The FX industry in the UK is widely recognised as oversaturated. It's no wonder people dread receiving countless calls from FX providers, all offering variations of the same tired sales pitch.
As markets grow crowded, it compels new innovators to think outside the box and differentiate themselves from the competition. This is precisely why Reciprocal was founded.
The concept of reward schemes has already proven successful for companies like American Express, Tesco, and Costa Coffee, among others. Customers appreciate being rewarded for their loyalty. In various industries, companies are adopting their own reward schemes to provide a tangible benefit to customers.
Reciprocal offers its own distinctive loyalty-point reward program, which turns the mundane task of managing foreign exchange into an engaging and rewarding experience.
Why do we do this?
The elephant in the room
The FX industry in the UK is widely recognised as oversaturated. It's no wonder people dread receiving countless calls from FX providers, all offering variations of the same tired sales pitch.
As markets grow crowded, it compels new innovators to think outside the box and differentiate themselves from the competition. This is precisely why Reciprocal was founded.
The concept of reward schemes has already proven successful for companies like American Express, Tesco, and Costa Coffee, among others. Customers appreciate being rewarded for their loyalty. In various industries, companies are adopting their own reward schemes to provide a tangible benefit to customers.
Reciprocal offers its own distinctive loyalty-point reward program, which turns the mundane task of managing foreign exchange into an engaging and rewarding experience.
How does it work?
Open a free account
The first step is to open an account with Reciprocal. It's completely free, no monthly subscriptions and no obligation to trade a certain amount per year. Most accounts are fully onboarded and ready to trade within a week. This is subject to passing mandatory onboarding questions.
Start making payments
Whether you're exchanging currency to settle overseas invoices, buying a house abroad, or returning foreign revenues. Our simple, easy to use platform caters to all your payment needs. Our platform quotes the exchange rate in real time. So there's no need to email in requesting a quote, only for it to be outdated by the time you receive a reply like with other providers.
Wait patiently
At the end of each quarter we total how much currency you've exchanged during that quarter. This allows us to calculate how many points you're due. Clients earn one point per £20 (or equivalent) exchanged. The loyalty points are then distributed on the first working day of the new quarter. The points are sent via email to an approved email address for the main authorised user of your business. Or for private clients, this will be sent to the approved email address we have on record for you.
Start spending
The email will detail how many points you've earned for the previous quarter and provide instructions to access our reward marketplace. Once on the marketplace you will see your GBP value to spend. Simply select a brand you like, redeem against them and you will be granted your digital gift card to use for that brand either online or in their store.
The boring bit
Reciprocal offers a loyalty points program, granting one point for every £20 (or equivalent) converted in settled transactions. Please note that loyalty points are not applicable to outstanding amounts awaiting exchange, such as those in forward contracts. Reciprocal retains the right to retract loyalty points if there is evidence of operational malpractice by a business or private client, including but not limited to money laundering, hacking, phishing, fraud, or any illegal activities. It's important to emphasise that the loyalty points awarded by Reciprocal are non-transferable and cannot be redeemed for cash or the equivalent value in any currency. Points are distributed to clients at the conclusion of each quarter, and under no circumstances will clients receive points before their scheduled allocation.
Where can I spend my points?
Follow the link below to see a list the list of brands you can access.
*As new brands come onboard, we periodically update this list to reflect these changes . You may find the actual reward marketplace has more, or less than the list below*.
We assist businesses in transferring funds globally, offering a truly unique, reward-centric solution with a dual commitment. Making your international payments better for you and better for our planet.
Reciprocal Payments Limited. Company registered in England and Wales No. 15217588
Payment services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508)
