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we are not a bank by design

We’re Not a Bank, By Design

06.03.21

GreenShootsFX is not a bank and we’re not planning to be. There’s no doubt that banks do play a pivotal role within the U.S. economy and regional banks specifically in their local economy, but the fact remains that GreenShootsFX is not a bank! We’re a highly specialized FX firm, offering an online platform that presents you live FX rates, payment capabilities in 130+ currencies, and a digital wallet where you can house 34 currencies. We have a range of FX risk mitigation tools, which when coupled with our dedication to watching the markets on your behalf, will meet your foreign currency and international payment needs.

Our management team has a collective 50 years of FX and global payment experience from 12 international institutions on two continents. We’ve pretty much seen every eventuality and managed an array of clients from large banks and global companies through to mom & pop shops. Our expertise supports bespoke risk management solutions and proactive customer service all in the name of helping to protect your profits.

Here’s how GreenShootsFX differs from a bank, and why that difference adds unique value to your business.

Banks Are Generalists

Banks typically offer an array of financial products and services: checking and savings accounts, debit and credit cards, loans, wire transfers, etc. The premise is to cover as many bases as possible for as many customers as possible. This approach has benefits and banks are undoubtedly the best place for some services.

But the downside to being a generalist is that it’s hard to be great at all things. When you have a headache you don’t go and see a mechanic, so if need to send or receive payments cross-border you probably should visit a specialist – someone who has a deep understanding of your needs and can advise you on why paying global vendors in USD and not their currency often results in you overpaying by 4-7%.

What you might not know is many banks outsource FX capabilities rather than develop them in-house, often resulting in margins wider than you deserve, and you may have experienced they’re unlikely to have client-facing FX experts who monitor currency markets and pick up the phone to advise you of a currency movement that could positively or negatively affect your profit margin. A typical bank doesn’t offer risk management solutions to businesses managing payments across global markets.

The reality is that banks offer little targeted support for businesses managing the risk of cross-border payments and FX volatility. Small and medium-sized businesses are left to take on the risks posed by volatile currency markets.

Our FX knowledge becomes an extension of your company

At GreenShootsFX, tracking volatility and helping businesses manage cross-border risks is part of our core mission. We simplify global payments for your business, leveraging market insights, customized risk management strategies and targeted trading tools to reduce your FX
exposure and mitigate profit risks. Our significant focus on global payments and currency markets translates into time and money savings, as well as flexibility for your business. Whatever your business’ size and industry, we expertly tailor payment and FX solutions to support your operational and strategic needs and facilitate global growth. We can complement your existing banking relationship, helping you buy and sell more than 130 currencies at highly competitive exchange rates, wire funds around the world and manage risk through hedging tactics like forwarding contracts and market orders. And all this comes with proactive customer service that is in our DNA. No more hassles while waiting to get through to a bank to troubleshoot a wire transfer or take advantage of a sudden FX rate movement. At GreenShootsFX, you’ll get to know us personally despite having technology at your fingertips.

We’re not bank bashers, by any means, although we might take a poke at the larger institutions. You don’t need to sever your regional or community bank relationship and in fact, it’s often the case we can help you retain that relationship rather than being forced to move all your business to the bigger bank.

Specialization matters and our expertise goes beyond what banks offer in the realm of cross-border payments and currency risk management.

To find out more about what makes us different, let’s chat!