Our preparations and expectations for Brexit/UK leaving the EU
Over the past two and a half years Currency UK has been making preparations for the UK’s withdrawal from the European Union (EU). As the end of March 2019 and there are still many possible leave scenarios, we want to make you, our customers, comfortable that we have plans in place to cover all eventualities and regardless of what happens over the coming months, our services to you will continue to operate smoothly and efficiently as you would expect.
There are some specific areas of our planning and expectations you may like to know more about:
Safeguarding of your funds
A key element of our service is our safeguarding process; this ensures that your funds are safe and secure whilst they are being processed by Currency UK. Our safeguarding accounts are held with Barclays Bank Plc in the UK and so will not be impacted by a UK withdrawal from the EU.
Access to payments systems
In the event of a hard Brexit, there is the risk that the UK will no longer remain within the scope of the Single European Payments Area (SEPA) schemes. ‘SEPA’ payments allow us to send and receive Euro payments within the EEA in a highly costs efficient manner, often avoiding receiving and sending charges that some non-UK banks often charge. Currency UK has set up a group of accounts with Barclays Bank Ireland to ensure that we will continue to have access to the SEPA payment network.
If the UK leaves the EU without a withdrawal agreement the UK Government has stated that the UK will continue to allow the free flow of personal data from the UK to the EEA after exit day. Whilst this may not appear relevant to our services it does ensure that we will continue to meet EU and UK data protection requirements when, for example, adding specific references to payments and sharing data with EU banks.
Treatment of EEA customers
Whilst our current regulatory coverage from the Financial Conduct Authority (FCA) in the UK allows us to contract with customers in EEA countries (known as passporting), we have put measures in place to allow to continue to operate in this way regardless of future events.
If you have any questions or concerns please do not hesitate to contact us.
Setting up a Currency UK foreign exchange trading facility gives you a secure and flexible way to mitigate payment costs and unfavourable fx rates.
When you are exporting, importing, or shifting profits you need to know your funds are safe and the people you're dealing with are professional and knowledgeable.
With Currency UK this is all just a click or phone call away. And when you call Currency UK, the phone will be answered swiftly without queues by a well-trained and knowledgeable currency expert.
We have transferred more than 2 Billion Pounds worth of funds around the world on behalf of 10,000+ customers.
Why do people use us? Because we understand how important those big transactions in life are – buying your retirement home or bringing home an expatriate salary. We're here to help.
Moreover, the High Street banks are rarely the most cost-effective way to make an overseas payment. Currency UK is in the markets every day, tracking down the best rates for you for the most popular currencies like the Euro and US Dollar.
We believe wholeheartedly that delivering a valuable, trustworthy and transparent service to our customers will ensure not only customer satisfaction but also customer loyalty. In turn, this will ensure the future success of our company and drive innovation and further delivery of value to customers.
Transparency is pivotal in maintaining customer loyalty. However, transparency is not simply telling a customer that they are getting a good deal, it requires educating the customer and empowering them to appraise the value of the service for themselves.
We are so committed to this that we offer our clients a Fixed Rate Agreement. This is a legally binding contract, unique to Currency UK, that guarantees the customer a level of pricing but most importantly obliges us to audit past transactions against this pricing, report back to the customer and if necessary reimburse the customer.
We expect our staff to strongly follow our core competencies of Service, Knowledge and Relationships, this supported by our Investors In People accreditation and our commitment to staff training.
- Being pragmatic and flexible in developing solutions.
- Constantly exceeding customer service expectations.
- No barriers to availability of our expert knowledge.
- Maintaining timely and informed customer communication.
- Taking ownership of issues, from receipt to conclusion.
- Performing in a manner that supports our clients.
- Tailored in our approach to achieve superior results.
- Behaving in a highly professional manner in all situations.
Developing Genuinely Engaging Relationships
- Actively listening, being patient and empathetic.
- Seeking to improve and enhance relationships.
- Approachable and friendly.
- Maintain a sense of humour.
Leadership with Integrity
- Providing learning support to fill knowledge gaps.
- Always performing at our best.
- Performing in a manner that supports our colleagues and maintaining the Investors in People Standard
- Acting to extend our loyal customer history at all times.
- Maintaining a high level of accuracy, attention to detail and respect.
- Showing innovation in constantly improving our role function.
- Respecting our market and industry.