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Small companies are losing out on an estimated £1.7 billion a year because they are not shopping around for the best foreign exchange rates.

Most small companies simply accept the rates offered by their bank, and don’t bother looking around for more competitive quotes, according to research by Moneycorp.

“Our research has found that SMEs are missing out on a worrying amount by transferring money overseas through banks, rather than a foreign exchange specialist. Businesses could be saving over £2,000 on each transaction and over £16,000 per year by shopping around for the best rate,” stated Moneycorp’s Dealing Manager, Mark Deans.

“The continuing volatility of the pound against other major currencies highlights that these businesses should be doing everything in their power to not only mitigate against risk, but also cut back on costs of trading.”

There are an estimated 120,000 UK SMEs trading in the import/export market.