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February 2010

Warning issued by FSA on sending money overseas

Money transfer advert
About £6bn a year is sent abroad by UK residents each year

People transferring money abroad should only use services authorised or registered with the Financial Services Authority, the regulator has warned.

People in the UK send about £6bn a year overseas to their families, friends and communities.

Fresh advice on how to do this securely has now been published in a booklet by the FSA.

It highlights the six main ways of sending cash overseas, including normal bank and building society services.

The international development minister, Gareth Thomas, said as much as a third of the remittances - about £2bn - was sent via "informal" channels, rather than regulated ones.

 

There are hundreds of money transfer businesses in the UK, and choosing one can be a difficult decision for customers
 
Dan Waters, Financial Services Authority

"For many of the world's poorest families, money sent home by loved ones is the main source of income," he said.

"Families in the developing world rely heavily on this money for their day-to-day expenses such as food and medical bills."

India, Pakistan, Nigeria, Jamaica and Ghana are among the main developing countries that receive money from people living in the UK.

How to choose

Providers of credit and debit cards, pre-paid cards and bank and building society accounts which can be used to move money abroad have always been regulated.

But since last November the FSA has regulated the other types of services, such as money transfer companies and foreign exchange brokers.

Now they must either be authorised by the FSA, or registered with it - depending on the value of the transactions they handle each month.

The aim of the regulation is to ensure that the people running the services have no criminal background and that they will safeguard their customers' money when they are required to do so.

The FSA's advice highlights the costs of sending money abroad, as the process usually involve fees, sometimes for both the senders and the recipients, and can also leave customers vulnerable to fluctuating exchange rates.

"There are hundreds of money transfer businesses in the UK, and choosing one can be a difficult decision for customers," said Dan Waters of the FSA.

"The FSA's Sending Money Safely leaflet gives simple, straightforward guidance which will help customers check out businesses before they hand over any money."

Find out more here


January 2010
 
If you regularly transfer money abroad, make sure your money goes further with the best foreign exchange rates.
 
At Currency UK, we help move millions of pounds in foreign currency around the globe. One of the lessons of the credit crunch has been how crucial exchange rates are. Whether you are moving abroad or doing business abroad, the exchange rate will impact on your income or profits. Expat pensioners in Commonwealth countries for instance have seen their incomes fall by 12% in 2009 as the pound weakened.
Many people with overseas investments or interests have realised it’s important to be aware of the fluctuations in the exchange rates. Buying foreign currency when the rates are preferable impacts on how far your money will go abroad
 
Why Use Currency UK?
 
If you have property abroad, or trade and invest overseas, speak to Currency UK to see how we can help. As foreign currency exchange specialises, we know how to achieve the best rates ensuring your money goes further. And don’t just take our word for it. Currency UK has featured in the Financial Times, The Telegraph, Daily Express and The Observer, as well as specialist publications including Island Life and Everything Spain. If you are interested in our services, or have a question, we’re happy to help. Our offices are in Battersea Square, London, or call us wherever you are in the world on (+44) 0207 738 0777. Alternatively, email your query to: info@currencyuk.co.uk
 
Foreign Exchange from Currency UK
 
A recent feature in The Telegraph has advised its readers how to find the most competitive foreign currency exchange rates. Falls in the value of the pound can drastically impact on business and private interests – for some living abroad can become unaffordable. If you need to make the most of your money, especially during these difficult economic times, you need to access the best possible exchange rates and transfer your money at a low cost. The Telegraph reports that banks can charge high fees and commission rates, as well as the foreign exchange rates - and a further fee from the receiving bank. Using internet foreign exchange brokers such as Currency UK is substantially cheaper. The Telegraph writes, “…brokers usually keep the margin within one percentage point, do not charge commission, and levy either very low transaction fees or none at all.” It adds that you should only use a reputable online currency exchange company. Currency UK is fully authorised and regulated by the FSA and HM Revenue and Customs. Currency UK is a member of the Association of International Property Professionals (AIPP) and is the preferred foreign exchange partner of the Offshore Financial Trade Association (0FTA).
If you’re looking to make your money go further, we can help.
 
November 2009

Foreign Exchange Broker – Every Penny Counts
 
Using a foreign exchange broker could save property investors literally thousands of pounds.
 
Despite the global credit crunch, investors are still looking at property abroad. In fact some believe the recession has provided a wealth of opportunities. As property markets collapse, property investors with cash are in a strong position. They can literally snap up bargain properties, building property portfolios abroad – ready to cash in on the next upturn. But some investors are not making the most of their money. Using a dedicated foreign exchange broker can make their money go further.
 
