FAQs (Frequently Asked Questions)

Why would I need to use International Payments?
It is an easy, efficient and cost effective way of sending money to individuals or companies in other countries.

When would I benefit from using your International Payments Department?
There are a large number of scenarios when an International Payment would be the best option. It may be that you are purchasing a home, a holiday getaway, a renovation project, a car or any other high value item or looking to make regular mortgage payments. In all cases our consultants will create an individual and competitive package tailored to your needs.

Why can’t I just use my bank?
You can but if you are currently using or plan to use your bank to send an International Payment you’re likely to find we offer a cheaper and more efficient service. Why not ask us for a quote and compare us with your bank. We are confident that we will be able to save you money.

Are your services available to companies as well as private individuals?
We assist many companies in managing their foreign exchange transactions. We pride ourselves in the quality of our service and the fact that our flexible approach allows us to tailor our business solutions to suit your business needs.

What types of transaction can I do?
There are two types of foreign currency transactions: a spot transaction and a forward transaction.

• Spot Transaction
  This immediately guarantees you an exchange rate but requires full settlement within three working days.
  
• Forward Transaction
  This option allows you to immediately fix an exchange rate for settlement at a given future date. We require 10% of the transaction value as a deposit to secure the forward exchange rate. The balance is then payable three working days before the value date of the forward transaction.
  
• Held Contract
  This allows you to buy an amount of currency to use at a later date. You may want to use this to take advantage of the current exchange rates or to fix your costs. You can then draw down on this money as and when you need it.
• Regular Payment
  This would be used when regular payments were needed for items such as pensions or mortgages.

If you are unsure about the best product for you then please contact one of our specialist consultants who can discuss your specific requirements and recommend a solution to suit your needs.

What are the currencies I can trade?
You can trade all major currencies such as US Dollar, Euro, Australian Dollars, Canadian Dollar, New Zealand Dollar, Singapore Dollar, Hong Kong Dollar, Norwegian Kroner, Swedish Kroner, Danish Kroner, South African Rand, Indian Rupees, Arab Emirates Dirham, Moroccan Dirham and many more.

What if I just require some advice on exchange rates or options available to me to resolve my specific currency needs?
Our team of consultants have extensive industry experience and are available to advise you on the best way to tackle your foreign exchange needs. Why not give them a call today.

What if I need my money before or after the forward transaction date?
Your foreign exchange contract will be booked with a ‘value date’. This is the date by which the transaction needs to be settled. This will be agreed with you at the point of booking the deal. If you should need your currency sooner than expected, we can ‘drawdown’ the currency for early delivery. If the value date is too soon for any reason, we can ‘roll over’ or extend the value date. In either case, your original exchange rate may be subject to adjustment.

Are there any charges?
The only charge made is a one-off transfer fee of £12.50 if you are sending less than the equivalent of £25,000. The great news is if you’re sending more than this you pay absolutely nothing!

How can I pay?
We accept CHAPS, BACS and Cheques as methods of payment or alternatively you can also pay cash into one of our eurochange branches. Unfortunately we cannot accept any form of card payment.

Can my funds be delivered to my beneficiary directly?
No, the funds can only be credited in your beneficiary's bank account.

How long will it take for the beneficiary to receive funds?
We can get the funds to the beneficiary in approximately 1-2 working days, in some instances even sooner!

Are you regulated?
At present we are regulated by HM Revenue & Customs

What do I need to do next?
You will need to open an account (called a trading facility), which then allows you to send money with us, by completing an application form. We will also need a valid UK Driving License or Passport along with two of the following:

• Current Utility Bill (less than 3 months old)
  
• Local Authority tax bill (less than 3 months old)
  
• Bank or Building Society Statement (less than 3 months old)
  
• Original Mortgage Statement from a recognised lender (less than 12 months old)
  
• Most recent Inland Revenue tax notification
  

How can I request an application form?
For an application form or if you have any other questions, please call our sales department on 0207 828 6680 / 0845 052 1800 or send an email to int.payments@fxcorporation.co.uk.

Alternatively, you can visit one our eurochange branches in your local area, to discover where your nearest branch is please visit our website www.fxcorporation.co.uk

How long will it take to process the application and to open a trading facility?
Normally, a consultant will contact you to confirm the status of your facility within 24 hours and you can then instruct us to buy currency for you over the phone (subject to status).

How do I use the trading facility once it has been set up?
It could not be simpler, just give us a call and one of our consultants will quote you a "live" market price based on the interbank currency market. Should you wish to go ahead and convert or send your currency at that exchange rate, you can book the rate verbally over the phone. A confirmation will be emailed, faxed or posted to you, to re-confirm in writing the specifics of the contract. This will include details of our client bank account to which you will instruct your bank to send the payment, either full or part settlement.

Click HERE to download details of our International Payments products (PDF Format).

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To find out more about International Payments:
      Call me back
call     +44 (0) 845 052 1800
e-mail Int.payments@fxcorporation.co.uk