faqs

Got questions?
We've got the answers.

Business Accounts

  • q: What can Currency UK do for my business?

    Currency UK provides significant cost savings on deliverable foreign exchange transactions including international payments and receipts. This is achieved by offering a combination of products ranging from Spot to Forward Exchange Contracts, all provided at significantly lower margin than your banking providers.

  • q: What is the difference between Currency UK and my bank?

    We offer the same suite of FX products as your bank, but with superior service and knowledge at a lower cost. We do not, however, offer retail banking services such as bank accounts.

  • q: How much can my business save?

    We regularly benchmark our services against the banks. Our most recent research conducted in May 2015 shows that, on average, our business customers save £9,527 during a 12 month period compared to the average bank prices available at the same time.

    * Based on a number of like for like comparisons, using our average customer currency volumes and transaction size and comparing directly to a range of bank prices simultaneously and for the same transaction properties.
  • q:But what does the service cost?

    Typically charges are built into our exchange rates. If, however, you make a particularly large number of payments for every FX conversion then we will negotiate a payment fee with you. This will always be more competitive than your bank.

  • q: Can I pay my overseas suppliers through Currency UK?

    Yes, that is what we are all about. If you have invoices to pay in other currencies then we can convert your funds to that currency and transfer them directly to your supplier on your behalf. This is also referred to as sending funds to third parties.

    You may also wish to protect the cost of future invoices against adverse currency fluctuations (hedging your currency risk). Currency UK can help you do this by offering a range of products to suit simple to complex needs.

  • q:Can I receive payments from overseas customers through Currency UK?

    Yes, if you have invoiced in a foreign currency, your customers can pay us directly in that currency. You can then benefit from our superior exchange rates.

  • q:How do I open an an account?

    Fill out this form [link to Business section full form] to get started. We will then send you a pre-filled application form to complete.

  • q:Can I manage my account online?

    Yes, you can. Once you’ve opened your account, have a chat with your account manager who will arrange access to our online platform.

  • q:How secure are my funds?

    As we are FCA regulated we have passed stringent tests that guarantee the safety of your funds. Find out more here.

  • q:What happens if I book a trade and I want to cancel?

    You must contact your account manager immediately. Once a deal is booked it is legally binding. It may be possible for us to cancel the trade free of charge, but it is likely that you will incur additional costs.

  • q:How do I change my details?

    Simply contact your account manager and they will take care of the rest.

  • You haven’t answered my question!

    We’d love to have a chat with you to discuss any further questions you may have. Call us on +44 (0)20 7738 0777 or email us on info@currencyuk.co.uk.

Individual Accounts

  • q:What does Currency UK do?

    The company's brokers buy and sell currency in the international money markets on behalf of corporate and private customers. In addition to more competitive rates, Currency UK will offer a faster, more personal service than that available from the high street banks.

    Our brokers work on behalf of our customers to make sure that the transfer of their funds is as quick and painless as possible. Multilingual staff are on hand to liaise with the recipient of the funds (if necessary) to ensure that the whole process is completed smoothly.

  • q:How much do Currency UK charge for their services?

    Currency UK does not charge for our services. We make our profit from the margin we are able to make between the rate we offer you and the exchange rate we are able to achieve in the market. In some circumstances we may charge for payments, more information can be found here.

  • q:How do currency brokers make their money?

    By buying large volumes of currency directly from the money markets, they are able to secure rates that are not available to the general public. They make a small margin between the rate at which they buy from the market and the rate that they sell to their customers.

  • q:How can a currency broker save me money?

    Currency brokers simply don’t have the large overheads of the major banks and we are able to pass these savings onto our customers by providing better value for money on foreign exchange services.

    For example, independent research has shown that the lowest rates offered by Currency UK “were 1.27% better than the best rates at the high street banks”.

  • q:For how long can you fix a rate?

    It is possible to book a rate on a forward contract for up to one year in advance.

    Forward rates are calculated using the spot rate in force at the time of booking the rate and the interest rate differential between the currencies involved. The further into the future that the rate is booked, the greater the impact that the interest rate differential has on the rate.

    For a spot transaction, the rate is fixed at the time of the call to the broker. Settlement is due within 48 hours from the time that the contract was made. The rate agreed is not affected by any subsequent changes in exchange rates.

  • q:How do I protect myself against exchange rate fluctuations when paying a mortgage overseas?

    Currency UK’s Regular Payment Service allows monthly amounts such as mortgage payments to be made to foreign banks. It is possible to fix a rate for 12 monthly payments, however the rate that you would get would not be as competitive as one based on the market rate on a month by month basis.

    Most customers using the Regular Payment Service have found that opting for a rate based on the market rate in force at the time of each monthly payment has proved to be more cost effective than taking a fixed but less competitive rate.

  • q:What is the smallest and largest amount I can exchange through a currency broker?

    Currency UK’s minimum amount is usually £5,000 for a one-off transaction, though we do handle smaller amounts for customers who trade frequently and also provide a Regular Payment Service for those sending monthly mortgage and pension payments etc. The minimum monthly amount for this service is £500.

    There is no maximum amount.

  • q:How long does the process take?

    Typical turnaround time is two working days, and in USD, GBP, EUR and CAD same day trades and payments are possible. Some currencies cannot be sent same day.

  • q:How do I get my funds to Currency UK?

    We request that payments to us are made by electronic bank transfer. We do not accept any cash payments.

  • q:How do I open an account?

    Fill out this form to get started.

  • q:What happens if I book a payment and I want to cancel?

    You must contact your account manager immediately. Once a deal is booked it is legally binding. It may be possible for us to cancel the payment free of charge, but it is likely that you will incur additional costs.

  • q:How do I change my details?

    Simply contact your account manager and they will take care of the rest.

  • You haven’t answered my question!

    We’d love to have a chat with you to discuss any further questions you may have. Call us on +44 (0)20 7738 0777 or email us on info@currencyuk.co.uk.

Glossary

Value Date

The date that a currency exchange is made and funds are available to be transferred.

SWIFT BIC

A code that uniquely identifies financial institutions and banks across the globe. These are used when funds are transferred between banks.

IBAN

This system identifies bank accounts across the globe.

SEPA

A payment method used to transfer Euros within Europe.

CHAPS

A same-day transfer service used within the UK.

Faster Payment Service

Transfer service used within the UK.

Interbank rate

The rate at which investment banks are buying or selling a currency at any particular time.

Mid Price

The rate between the buy and sell interbank prices. These are the prices that are commonly published via TV channels, online portals, newspapers etc.

Intermediary Bank

If a bank sends funds to another bank that it doesn’t have a direct relationship with, the funds have to go via an intermediary bank.

Correspondent Bank

Another term for intermediary bank.

Deal

An exchange of currency.

Trade

Another term for an exchange of currency.

Customer Number

Created when you open an account with us, this uniquely identifies you in our records.

Contract Note

A legally binding document that details your agreed trade.

Payments Team

They handle receipt of your funds and make payments on your behalf.

Dealer

This individual enters your deal into our system.

Account Manager

Your first point of contact who will answer any questions you may have.

Payment Confirmation

An email confirming that we have processed a payment on your behalf.

We use cookies to track visitors to our website. Learn more

Learn more