Leave it to the Specialists - Foreign Exchange Broker
 
Research by one foreign exchange broker revealed that overseas investors are losing on average £4,000 because they’re not getting the best foreign exchange rates. This figure was based on buying a property abroad for 200,000 Euros and transferring funds into Euros using a high street bank. A foreign currency broker can literally save you thousands.
Everyone knows when it comes to getting holiday money and exchanging currencies there can be a huge discrepancy between charges and rates. Most people shop around. And when it comes to exchanging big sums of money, the more expensive foreign exchange can be. Using a dedicated foreign currency broker ensures you’ll get the cheapest possible rates.
 
Foreign Currency Broker – Beat the Banks
 
More people are waking up to the savings dedicated foreign currency brokers can offer. High street banks are notoriously expensive for the banking services they provide, and unlike high street banks, a foreign currency broker is dedicated to monitoring the foreign currency markets – whereas foreign currency is just one of many remits a high street bank juggles.
With a foreign currency broker, you won’t have to queue up or wait in line for the service to become available – it’s their job to get the best foreign currency rates for their customers and provide a speedy service, especially for property investors abroad who may have to act quickly. To achieve the best foreign currency rates swift action is essential when the markets move in your favour.
 
A foreign currency broker can help you guide through the choppy economic waters, helping you beat poor exchange rate fluctuations when you’re buying a property abroad. Don’t let volatile exchange rates push up your purchase price or cost you more than necessary – use the experts.
 
For a Dedicated Foreign Currency Broker, speak to Currency UK – the Foreign Exchange Specialists
 
Founded in 2000, Currency UK Ltd has helped thousands of customers move hundreds of millions of pounds around the globe. To find out more about our bespoke range of foreign exchange services, call one of our advisors today, telephone 0207 738 0777 or email your query to: info@currencyuk.co.uk
October 2009

Overseas Payments Increase as More Brits Escape Abroad
 
The number of overseas payments is set to rise as more Brits move abroad.
 
Foreign currency, overseas payments and exchange rates could become priorities for millions of Brits according to a recent report. A new survey suggests that up to 11 million of us could flee the British economy to work abroad. Out of the 2,000 people interviewed a staggering 23% said they were contemplating a job abroad within the next two years.
 
Overseas Payments – Moving Money Abroad
 
It’s thought the recession may be playing a part in this trend, although the credit crunch has had a global impact on affluent countries including American and Australia. Nevertheless, Australia remains the most popular country workers want to emigrate to. And statistics suggest the Australian government is still looking for 115,000 skilled migrants – a far more hopeful picture than the millions of unemployed in the UK. With more British workers moving abroad, more overseas payments will be made – from sending money to new bank accounts, to relatives wiring money over to loved ones. Brits are being urged to seek out the best foreign currency exchange rates and cheap overseas payment options using a foreign currency broker. The higher the overseas payments, the more expensive financial transactions abroad can be. Using a foreign currency broker can save substantial sums of money.
 
 
A fifth of those questioned said Australia was their number one destination of choice. America, New Zealand and Canada were also popular choices. As well as emigrating abroad, retiring abroad is also a popular dream for many Brits not only sick of the gloomy economy, but of the dreary weather. For those who need to pay regular overseas payments – to send funds to cover mortgage payments abroad or to transfer their pension into a foreign currency - it pays to have a standing order with a specialist foreign currency broker, to ensure you get the best rates.
 
Follow the Sun
 
It isn’t surprising so many people are hoping to leave the UK as unemployment continues to rise. Compared to the British economy, Australia has fared the recession well. And as quality of life in the UK drops with the prospect of growing unemployment, Britain could experience a major exodus of skilled workers seeking a better lifestyle abroad. More people it seems are voting with their feet. Foreign currency exchange brokers have reported a significant rise in demand for overseas payments and transferring funds (up to a 37% increase) as more Brits seek a sunnier life abroad.
 
Looking to make Overseas Payments? Speak to Currency UK
 
Currency UK are foreign currency specialists. Many of our customers need to make regular payments in foreign currencies - for example to send funds to cover mortgage payments or have their pension income transferred abroad. Find out more, for advice on our overseas payment services, call us free on: +44 (0) 20 7738 0777.
 
September 2009

Best Currency Exchange Rates Found Online
 
If you’re looking for the best currency exchange rates, a recent news report suggests you’re better off looking online.
 
