Tails Clothing Case Study

“We were at the mercy of (the banks') uncompetitive exchange rates, and were paying a hefty fee for the privilege.”
tails clothing logo
Tails', a classic menswear retailer, began life as a vintage clothing stall in a Cardiff antique market. Managing Director, Joshua Williams grew up with the business. “My father, Mark, founded the company in 1979. When I left university, returning to run Tails' was a logical step – I’ve been involved in it all my life.”

Tails' imports clothing from Mainland Europe (France, Italy & Spain) and also from Norway. The premise is based on the authenticity and heritage of the clothing, and where it comes from. As Tails' imports from these regions, they are exposed to GBP/EUR & GBP/NOK currency movements.

The Challenge

  • All of Tails' international payments were being transacted through their local bank, who offered poor exchange rates, unfair fees and unacceptable levels of service
  • Joshua slowly became frustrated with his bank and decided to explore alternatives for their international payments
  • Joshua was looking to find a company that could offer his small business the exchange rates, fees, risk management products and service usually reserved for large companies.
"As a small company, it was frustrating to have to spend twenty minutes on the phone to our bank every time we needed to make foreign currency payments."

Solution

  • Joshua did an online search and came across OFX
  • After undertaking some research, Joshua contacted one of our Corporate Dealers who walked him through the registration process, asked him questions about Tails', discussed his FX requirements and then quoted him an exchange rate based on an upcoming payment
  • Joshua decided that OFX was a good fit for his business and switched all future international payments to OFX
  • Joshua continues to use our service to make spot transactions to Euros and Norwegian Krone. OFX also manages Tail’s foreign exchange risk, reducing its exposure to unanticipated changes in exchange rates.
“We’ve since switched to OFX, which allows us to pay our suppliers online and at good exchange rates. It’s been a far easier process, and the team has been friendly and helpful”.

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