LEO Pricing
Lowering Exchange Overheads for SMEs
LEO is August Exchange’s transparent pricing framework, designed to give businesses clarity over their foreign exchange costs and confidence in how pricing is calculated. No hidden margins. No unclear spreads. Just straightforward pricing aligned to your FX activity.
Transparent Framework
LEO was created to remove uncertainty, helping businesses see how FX costs are structured, what margin applies, and how pricing improves as your business and trading volumes grow.
How FX Pricing Works
When you exchange currency, the rate you receive includes a margin applied to the underlying market rate. This margin covers:
- Execution
- Infrastructure
-
Risk management
-
Service & support
Under LEO, this margin is clearly defined and disclosed upfront, rather than embedded or obscured within the exchange rate.
What LEO Changes
Traditional FX pricing often varies transaction by transaction, making it difficult to forecast costs. LEO introduces:
Defined pricing tiers
Know exactly where you stand.
Consistent margins
Fair pricing on every trade.
Clear visibility
This allows businesses to better understand, compare, and plan their FX expenses.
LEO Pricing Tiers
Your pricing tier is determined by annual FX volume, reviewed periodically to ensure it remains appropriate.
| Tier Name | Annual FX Volume | FX Margin | Description |
|---|---|---|---|
| Core | £0 – £500,000 | 0.65% | Designed for businesses with occasional or lower-volume FX requirements. |
Growth | £500,001 - £1,000,000 | 0.55% | For growing SMEs with regular international payment needs. |
Scale | £1,000,001 - £3,000,000 | 0.45% | For established businesses managing ongoing FX exposure. |
Enterprise | £3,000,001+ | ≤0.35% | For high-volume or complex FX requirements. |
Transparent Pricing Notice
All FX rates shown to clients are derived from wholesale market prices provided by our regulated liquidity partners, with the tiered markup applied. Pricing applies to spot conversions.
Forward Contracts, Market Orders, exotic currency pairs and one-off transactions may carry additional liquidity adjustments. Full pricing schedules and personalised quotes are available upon request and will be agreed to before trading.
Currency Groups & Liquidity
Some currencies have different liquidity profiles, settlement windows and market spreads. To maintain transparency, we group currencies into three bands:
GROUP A
Major Currencies
USD, EUR, GBP, CHF, CAD, AUD, NZD, JPY, AED, CNY (CNH)
GROUP B
Liquid Minor Currencies
SEK, NOK, DKK, HUF, PLN, CZK, SGD, HKD, RON, BGN, TRY, ZAR
GROUP C
Exotics & Emerging
Priced individually due to volatility and settlement risk.
Forward Contracts & FX Risk
Forward Contracts
Forward pricing is specific to each client and transaction. It consists of the prevailing spot rate, forward points for the chosen currency pair and settlement date, and the agreed FX margin.
Forward points reflect interest rate differentials between currencies and are market-driven.
A deposit may be required, typically between 3-10%, depending on the currency pair and tenor.
Market Orders
Market orders allow clients to target a specific exchange rate. If the market reaches the chosen level, the transaction is executed at the agreed FX margin plus an execution fee.
Execution is subject to market conditions and liquidity at the time the order is triggered.
Reviews & Fair Value
Pricing tiers are reviewed periodically to ensure they remain appropriate:
If your FX activity increases, your pricing may improve accordingly.
If volumes reduce or transaction patterns change, pricing tiers may be adjusted to reflect actual usage.
IMPORTANT REMINDER
August Exchange is not a bank or payment institution. We work with a network of regulated FX and payment partners to deliver services. All FX transactions are executed by regulated counterparties, with pricing applied in line with agreed terms and disclosed margins. Full terms, costs and transaction details are provided prior to execution.
Review Your FX Pricing
If you’d like to understand how your current FX costs compare, we’re happy to walk through it with you based on your LEO results.