The online revolution has ensured that consumers can find increasingly competitive prices and deals. Shopping on the internet has changed how men and women shop for everything from clothes to sofas to foreign currency. In fact, a recent PayPal survey revealed that men spend more money shopping online than women. The combination of technology, comfort (no traipsing around the shops or banks), and the convenience of online shopping offer a winning combination. And so it’s not surprising that more people, especially those who need to find the best possible deals (and need to find them quickly) increasingly turn to the internet to get the best currency exchange rates.
 
Best Currency Exchange Rates – Go Online
 
A feature in the Birmingham Post said that more travellers should be taking advantage of online currency exchange rates. The report, inspired by a survey by a currency exchange supplier, said that just 10.4% of travellers are taking advantage of internet exchange rates – even though online is where the best rates tend to be. And yet there has never been more reason to seek out the best currency exchange rates. The global economy and recession means in 2009 British travellers experienced a huge hike in the cost of living in Europe. The weak pound meant finding the best rates on euros made a big difference to budgets. With coffees costing over £4 in Paris, it’s not surprising seeking out the best currency exchange rates and getting the best conversion rates is an increasing priority. Those who are already clued up about their finances will try and get the best currency exchange rates regardless of the economy. But the survey revealed that one in five travellers leave currency exchange to the last minute, exchanging money at the airport where they can be hit by the highest rates.
 
Make Your Money Go Further with the Internet
 
Some don’t even find the best currency exchange rates and just use their plastic abroad - it’s been estimated Brits are charged around £281 million a year for this service. Financial experts find it ‘astonishing’ that more people aren’t flocking online to find the best currency exchange rates, especially considering the current attention on the economy and the need to make our money go further.
 
Looking for the Best Currency Exchange Rates? Speak to Currency UK – the Foreign Exchange Specialists
 
Founded in 2000, Currency UK Ltd has helped thousands of customers move hundreds of millions of pounds around the globe. We simply don’t have the large overheads of the major banks and are able to pass these savings on to our customers by providing better value for money on foreign exchange services. Find out more, call 0207 738 0777 or email your query to: info@currencyuk.co.uk

 
 
Everyone needs to learn about buying foreign currency before travelling abroad and this applies to businesses and large corporations.  
 
Buying foreign currency involves a number of choices. You can get local currency, traveller’s cheques or choose to use credit cards charged at your bank’s discretion. There are also a number of choices when it comes to where you are buying your foreign currency from. 
 
Where do you go? There are many places - a bank, hotel, high street travel agent, online, at the Post Office or at the airport? Exchange rates and transaction charges will vary so it’s always wise to do your research and check out your options. You can use an online currency converter to keep an eye on exchange rates. 
 
 
For businesses, buying foreign currency can be much easier when outsourced. Companies that trade internationally will be buying foreign currency on a regular basis. It can be easier, more efficient and cheaper to outsource when it comes to managing and buying foreign currency. 
 
If your business exports or imports goods or services, you need to consider how to manage the variations in exchange rates. A small change in rates could cost your company thousands of pounds. Carrying out business transactions on an international basis will affect your normal accountancy procedures and this can be extremely complicated.  Professional services can help you manage your circumstances and iron out any exchange risks. 
 
For companies with currency exposure, it can be highly beneficial to have an outsourced agency that can offer rates that are better than the high street. These specialists can help organisations with buying foreign currency and making transfers across the globe. 
 
If you are buying foreign currency and you want to seek the help of specialists, choose a company that can provide the following:
 
  • Better exchange rates than your bank.
  • Contracts to reduce the risks of exchange rate changes.
  • An account manager who looks after you and your account for the contract duration.
  • A fast payment service.
 
Buying Foreign Currency – Currency UK Ltd Are the Specialists
 
Currency UK specialises in Euros, and they can offer the best rates on the market. Without the overheads of high street banks, Currency UK can offer better prices than anywhere else. Independent research shows that the best rates offered by Currency UK were 1.27% lower than the best rates offered by high street banks. If you are thinking about buying foreign currency, call 020 7738 0777 today. 
 
Founded in 2000, Currency UK Ltd has helped thousands of customers move hundreds of millions of pounds around the globe. We simply don’t have the large overheads of the major banks and are able to pass these savings on to our customers by providing better value for money on foreign exchange services.
Currency UK is authorised and regulated by the Financial Services Authority (FSA) as a Payment Institute under firm refernce number 504592.
HM Revenue & Customs Certificate of Registration for Money Service Businesses Number 12120036.
 Registered name: Currency UK Limited, Registered in England No.4017212 United Kingdom. Consumer Credit Licence Registration Number: 536155. Currency UK Ltd is the preferred foreign exchange partner of The Offshore Financial Trade Association.
All Currency UK accounts are held with HSBC Bank plc.
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