The challenge
Expense of receiving and sending international payments
Hotel Barge Luciole is a family run business that provides scenic cruise holidays along the Nivernais Canal in Burgundy, France.
The business was founded in 1976 by John Liley, former editor of a leading British yachting magazine and author, whose books include ‘France – the Quiet Way’, an exploration of the entire French canal and river system. The journeys that formed the basis for the book inspired John to establish the present hotel-barge business with the vineyards, chateaux, and medieval market towns of the Nivernais cruising area at its centre. Penny Liley joined the business in 1986 and since John’s retirement Penny is now responsible for the overall running of the business with son Will.
“One of the main issues for a small business such as ours,” says Penny, “is that we regularly receive payments in US dollars and euros. We then need to exchange that into local currency before we can send it to our business bank accounts and suppliers in France and the UK. The same issue is faced by some of our clients, who incur money transfer costs when paying for their cruise.”
Penny added, “We had originally managed this through our UK bank with receivables going straight into the account and transfers then made to France. However, this was costly because we were being offered non-competitive exchange rates and the transfer fees were potentially eating into profits and affecting cash flow.”
The solution
Holding accounts and international payment services
After speaking to Convera’s currency experts, Hotel Barge Luciole realized there was a less expensive yet more efficient way to handle their international payments. By taking advantage of Convera’s global banking network, the business was able to receive and transfer funds directly to and from Convera’s holding balance accounts, ensuring it received up-to-date and competitive exchange rates and no transfer fees.
“For our American clients and agents, we can now provide them with a bank based in the United States, rather than only offering them an option that incurred charges when sending us their payments in the UK” said Penny.
The results
Efficiency, reduced costs, and increased customer satisfaction
Since engaging with Convera, Hotel Barge Luciole has benefited from greater efficiency, reduced costs and increased customer satisfaction.
“The relationship with Convera works perfectly for our business” says Penny. “I have a great relationship my account managers, and the time and cost savings have been vital for us as a small fish in a big pond. They are readily available by phone and email and always take the time to explain the current exchange rates, currency fluctuations and how these could impact any payments due.”
Penny added “I have always found the Convera team to be very personable, and not just individuals in an office. They always have the best interests of my business in mind.”
I have a great relationship my account managers, and the time and cost savings have been vital for us as a small fish in a big pond.”
Penny Liley
Owner, Hotel Barge Luciole
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