SATFX Review of 2020

With plans for 2021 being made, I wanted to take a moment to thank you, our customers and partners, for supporting us over the past year. Like many companies, we had challenges to overcome throughout 2020 so on behalf of the whole team at SATFX, we are incredibly grateful you stuck it out with us. Like many of you, we closed our office doors, moved office furniture home, bought laptops and coffee machines and set-up at home. What started as a big concern turned into a great decision, and, contributed to some remarkable achievements!

Before I go into that, I would like to acknowledge those customers and partners for whom 2020 was incredibly difficult and whose businesses did not survive largely to due to circumstance beyond their control. We wish you all well in the future and remain at your service should you need us moving forward.

When planning for 2020, I did not expect this newsletter to feature the accomplishments below which is testament to the hard work, commitment and ability of the team at SATFX. For all the stresses and strains of 2020, I am proud to share what SATFX achieved last year:

  • Revenue Growth – yes, we grew year on year with sales revenue grew up by nearly 10% in 2020 from 2019!
  • First Overseas Office – SATFX Spain launched in October 2020 to support real estate agents, solicitors, lawyers in Spain and British buyers and sellers of property in Spain.
  • Team Growth – appointed an FX industry stalwart as our new “Head of Spain” to manage our Spanish operations and another team member to drive growth within our Institutions Team. James Underhay was also promoted to a Director role in recognition of his contribution to SATFX in the last two years.
  • Created a New Business – SAT Remit was created to develop a money transfer solution for the remittance sector.

Regarding our first overseas office, Spain was the immediate and obvious choice. It has been a hotspot for British holiday makers for decades and has a well-established real estate market.

The key driver for SATFX Spain is our overwhelming belief that the Private Client market for overseas property purchase/sale is still hugely under served both from a cost and delivery point of view – this represented an opportunity for us to inject both our passion and superior level of customer service excellence into the market. As such, we went out of our way to ensure we secured the services of one of the very finest people in the industry to help us build our offering in Europe. Kelly Eason has worked in Private Client foreign exchange for nearly 20 years and knows all there is to know about how to buy or sell successfully abroad. He brings enthusiasm, knowledge and a passion for helping people achieve their dream, so we are very excited about seeing what he can achieve throughout 2021.

Longer term plans include expanding into other European countries and we will look to replicate our customer focused approach throughout the various expat buyers regions. This will ensure we improve the buying or selling experience for 1000’s of couples in the coming years, something we are passionate about.

With Boris having just finished his latest update on the vaccination programme, 2021 will not be without its challenges for businesses and individuals but the future certainly seems brighter than it did at the start of Lockdown v1. The vaccine programme is really taking off now, and we remain optimistic that some form of normality will return in the not so distant future, despite the stubborn second strain putting additional pressure on our already stressed Emergency Services workers and Hospital Staff. To them, we take our hat off!

We are extremely excited about the year ahead and cannot wait to continue serving you, our customers. The goal is simple; deliver an exemplary service and ensure that your overseas payments are as smooth and stress free as possible.

Please get in touch if you would like more information following this update, or, simply to let us know how you are doing despite the current challenges we are all facing. We love to listen!

Kind Regards,

Adam & The SATFX Team