Ian Wilson, 28, manages the Corporate Dealing desk at currency broker World First. He lives in Tooting, South London, and is an avid American sports fan.
I am responsible for…
I manage a team of 6 and together we look after more than 4,000 clients. They are mainly small to medium sized businesses and I ensure that they are getting great currency deals and fantastic customer service. I also personally look after 50 larger clients and help them to convert currency.
Most of the foreign exchange transactions that we do are online. However, my team and I talk regularly with many of the clients that we look after to keep them informed of any possible opportunities to book contracts or to tell them of any big events that could affect their business, like Brexit. This is because fluctuating exchange rates can impact the cost of doing business internationally or the revenue generated from overseas sales.
A currency broker is…
The interbank market is the top-level foreign exchange market where banks exchange different currencies. Major banks often handle very large foreign exchange transactions often worth billions of dollars. Individuals and small businesses – because of their size – cannot access this market to get the best rate.
As World First is a bulk buyer of currencies – my team alone can handle billions in currency transactions every year – we can typically buy currency at a rate closer to the interbank rate than most other operators. This means that we can then give our clients an exchange rate that is more competitive than individuals and businesses can typically access via their bank. We combine that with fantastic customer service to give our clients a great experience that they value and come back to. The alternatives are the high street banks and other currency dealers that can often charge high fees or offer a less competitive rate.
I got my job…
After graduating from Durham University with a law degree and travelling, I found myself living at home with my parents in rural Somerset. I was in a catch-22 situation. I wanted to start my career in finance but I was living miles away from London. I was offered an internship at a tech start-up and moved. While interning I applied for a number of finance roles. Even though I was offered a job at the tech company where I was interning, I decided to join World First in a back office role because I really wanted to work in finance.
The worst part of my job…
Delays. There are some events that are out of our control, which means that currency transfers can take longer than expected. Currency transaction times can vary and though we would like everything to be instantaneous, we have to manage our clients’ expectations.
The best part of my job…
I really enjoy speaking to and engaging with our clients. We talk about markets, their businesses as well as their personal lives. I specifically like working in the currency markets because it is so global and you have to keep abreast of political and economic developments because they can, and often do, influence foreign exchange rates and in turn the businesses we look after.
The most memorable day…
It was the day after the EU referendum vote. I knew it was going to be a busy day but I got up in the middle of the night, which is very unlike me, and I saw that the FTSE was down. I was shocked. So I put on the news, saw the likely result was that the UK would vote out, and jumped into a taxi and was in the office by 5.15am. There were already a number of people in the office. Our office opened at 6am that day and until about midday it was non-stop. Since I started to work at World First I have experienced first-hand the results of the Greek Debt Crisis, the General Election and the Scottish referendum – but this was very different. We had a whole range of conversations with our clients that day and helped them understand the impact on their business. It was interesting to feel the effects of Brexit with such immediacy.
Further reading: One month after the referendum: where does the Brexit vote leave us?
After work I enjoy…
My parents moved to Montreal in Canada when I was young – which is where I got into softball and I play on a regular basis with friends in Regent’s Park or Hampstead Heath. I am also an American sports buff and I enjoy watching baseball, American football and basketball.