LONDON, October 24, 2016

Commercial foreign exchange providers make money from hidden charges and mask the true interbank prices that currencies trade at. As the term ‘interbank’ would suggest, this price is the wholesale price that banks transact money with each other and is different to the bank’s price for the day that they often use as the base price from which to calculate charges with a significant margin built in.

Volopa represents a totally new approach to foreign exchange by taking all hidden charges out of the price and gives both its corporate and private clients total transparency in terms of the commission paid and where the current market price actually is.

Refreshingly, Volopa’s whole business model is designed to empower the customer, showing him the true interbank price and then applying a pre agreed spread or charge which is expressed not only in pounds and pennies but also added back into the price so that Volopa’s customers (or ‘Volopans’ as they are increasingly being known), have a rate to compare against all competitors. No other foreign exchange provider or multi-currency card issuer does this.

It is for this reason Volopa has seen significant increases in business over the last few months – reporting a 324% increase following Brexit as the pain of foreign exchange differentials see clients looking for credible alternatives to their traditional banking or FX providers.

Another added benefit for Volopans is that the pre-paid card effectively firewalls our customer’s bank accounts so if the card is compromised our customer’s main bank account is not at risk. Volopa has put in place impressive security protocols which protect its users, particularly on-line, by constantly rotating transaction codes so that no transaction can be cloned or hacked and used for any other transaction.

Volopa cards are free so Volopans can have more than one issued card. Thus if one card is lost it can be blocked immediately and the balance transferred to the other active card. Volopans also have the opportunity – with some simple security checks – to reactivate cards if they are subsequently found thus avoiding the long wait for replacement cards to arrive from the banks days or even weeks from the reported loss.

Graham Smith, Volopa’s Managing Director says, “Our approach has been on meeting the challenges that have been identified by our clients both in the corporate and retail sectors. We provide solutions and security which take away the confusion. Our clients are telling us we are making a very real difference to the way they transact foreign exchange and expenses management saving them time and money but above all giving them total clarity and peace of mind.”