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Frequently Asked Questions about Foreign Exchange

Below is a list of Frequently Asked Questions including details on how to open an account

How do I get my money to the currency company?
The quickest way to send your fund is by Chaps transfer at your bank which is instantaneous but chargeable.  Alternatively you can use internet banking, BAC’s transfer, or you can send a cheque.  You obviously need to wait for your funds to clear before the transfer of your funds!

How do I know my money is safe?
Funds are usually placed into a Segregated Client Account, similar to ones used by Solicitors when handling a property sale.  In addition each transaction should be backed up by indemnity Insurance.

I do not need the currency yet but I would like to book the rate now?
If you do not need the currency now, but the current rate is favourable, the rate can be fixed for up to 18 months in advance, taking away the risk of the rate fluctuating against you and helping you plan for the future a little easier.

How long will it take to get my currency?
Once we have received your funds we will transfer your new currency by Urgent International Transfer.  This can show as cleared funds within a matter of hours but can also take up to 48hours, which is all dependent of the receiving banks clearing system.

If you do not charge any commission how do you make any money and remain competitive?
Simple. Because of the sheer volume of business that we transact it allows our client to access wholesale rates.  We do not need to charge commission because we make our money on the margins between what we’ll buy and sell at, and still beating the rates offered by the banks by up to 5%!

So are the no additional charges to pay at all?
The only extra charge you will have is £15.00 to transfer the currency to the receiving bank.  But if you transfer the equivalent to over £20,000, transfers will be completely free!

I only need to transfer a small amount of money to pay bills each month.
ROPS! Regular Overseas Payment Scheme is designed for any one needing to transfer a small amount monthly bi-monthly or quarterly.  You can still make a saving on the exchange rate, fix the rate for 12 months and each transfer is reduced from £15 to £5.  All you need to do is let us know how much you need to transfer set up a standing order with your bank and let us know where you would like us to transfer the funds.

I don't need to buy the currency yet and I am hoping to achieve a better rate than is available now, what should I do?
Let us know what rate you are hoping achieve and we will put a Limit Order in place.  If the markets go in the right direction and rate you have targeted becomes available at any time, the limit order will be automatically executed and your currency bought.