Private Client FAQ’s
If I decide to open a Foreign Exchange account, how much will it cost and how much will I pay for any currency purchased?
There are absolutely no costs or obligations associated with opening an account with us.
Once you have opened an account, if you decide to go ahead and purchase currency from us, there are a number of payment methods we accept for your convenience:-
- Bankers cheque, there is a 5 working day clearance period before we can release your currency.
- Online transfer, there is generally a 3 working day clearance period stipulated by banks and most set a daily limit of £10,000 but check with your bank as this can vary.
- Bank transfer, this is a same day transaction but can incur bank transfer costs.
- Unfortunately for legal reasons, cash is not an accepted payment method.
- Because time zones are country specific, transfer times are dependent on the banking hours of the destination you are transferring currency too and from.
- Currency transfers in the US and Western Europe generally take 1 to 2 days.
- Currency transfers outside of the US and Western Europe generally take up to 3 days.
- If payments are transferred from an overseas bank account, it usually takes 3 to 5 working days to be processed.
How long do currency transfers take, how much does it cost for me to transfer the cleared funds and is there a minimum transfer amount?
On receipt of cleared funds, currency will be sent electronically to the bank account of your choice. We do not charge for currency transfer services, however for transfers below £5,000.00, we reserve the right to charge an admin fee.
How safe is my money?
The simple answer is very safe. Your funds are held in a personalised and secure client account, which is used to bank funds until such time that we receive written confirmation from you specifying where you would like your funds to be transferred. We do not use your money to speculate on the currency market.
Will I work with a dedicated dealer and can you watch the currency markets on my behalf?
You will be assigned your own Foreign Exchange Dealer who will actively monitor the currency market on your behalf. Our “rate watch” service also allows you to set limit orders if favourable market movement occurs or if you wish to realise a specific rate that you can indicate in advance.
For more information click here