Frequently Asked Questions

If you have further questions, simply call us at 0845 366 1152 and we will be more than happy to help.

How does the service work?

Once you have opened a trading line with us you are under no obligation to trade. Transactions are booked in over the telephone and you will receive a confirmation for your payment via e-mail, fax or regular mail.

Once we receive cleared settlement for the payment, we will release the funds to your beneficiary.

Many of our customers choose to use a ‘forward contract’ to secure a favourable rate now for a date up to 12 months in the future. With a low deposit you agree to make a payment on a future date, at a fixed rate. No matter what happens to exchange rates in the meantime, your fixed rate does not change.

What rate of exchange will I get?

Unlike many agents who may quote an average or estimated conversion rate, we quote ‘live’ rates. There are no transfer fees for payments and because foreign exchange is all we do, we can beat the ‘tourist rate’ and quote more competitively than high street banks or other sources.

Do I have to pay the full amount upfront?

No, we will secure the rate on your behalf and then you can send us settlement for the transaction.

If you fix a rate on a forward contract, we require a small pre-payment to guarantee the rate. You will only pay for the funds as you use them through the length of the forward contract.

We accept the following methods of settlement:

Direct Debit Hold - THIS IS FOR REGULAR PAYMENTS

With this method of payment, all your transactions can be completed by direct debit. The direct debit is cleared through your bank prior to the release of your payment, which takes five working days.

Direct debit dates are the 1st, 7th, 14th, 21st and 28th of each month.

Cheque

We will arrange for prompt clearance of your cheque, this takes 5 working days from the date we receive your cheque.

CHAPS

You can arrange a CHAPS payment through your bank to be paid into a Western Union account. Your electronic transfer or draft payment will be released immediately on notification from our bank that the funds have been credited.

BACS

A BACS payment can be organised through your bank to be paid into our account. We normally receive this within 3 working days from the date you initiate the BACS. Payment will be released immediately upon receipt.

PLEASE NOTE THAT WE ARE UNABLE TO ACCEPT CASH FOR ANY PAYMENTS

How long does it take to set up a trading line?

Accounts are usually set up within 24 hours. If we need any further documentation to support your application, we will contact you to let you know.

Once set up, we can lock in rates for you immediately and walk you through the next steps of making an overseas payment. We can also provide you with rate trackers to keep an eye on the market for you if you have a target rate or even discuss our forward contract offering which allows you to a secure a rate today for a date in the future.

What is money laundering?

The term ‘money laundering’ describes the various methods used by criminals to disguise the proceeds of their activities. This includes placing the money in a financial product, often using a false identity, before transferring it into other accounts where it becomes difficult to trace. We have a legal and moral duty to prevent accounts being opened in false names. The fact that we ask for proof of identity does not mean you are suspected of money laundering. The checks apply to everyone, helping to protect you and your property.

Why do you have 0845 numbers and not localised numbers?

This is in case of an emergency where our offices have to be evacuated. All our 0845 numbers can be re-directed to anywhere else in either the UK or overseas. We believe this better serves our customers. We do have localised numbers for those who are outside of the UK.