Help & FAQs
When it comes to foreign currency exchange or international payments, you want to make sure all your questions are answered and any concerns are addressed. Listed below are some of the most common questions asked by clients, but feel free to contact us if your question is not answered or shown.
Why should I use a currency exchange specialist?
They will normally save you money because they purchase large quantities of currency every day, they can obtain rates that are not easily available to individual buyers or businesses. They also give you a dedicated, tailor-made service to make things as easy as possible for you.
Will the exchange rate be competitive with high street banks?
Better! In fact, usually they will give you a rate up to 5% better than the big banks.
Will I have to pay any fees or commission?
No. Unlike the banks, who will charge you as much as 2%, they don’t charge any fees or commission when you buy currency. However, you may have to pay some small charges. For example, if you want to send funds of less than £50,000 you’ll need to pay a £10 transfer fee.
How do we know when funds have been sent?
They will send you a Proof of Payment (costing £10), by email, fax or post, so that you know that the funds have been sent by priority transfer. For complete peace of mind, you can ask for confirmation by SMS text (costing £2.50).
How do we send our funds to a currency exchange specialist?
The way you pay for a transaction will depend on how urgently you need the currency. If you need it within the normal two-day settlement period, you’ll need to arrange a telegraphic transfer via Chaps/Swift. Otherwise, payments by BACS take three days to clear. If you’re happy to wait a few more days, you can make sterling payments by cheque and they will provide the currency on the seventh working day after we have received your cheque.
How do we receive our currency?
They will send your funds by priority telegraphic transfer directly into the appropriate bank account, anywhere in the world. This is the quickest, safest and most effective way to transfer funds.
Can we keep money on account with a currency exchange specialist?
Yes. This can also help to speed up time scales when exchanging currency and transmitting funds.
Can we take control of the markets rather than them controlling us?
You’ll need to talk to your currency broker about this, but yes, you can use Forward Contracts, Stop Loss Orders and Limit Orders to help take control of fluctuating currency exchange rates.
How do I know my funds are safe?
Currency exchange specialist are authorised by the Financial Conduct Authority (FCA) for the issuing of electronic money under the Electronic Money Regulations 2011 [FRN 900204]. The FCA ensure that they are properly organised and funded, and that they have proper arrangements in place to protect your money so that in the unlikely event that they experience financial difficulties your money is protected.
As an authorised firm, they must safeguard your money. This means it must be kept in segregated client accounts, separate from their own funds.
Ensure that you only deal with banks and brokers who are authorised by the FCA or the Prudential Regulation Authority and have accounts are fully audited by chartered accountants and independent auditors.