How do I save money with a currency broker?
Foreign Exchange brokers usually guarantee to quote you a better exchange rate than your bank. Savings are usually from 0.25% up to 4% of the amount being transferred.
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Do Foreign exchange brokers charge commission?
No, The foreign exchange providers listed never charge commission and there are no other hidden fees or account charges apart from payment charges for smaller transactions
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Will I be charged a transfer fee?
Personal transfers
Some Foreign Exchange providers will give you one free international payment with every transaction over £5,000. Fees for payments under £5,000 or additional payments on transactions over £5,000 are usually subject to a £15 - €22 - $29.charge.
This is less than almost all banks, which usually charge up to £40. They also try to avoid correspondent and receiving bank charges in most countries. This can save you a considerable amount in certain countries.
Business transfers
Foreign Exchange Providers will usually agree a bespoke payment fee structure with you depending on your payment volumes ranging from £0 to £15.
They also try to avoid correspondent and receiving bank charges in most countries. This can save you a considerable amount in certain countries.
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What is the minimum amounts can I transact?
This ranges but as low as £100 but it depends on the foreign exchange provider. Also around the same amount are available for customers making regular transfers or by special request.
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How do I open a currency trading account??
Private Clients
Before a transaction can be done you would either need to accept the foreign exchange brokers onliine Terms & Conditions or complete or sign and return our Terms & Conditions together with:
a copy of your passport or driving licence. a copy of a recent bank or credit card statement or utility bill issued in the past 3 months.
Corporate Clients
Before a transaction can be done you would either need to accept the foreign exchange brokers onliine Terms & Conditions or complete or sign and return our Terms & Conditions together with your certificate of incorporation. If you are an Unlimited company they will require a copy of a company utility bill and a copy of the passport or driving licence of the person authorising transactions.
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What security do you have and are foreign exchange brokers regulated?
All foreign exchange brokers are regulated by HM Customs & Excise as a Money Services Business.
Also as from Nov 2009 all foreign exchange brokers have 2 years to register and will be authorised and regulated by the Financial Services Authority ("FSA") to provide advice on and execute trades in derivatives.
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How long does a currency transfer take?
This depends on the currency you are sending us, the currency you are buying, the bank you use and the amount.
But on average can be done on the same-day payment on receipt of your inward payment and this should arrive the same day or next day.
Buying other currencies: Once we have received your funds, allow 1 to 4 days for your funds to reach the recipient. e.g for East Caribbean Dollars please allow 4 days.
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What currency exchange rate will I get?
The rate will depend on the amount being transferred and the date you want the funds to arrive. The rates on from the foreign exchange companies listed will quote you an exchange rate closer to these mid rates.
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Can I fix an exchange rate for a future date?
Yes, this is called a "Forward Transaction". You can fix a rate today for any date from 1 week up to 2 year in the future. A deposit may be required for forward transactions and you pay the balance 1 day before the pre-agreed future date.
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Tags foreign exchange | brokers | foreign exchange providers | regular transfers | money service | same-day payment | money transfer | currency exchange | currency transfer
