Close Menu
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing & Mental Health
  • Marketing
  • HR & Recruitment
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
X (Twitter) LinkedIn YouTube
Trending
  • Is Your Business Really Protected? What SME Directors Often Overlook
  • Why AI Is Not Your Bookkeeper
  • One In Five SMEs Fear They Could Close Over Problems Paying Tax
  • AI Literacy is Now an Essential Human Skill as Tech Rapidly Reshapes the UK Workforce
  • Growth against the odds: How to seize new opportunities in challenging times
  • Background Screening Expert Warns Energy Sector To Review Screening Processes As Projects Accelerate
  • What Business Leaders Demand from the Incoming Burnham Government
  • The hidden productivity leak inside SMEs
X (Twitter) LinkedIn YouTube
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing
  • Marketing
  • HR & Recruitment
  • Travel
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • Twitter
  • LinkedIn
  • YouTube
  • RSS
You are at:Home»Finance»FX Brokers Pocketing Nearly £1,000 Per Transaction From SMEs, New Data Shows
foreign exchange

FX Brokers Pocketing Nearly £1,000 Per Transaction From SMEs, New Data Shows

1
Posted By sme-admin on August 28, 2025 Finance

This year the FCA has explicitly labelled hidden FX markups imposed by legacy brokers as poor practice rooted in poor communication – yet new data analysis from borderless foreign exchange platform Glyde has revealed the true scale of the issue worldwide for smaller businesses.

Analysis of more than 3,400 past transactions over the last three years via Glyde’s free FX rate calculator reveals how much traditional brokers are skimming from global and European trades, often far exceeding what is disclosed to their unknowing customers.

The analysis reveals that businesses globally are losing an average of £992.20 per transaction due to hidden FX markups, based on the average transaction value of £222,025.93, a figure which has been found to balloon depending on the currency involved.

Transactions involving the Canadian Dollar (CAD) were found to result in the highest losses for businesses globally, with an average of £1,752.97 per trade, due to a 2.1% markup charged by third-party brokers. The South African Rand (ZAR) also fared poorly, with an average skim of £1,459.99 per transaction

The Top Five Costliest Currencies For Hidden FX Fees, Globally 

Average amount (in GBP) skimmed per transaction by third-party brokers.

CURRENCY NAME

AVERAGE SKIM IN GBP

Canadian Dollar

£1,752.97

South African Rand

£1,459.99

British Pound Sterling

£1,305.01

United States Dollar

£1,246.74

Swiss Franc

£908.34

 

The Top Five  Currencies For The Biggest FX Markups, By Percentage

Currencies hit with the highest average hidden percentage fees from third-party brokers.

CURRENCY NAME

AVERAGE SKIM BY PERCENTAGE

Canadian Dollar

2.1%

United States Dollar

1.6%

Swiss Franc

1.5%

Australian Dollar

1.4%

British Pound Sterling

1.3%

Within Europe, the data shows that SMEs are still far from immune to excessive FX skimming; with the three worst affected currencies being the Euro (EUR), British Pound (GBP) and Swiss Franc (CHF).

Transactions involving the British Pound (GBP) top the European list, with an average hidden skim of £1,305.01 per trade, the equivalent to a 1.3% markup, despite the currency’s widespread use in cross-border European commerce. The Swiss Franc (CHF) follows closely, with average losses of £908.34 per transaction and a 1.5% markup, while the Euro (EUR) – the continent’s most widely traded currency – still sees an average of £799.28 skimmed from each trade, representing a 0.9% markup. These findings underline that even in some of the world’s most tightly regulated markets, SMEs remain exposed to systemic FX markups that severely harm small businesses, despite legacy brokers claiming their services carry no ‘hidden fees’.

The Top Three Costliest European Currencies For Hidden FX Fees

Average amount (in GBP) skimmed per transaction by third-party brokers.

CURRENCY NAME

AVERAGE SKIM IN GBP

British Pound Sterling

£1,305.01

Swiss Franc

£908.34

Euro

£799.28

 

The Top Three  European Currencies For The Biggest FX Markups,By Percentage

Currencies hit with the highest average hidden percentage fees from third-party brokers.

CURRENCY NAME

AVERAGE SKIM BY PERCENTAGE

Swiss Franc

1.5%

British Pound Sterling

1.3%

Euro

0.9%

The research has been revealed to give SME’s and entrepreneurs visibility into the hidden costs of broker based foreign transactions, offering a real-time, transparent breakdown of exchange rates and markups. The data spans transactions made between September 2022 and July 2025, with an average transaction value of £222,025.93, a common threshold for international B2B payments.

