On 7 March 2018, BFC Bank launched for the first time in the UK as a Specialist Provider of International Payments and Multi-Currency Accounts, for Small to Medium-sized Enterprises (SMEs).
BFC Bank is the latest bank to launch in the UK and provide reliable, safe banking services for SMEs. International payments, multi-currency accounts and foreign exchange (FX) are BFC Bank’s core competencies.
BFC Bank is not another so-called ‘challenger bank’, it definitely challenges perceptions about how banking for SMEs should look, but it is not new.
Your Questions Answered
BFC brings more transparency and fairness to the SME market when it comes to international payments.
Do you consider yourself a challenger bank?
No, we don’t consider ourselves another challenger bank. We are definitely challenging perceptions about how banking for SMEs should look. We are not new and have entered the market to specifically service the SME segment. We are part of an established Group with a proud 100-year history.
Why do SMEs need a new bank for international payments as opposed to the payment services they can get from the already existing banks?
SMEs need help controlling costs, we offer transparent pricing and margins together with innovative fees.
How specifically is your service different/better than what the established players offer?
Each client is provided with an experienced dedicated relationship manager who will meet them regularly to ensure that high services are maintained. There is additional support from an expert payments team.
Is it any cheaper?
We offer low international payment fees and favourable FX spreads.
How long have you been operating in the UK and how many SME customers do you have today?
We have only just launched and will now start onboarding SME clients.
Do you plan to expand your offering, for example into trade finance?
We will provide loans and overdraft facilities for trade purposes. If an importer or exporter has a gap in their trade cycle, then we will look to assist. It is early for us to think about more complex trade products given that we have just launched – however, it is something we will consider. To provide trade products will be a goal for us but it is interesting to watch the blockchain developments and how they will play a part in international trade.
Does the fact that you are a Bahraini bank have any influence on your focus and approach?
We are a UK bank authorised by the PRA and regulated by the FCA and the PRA. We are part of a Group (BFC Group) that has its origins in Bahrain and that go back 100 years. We help small businesses find ways to solve problems. Our people are creative and driven to solve problems for customers as if it were their own business.