Bank errors cost £100 million

A survey of UK companies by London-based foreign exchange specialist Travelex found companies are forced to waste time and money chasing lost or delayed international payments.

According to the research, 36% of businesses experience problems with their international business transactions, more than half of which are caused by the businesses’ incumbent banks. Despite these banking errors, 17% of companies were charged additional fees to rectify the problem.

The subsequent costs and charges