Covid business

Coronavirus business Q&A

Since the start of the coronavirus crisis, we’ve been receiving questions about international payments and currency exchange from businesses big and small. Here, our chief executive Ian Strafford-Taylor provides answers to some of the most common questions being posed by financial decision makers. I need to make international payments for work – do I need to do anything differently given the current climate? Over the last few weeks, there has been extreme volatility in exchange rates with movements that haven’t been seen for years including the pound hitting its lowest level against the US dollar since 1985. In times like […]

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My employee is overspending on business travel. What can I do?

It’s not uncommon for employees to overspend on expenses when they go away for business. This might be down to confusion about what expenses your company allows, a simple mistake or they may have a valid business reason for spending that little bit more, either way you probably want to get a grip of business travel overspend. A survey of UK employees last year found that those who submit work expenses or have access to an expenses account, spend an average of £117 per month on unauthorised and inflated purchases. Some cases of over-spending are one-offs. But some employees may […]

5 common and costly travel policy mistakes to avoid

Stressed and frustrated employees, overspending on expenses and even expenses fraud. These are all risks you face if you don’t get your company travel policy right. Without a carefully-honed policy, your employees won’t know how much to spend on what, nor to use any travel providers you might favour. Ultimately, it’ll be harder to plan your business budgets if you don’t control how much people are spending. On the other hand, a clear, up-to-date and well-structured policy – that everyone in the business knows about – will help your bottom-line. And remember, business travel is already complicated and stressful enough, […]

Top apps for business travellers

The joy of discovering a good app! It might be because it saves you money, entertains you or just makes life that little bit easier. If you have to travel regularly for business, it certainly helps to download a few choice apps and here are some that regular travellers swear by: LinkedIn: for checking out who you’re meeting Amanda Thomson, founder and chief executive of prosecco and champagne producer Thomson and Scott, says: “I always use LinkedIn as it’s used by the business community across the globe and means I can easily research those I’m set to meet prior to […]

How to write the perfect out of office message

Nothing says it’s the start of a holiday, or at least a blessed few days off work, like setting your email out of office assistant. Especially if you can get away with telling everyone you’ll be ignoring them for a week or two. It’s a quick job. But you might pause for thought. Do you write hi or hello? Do you add a colleague’s contact details, and if so, which one (and do you tell them)? And then you have to carefully craft a sentence about whether or not you’ll be reading emails while you’re away. Most people are honest […]

We’ve gone contactless

Say hello to our new corporate contactless card. It’s now easier than ever to: make instant payments in shops, restaurants, etc. retrieve your PIN through our mobile app spend worldwide at market leading rates pause ⏸ and resume ▶ your card if it has been temporarily misplaced   Remember to make the most of our latest features: Upload photos of receipts Annotate transactions in the app Add VAT amounts   Businesses working with FairFX can take the hassle out of expenses and focus on the things that matter most. Find out more about how we can help your business by […]

Four ways small businesses waste time and how to avoid them

Is there one part of your job that particularly bogs you down? That wraps you up in red tape and endless paperwork, and leaves you tired and frustrated? It might be tax calculations, invoices or expenses. According to a 2018 survey of entrepreneurs running young UK companies, nearly two- thirds of them said they spend at least one day every month on such administrative financial tasks. Similarly, 55% of smaller business owners told a Federation of Small Businesses (FSB) survey in 2016 that their company’s growth is being held back by the amount of time they have to dedicate to […]

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The most expensive airports for business travellers

Executive airport lounges offer business travellers the chance to squeeze in some pre-flight comfort away from the bustle of the main departure lounge, but the cost can vary widely, our research shows. We compared the costs of executive lounges – as well as premium parking and other services – at 25 popular UK and international airports to find out which are jetting off with your cash and which offer better value for businesses. Dubai Airport tops the list with the priciest lounge, with business travellers slamming £200 onto their expenses bill to step foot inside. Closer to home, London City […]

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No more budget hotels or cheap flights –
I want an upgrade!

You’re away from home, perhaps missing family commitments, probably working like a dog and shattered as a result. Business trips are no picnic. So how would you feel if you had to head to a budget hotel at the end of the day, for your few moments of R&R? Budget accommodation is becoming more popular It seems more and more businesses are opting to bed their travelling staff down in cheap digs rather than pay out for a little more luxury. Budget chain Travelodge said in October that business travellers account for more than half of its sales and it […]

train travel expenses

Do corporate travel policies need to address female safety?

Risks on the road: are you keeping your female employees safe? Sexual harassment, assault and even kidnapping. Those are not things you would expect to confront while doing your job. But they were among top safety concerns for women businesses travellers in a recent survey. The Global Business Travel Association (GBTA) research concluded that female business travellers face greater personal safety risks on the road, but that few corporate travel policies take such threats into account. But should a company’s travel policies address female safety in particular? Is it different to keeping your employees safe generally? “While female business travellers […]

Endless receipts, shuttle buses… and other business travel bugbears

Light switches in the wrong place? Hotels miles away from meetings? Flights at unsociable hours? When you’re on the road, negotiating a packed schedule of meetings, these are the sort of bugbears that can make life unnecessarily difficult for employees. So how do you make sure your staff have the best experience when they travel for work? To help, we spoke to a range of business travellers to uncover the biggest gripes, so you can take some of the hassle out of your staff’s travel. A lack of space Who wouldn’t love a little more legroom on flights? A cramped […]

The dark side of business travel: tips to avoid getting lonely

A meeting in New York, back home for a few days and then off to Shanghai followed by Tokyo to meet more clients. It’s the sort of schedule that sounds glamorous and important, right? But there’s a ‘dark side’ to business travel. A study by the University of Surrey and Lund University in Sweden say factors such as stress, loneliness and distance from community and family networks are often ignored and they can cause big issues. It’s easy to see how frequent business flyers could become lonely, travelling to countries where they may not speak the language and spending long […]