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Hidden Costs of Banking
How a manufacturer uncovered $17,760 in annual hidden fees — and saved up to 70% on FX
Industry:Manufacturing
Client:Conveyor systems manufacturer
Region:United States
Hedge Ratio:100%
$17,760
Annual Bank Fees
Up to 70%
FX Rate Savings
~$9,000
Monthly Savings
100%
Hedge Ratio
Background
A conveyor systems manufacturer encountered Monex at a trade show and received an eBook that prompted them to explore alternatives to their banking arrangements for international payments.
Challenge
- Hidden fees from their bank included wire transfer charges and cross-border payment costs accepted as standard
- Limited visibility into actual FX margins being charged
- Monthly bank online access fees of $1,480 going unquestioned
- No benchmark to compare bank FX rates against the market
Strategy
- Monex analyzed monthly bank statements to identify all FX and cross-border transaction fees
- Uncovered significant hidden costs across multiple fee categories
- Provided transparent, competitive FX pricing as a direct comparison
- Implemented full hedging strategy at 100% hedge ratio
Outcomes
- Monthly wire transfer fee savings of $1,300 with Monex
- FX rate savings of up to 70% compared to their bank
- Total monthly savings of approximately $9,000
- Eliminated $17,760 in annual hidden bank fees
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