Once you have agreed a contract with Currency UK you will need to make a transfer to us in settlement. The account to which you will need to send these funds will depend on which currency you are selling and will be specified on the contract note.

You will either be making a domestic transfer (From the UK) to us or an international transfer if the funds are in a non-UK account.

It is vital that all transfers to Currency UK are referenced with your client code and deal number (which can be found on the top left of the contract note).

Domestic Transfer Settlement

You have the choice of making the transfer via BACS or CHAPS. See below table for details:

Method	Time	Cost	Authorisation	Comments
CHAPS	Same day before 13:00*	£15-£25	In person or via signed letter to branch	This is method will ensure quickest turn around of your deal
BACS	3-4 Working Days**	Free	Telephone banking, internet banking, or via bank branch	There will be a limit on this type of transfer which will vary, usually approx £10,000.00
Cheque	5 Working days + postage time	Free		We can not agree a rate until the funds are cleared if you choose to settle via cheque

*The cut off time will vary from bank to bank
**If the transfer is being made from an institution which is part of The HSBC banking group then this transfer may be completed more quickly. Please consult your bank for further information.

N.B. Due to money laundering regulation we can not accept cash payments into our accounts.

International Settlement
This is used when, for example, you are selling us Euros and we are converting them to sterling for you.

Methods of electronically transferring funds vary greatly from country to country and even institution. Many will use the SWIFT system. The details which you require will be provided to you upon agreeing a rate and are available in advance if you have concerns over the timing of the transfer. We would advise that you investigate the options available with the institution where your funds are held before agreeing a rate with us. In most cases the sending institution will charge for this transfer.

International Cheques
Whilst we can accept international cheques in certain currencies (link to country banking info) they may take up to six weeks to clear and our bank, HSBC will charge for the negotiation of this cheque. Therefore we recommend this method of settlement is not used as it is so inefficient.

Please note we can not agree a rate until these funds are cleared.

Page last updated: 06 June 2006 15:46