CEO and Founder of Glyde, Ellis Taylor, a former corporate FX broker, saw first-hand how the ‘dark arts of FX’ – opaque rates, inflated margins, and industry compliance flaws – quietly strip profitability from SMEs. Drawing on over three years of direct engagement with SMEs FX workflows, Taylor launched Glyde to challenge the status quo – delivering full transparency for customers, cutting out unnecessary middlemen, and openly challenging the unethical practices entrenched in the global currency exchange industry.

Ellis Taylor, CEO and Co-Founder of Glyde, said:

“This analysis is about pulling back the curtain and showing businesses exactly what they’re up against. Transparency shouldn’t be optional – it should be the baseline.

“Every day, SMEs are being quietly short-changed by outdated FX systems. They trust their brokers, but what they’re not seeing is that skim, sometimes thousands of pounds, disappearing from their pockets into those of the brokers. This flies in the face of the FCA’s own guidance on pricing transparency under Consumer Duty. At Glyde we are taking a stand against the murky world of FX, full of hidden fees, vague rates and unnecessary middlemen.”

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Why AI Is Not Your Bookkeeper

One In Five SMEs Fear They Could Close Over Problems Paying Tax

Growth against the odds: How to seize new opportunities in challenging times

1 Comment

  1. Pingback: No Hidden Commission: What SMEs Should Expect From Brokers | Enerbiz

Follow SME Today on Linkedin and share all the topics you find interesting
Porsch Reading – Find Your Perfect Business Partner
Mastermind9
Events Calendar
    November 26, 2026 10:00 am

    South West Expo Swindon

    October 14, 2026 10:00 am

    Thames Valley Expo Reading

  • Marketing
June 25, 2026

How Brands Can Rank in AI Search Without Buying Ads

June 23, 2026

How To Market A Restaurant

  • Finance
July 17, 2026

Why AI Is Not Your Bookkeeper

July 16, 2026

One In Five SMEs Fear They Could Close Over Problems Paying Tax

  • People
July 8, 2026

A Champion of Business, Networking and People

June 20, 2026

It’s Award Season For The Fd Consultant!

  • Health & Safety
July 14, 2026

Terror Attack Prevention: Swindon Health And Safety Expert On Martyn’s Law

July 13, 2026

Could Your Workplace Save A Choking Colleague Before The Ambulance Arrives? 

  • Events
June 29, 2026

Great British Expos Postpones South West Expo Due to Extreme Heat Forecast

June 16, 2026

Why Every SME Needs an AI Strategy — Not Just AI Tools

  • Community
June 19, 2026

Founders charity dinner set to raise funds for epilepsy care

June 17, 2026

Award-Winning Charity Launches New Initiative To Connect Local Organisations

  • Food & Drink
June 23, 2026

How To Market A Restaurant

June 23, 2026

From Corporate Comfort to Cultural Opportunity: The Bunta Beer Journey

  • Books
June 2, 2026

Build a Business So Good You’d Be Mad to Sell It

January 21, 2026

The CEO Mirage: Exposing the hidden traps that take smart leaders down

The Newsletter

Join our mailing list for the best SME stories, handpicked and delivered direct to your inbox every two weeks!

Sign Up
About

SME Today is published by the same team who deliver The Great British Expos’. We have been organising various corporate events for the last 10 years, with a strong track record of producing well managed and attended business events across the UK.

Join Our Mailing List

Receive the latest news and updates from SMEToday.
Read our Latest Newsletter:


Sign Up
X (Twitter) YouTube LinkedIn
Categories
  • Books
  • Business
  • Community & Charity
  • Education and Training
  • Environment
  • Events
  • Features
  • Finance
  • Food and Drink
  • Health & Safety
  • HR & Recruitment
  • In Profile
  • Legal
  • Marketing
  • News
  • People
  • Property & Development
  • Sponsored Content
  • Technology
  • Transport, Travel & Tourism
  • Wellbeing & Mental Health
Magazine Information
  • About SME Today
  • Editorial Submission Guidelines
  • Advertising
  • Privacy
  • Contact
Copyright © 2025 SME Today.
  • About SME Today
  • Editorial Submission Guidelines
  • Advertising
  • Privacy
  • Contact

Type above and press Enter to search. Press Esc to cancel.

Subscribe Now!

Sign up for a FREE subscription and receive the latest news, features and updates from SMEToday:

I am interested in:
 

Thank you for subscribing to SME Today! We're thrilled to have you join our community. To complete your subscription, please check your email and click on the confirmation link. If you don’t see the email in your inbox, be sure to check your spam or junk folder. We look forward to sharing exciting news, updates, and exclusive content with you!

Join our mailing list to receive the latest news and updates from SMEToday
Read our Latest Newsletter: