staff refuses to step on the plane? What if their job role changes to include overseas travel? And what if an experienced jetsetter […]

laptop bag

Are business travellers liable for lost tech?

Tired, burdened with luggage, and perhaps rushing through a foreign airport, it’s easy for a business traveller to lose or damage their gear, be it personal possessions or business property. But how can businesses protect themselves? And who is responsible for the financial cost of replacing a device such as a laptop or mobile phone owned by their employer? As a rule, responsibility is with the employee, says Steve Pritchard, an HR consultant for Anglo Liners: “This can often depend on the circumstances surrounding the missing item, but in most cases, the employee in possession of business property will be […]

HR Hotline: how soon can you send new employees abroad?

Every month, we quiz HR experts on the questions that really matter about expenses, employee travel and business across borders. Send your business travel, HR and expenses questions to us via Twitter for your chance to be featured in a future HR Hotline article. They may be keen to impress and ready to work their socks off. But new employees, whatever their level of experience, need time to understand how their new business functions, and to get to grips with its processes, culture and clients. A study by Oxford Economics showed that new staff can take between six and twelve […]

man waiting on phone

HR Hotline: are you ready for the sharing economy?

Every month, we quiz HR experts on the questions that really matter about expenses, employee travel and business across borders. Send your business travel, HR and expenses questions to us via Twitter for your chance to be featured in a future HR Hotline article. Having enjoyed the convenience and value-for-money of sharing economy services – such as Uber, Lyft and Airbnb – in their free time, many people now want it replicated in their business travel. But is your business ready for this growing demand? One quarter of UK business travellers used a sharing economy, or peer-to-peer accommodation provider such […]

girl smiling

Wellness matters for all employees – wherever they are

BrewDog’s paid Puppy Parental Leave for new dog owners, and weekly yoga classes at Qubit’s offices are among the quirkier policies offered by companies to look after the wellbeing off their staff. Then there’s the more standard perks designed to improve employees’ health and wellbeing, including free gym memberships and subsidised meals. How important are these wellness benefits though? And do you need to start implementing them for your employees? Happy workforce “Employers are broadening their horizons when it comes to rewarding and incentivising employees,” says Laura Matthews, workplace wellbeing consultant at Barnett Waddingham. She adds: “A happy and flourishing […]

wall street sign and flags

7 things to consider when managing currency for business

The past few years have been interesting for British SMEs. The EU referendum and the US election have taken their toll on currency markets creating fluctuations in the cost of overseas travel and expenses and buying and selling overseas. The pound significantly weakened against some of the world’s major currencies including the US dollar and euro, meaning for businesses it has become a lot more expensive to spend money overseas. Business profits, cash flow and competitiveness can all be affected by exchange rate movements, meaning a keen eye on currency risk is crucial. But fear not, because we’ve put together […]

annotate transactions

Annotating transactions on the FairFX Expense Platform

Keep track of staff spending by annotating cardholder transactions in the FairFX Expense Platform and get even more transparency over your staff expenses. Annotate all of your transactions to see exactly how much staff spend, where staff use their cards, and build powerful reports. Even better, save time by getting your cardholders to annotate their own transactions on a regular basis. How annotations work 1. Annotating your transactions is a simple process. Once you’re logged into the FairFX Expense Platform click ‘Annotate transaction’ under the ‘Reports’ menu. You’ll then see a list of cardholder transactions for the current calendar month. […]

girl brooklyn bridge

Making bleisure work for your business

‘Bleisure’ is no longer a new buzzword. The term, meaning a combination of business and leisure travel, has garnered a lot of attention in just a few short years, and now more employees than ever are looking to mix work and play. Research by Bridgestreet Global Hospitality suggests 6 out of 10 travellers are more likely to take a bleisure trip today than five years ago, while a study by the Collinson Group reveals 72% of business travellers regularly extend their work trips for rest, relaxation and sightseeing, adding up to an average of five days over the course of […]

china market

Employee travel: The new office perk?

Drinks fridges, foosball tables, flexitime, bonus holidays…perks are becoming the new norm for office environments, with managers citing improved staff morale and greater productivity as key pay-offs. And many companies are taking things a step further by offering paid-for trips abroad as well. Once upon a time, businesses footing the bill for office-wide holidays overseas would make headline news, such was the rarity of such a generous offering. Now, scores of companies include an annual (or more frequent) trip abroad as part of their basic operational outgoings. A chance to regroup PR agency Liquid, for example, introduced team weekends away […]

guy phone bike

NEW FairFX Expense Platform feature: Top-up requests

The latest FairFX Expense Platform feature makes it even easier to give employees access to the funds they need, when they need them. Plus, there’s no need for long email chains. In just a few taps in the app your employee confirms the amount and reason they need funds, and the controller can instantly approve or reject the request through the expense platform or through the app on the go. How top-up requests work 1. Cardholders can request a card top-up at any time by clicking ‘Request top-up’ under the ‘Cards’ menu of the FairFX Expense Platform. And, by adding […]