FAQs (Frequently Asked Questions)

How does it work?
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 two 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 two working days before the value date of the forward transaction.
  

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 “draw down” 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.

How do I register?
We welcome registrations from both individual members of the public and corporates although the process for each is different.

Individuals need to open a trading facility by completing an application form. We’ll also need two forms of identification, such as a driving licence or passport, and two utility bills dated within the last three months. A consultant will contact you to confirm your facility is open and you can then instruct us to buy currency for you over the phone. For an application form and any guidance you need contact us using one of the three options below.

Corporations should contact us for more details, please use one of these options:

      Call me back
call     +44 (0) 845 052 1800
e-mail Int.payments@fxcorporation.co.uk

What happens now?
Our consultants will quote you a “live” market price based on the Interbank currency market. Should you wish to convert your currency at that exchange rate, you can book the rate verbally over the phone. A confirmation will be e-mailed, 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 in full or part settlement. You will also need to complete in full the Currency Transfer Form, with the details of the beneficiary account to which you would like your currency to be sent.


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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