SITU, the global serviced apartment provider, has launched a new service that enables customers to lock in to long-lead prices on overseas serviced apartments, despite the fluctuations in international markets.
Introduced to give its clients complete certainty on long-lead prices, the new service enables SITU’s clients, which range from PAs and individuals to FSTE 100 companies, multi-national insurers, travel management companies and corporate relocation specialists, to budget with confidence.
Provided by foreign exchange and international payments specialist Frontierpay, the new service enables SITU to eliminate currency risk in its booking process through the use of hedging. This allows SITU to purchase currency that will be needed in the future at the current rate of exchange, avoiding currency depreciates should the strength of the pound fall on the international markets.
The relationship with Frontierpay also gives SITU access to a wider range of currencies and more competitive exchange rates, as it leases and maintains a growing number of properties around the world.
Phil Stapleton, Managing Director of SITU, said: “Our business requires us to work with customers from all around the world, which means we are dealing with a vast range of currencies on a daily basis. By working with Frontierpay, we open up a wide range of possibilities in previously unexplored territories, enabling us to offer an expanded international offer to our customers.”
He added: “A typical transaction for us could involve a customer in New York deciding in June that they want to book an apartment in Paris in September. We will quote a price in June, but that could be subject to fluctuations in the exchange rate in the interim period. While we’d always look to absorb this cost, there comes a point where that has to be passed on. By working with Frontierpay to lock in the exchange rate in advance, that risk is removed. This means customers are no longer affected by exchange rate fluctuations, guaranteeing that the price they are quoted is the price they get.”
SITU is an award-winning, accredited, serviced apartments provider. It specializes in providing properties for stays of three nights or longer in over 500 locations internationally.
Predominately focused on providing corporate long stay accommodation solutions, SITU’s client-centred approach and delivery of bespoke technology solutions has resulted in the business becoming one of the fastest growing companies in the sector.
SITU has access to over 36,000 serviced apartments globally. Last year alone SITU managed over 25,000 bookings for clients in Europe, North and South America, Asia and Oceana as well as in Africa.