Company & Regulatory Information

Currency UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a Payment Service Firm (FRN 504592). Our FCA registrations can be checked by clicking here.

 How does this keep my money safe?

Currency UK Limited is registered in England and Wales as a Limited Company: No 4017212. Our registered and operational address is 79 Clerkenwell Road, London, EC1R 5AR.

Other licenses and registrations include:

Currency UK Limited is registered as a Money Service Business with HM Revenue & Customs under reference 12120036.

Our United Kingdom Data Protection Registration Number (as a Data Controller) is Z7738305.

Trade Associations:

We are proud members of the Association of Foreign Exchange and Payment Companies (AFEP).

We are also the Institute of Export’s foreign exchange partner of choice.

Currency UK is authorised and regulated by the Financial Conduct Authority, which governs many aspects of financial activity here in the UK. That’s more than just a legal requirement.

The FCA specifically regulates us for The provision of Payment Services (FRN 504592)

Our regulations, authorisations, permissions and registrations are broadly split into two categories: customer protection and money laundering prevention.

This means that depending on which Currency UK services you use, different regulations will apply. Typically, our customers will be doing one of the following:

1. Foreign exchange with international payment(s)

Authorisation that applies for customer protection: Currency UK Limited is authorised and regulated by the FCA as a Payment Service Firm (FRN 504592).

Authorisation that applies for money laundering prevention: Anti-Money Laundering regulations (HMRC) (licence number: 12120036)

Other authorisation for customer protection: Data protection (ICO number Z7738305)

What does this mean?

  • We have demonstrated and proven the measures in place to ensure the security of our clients’ funds
  • We have met stringent solvency tests
  • We have demonstrated our compliance with consumer-based policies such as our complaints procedure and data protection policies.

At Currency UK, protecting our customers’ funds is of paramount importance. That’s why we take the most stringent precautions to make sure we comply with UK and international legislation regarding the safeguarding of funds.

We have numerous currency accounts. You can buy the following:

  • Set up a trading facility (business or private)
  • Book a trade
  • Pay for trade
  • Tell us where to send funds


There are two principal costs to consider and compare:

1. Transfer fees
There are no charges for most of our transactions and no hidden fees or commissions. If we do charge for a service, which can be the case for some business services, we’ll tell you upfront so you know exactly what it’s going to cost you.

2. Exchange rate

Based on the volume of currency we trade, Currency UK will be able to offer you better exchange rates than your bank or other alternatives. Foreign exchange is, after all, effectively a wholesale market.

As we can achieve better pricing in the market, we are able to pass these better prices to you.

The exact exchange rate we are able to offer you at any given time depends on the following factors:

  • The market/interbank price of the currency pair you are looking to trade
  • The volume of the transaction and future transactions
  • The product e.g. the amount of time you need to fix the rate for
  • The amount of flexibility required e.g open forward contract

Due to international time differences and banking regulations, different currencies can only be sent at specific periods after payments are initiated.

The table below summarises these periods:

There are cut-off times applicable to each currency, after which a payment is pushed back to the next payment window.

For more information on this please call us on (+44) 0207 738 0777.

Once you have agreed a contract with Currency UK, you will need to make a transfer to us in settlement. The exact account to which you will need to send these funds will depend on which currency you are selling and as such 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.

For a domestic transfer settlement in GBP you have the choice of making the transfer via BACS, CHAPS, or FPS (Faster Payment Service).

CHAPS Same day before 1pm* £15 – £25 In person / via signed letter to branch or via electronic business banking This method will ensure the quickest execution of your deal.
BACS 2 – 4 working days** Free
  • Telephone Banking
  • Internet Banking
  • Via bank branch
There will be a limit on this type of transfer which will vary, usually approximately GBP 10,000.00.
FASTER PAYMENT SERVICE (FPS) Same day (within 2 hours) Free
  • Telephone Banking
  • Internet Banking
  • Via bank branch
The limit is GBP 10,000.00. This is a new service that not all banks / building societies have fully implemented yet. Click here for more info.
CHEQUE 5 working days + postage time Free We cannot 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 Barclays banking group then this transfer may be completed more quickly. Please consult your bank for further information.N.B.
Due to money laundering regulations we cannot accept cash payments into our accounts.
For non-GBP and/or international settlement
For example, if you are selling us Euros and we are converting them to Sterling for you, you will need to instruct the bank holding the funds to make a SWIFT transfer to us.PLEASE NOTE ALL TRANSFERS MADE TO CURRENCY UK MUST BE REFERENCED WITH YOUR CLIENT CODE, FAILURE TO DO SO MAY DELAY YOUR ONWARD PAYMENTS.N.B. International Cheques
Whilst we can accept international cheques they may take up to six weeks to clear and there will be a charge for the negotiation of this cheque by the banks involved. For more information on this please call us on (+44) 0207 738 0777.

Once a contract has been agreed, you will need to complete the contract with details of the account(s) that you would like us to transfer your funds to once the exchange is complete.

We will require the following information:

  • The bank with which the account is held
  • The address of the bank
  • The SWIFT BIC of the beneficiary bank and their domestic bank code
  • The account name
  • The account number (this may be the IBAN)

If you have paid the beneficiary previously you need not provide the information again.

SWIFT Bank Identification Codes (BIC)

Commonly known as the SWIFT Code. The Bank Identifier Code is an international method of identifying financial institutions and departments within these institutions. Currency UK will require a SWIFT BIC.

The SWIFT BIC consists of 8 or 11 consecutive characters that include:

  • Bank Code – 4 alphabetic characters
  • Country Code – 2 letter country code
  • Location Code – 2 alpha numeric characters identifying the location of the institution within the specified country.
  • Optional: Branch Code – 3 alphanumeric characters
  • SWIFT BIC codes that contain eleven characters include additional information to identify the actual branch that holds the account.

Domestic account details

Although we will request the SWIFT BIC for your beneficiary accounts, we will also ask you to provide us with the domestic bank/branch code. Each country has a different format and name for this number, some common examples are:

  • USA – Routing number, 9 digits long
  • Canada – Transit number
  • Australia – BSB, 6 digits
  • South Africa – Bank code, 6 digits

What is IBAN?

Transferring funds to Europe has been made simpler with the introduction of the International Bank Account Number (IBAN). The IBAN was developed in order to make cross-border transfers throughout Europe more efficient.

The purpose of the IBAN is to make it possible to identify an account held at a bank anywhere in the world. By having a standardised international account number, money transfers can be made both quickly and safely.

Some people mistake the IBAN for a new account number and are unsure which number to quote when asked. The IBAN does not replace your existing domestic account number, it actually incorporates it, but if in doubt quote both!

All banks in Europe (except for those in the Commonwealth of Independent States) provide an IBAN identifier for their accounts as well as nationally recognised identifiers. In addition, Israel, Tunisia, Mauritius, Turkey, and Saudi Arabia also provide IBAN format account identifiers.

Below is a table listing the European countries that use IBAN, along with a typical example of the specific country IBAN and the correct length.

Andorra 24 AD D1200012030200359100100
Austria 20 AT AT611904300234963104
Belgium 16 BE BE68539005786098
Cyprus 28 CY CY67002001280000001218194900
Czech Republic 24 CZ CZ65080000000192000145399
Denmark 18 DK DK5000400440116243
Estonia 20 EE EE382200221020145685
Finland 18 FI FI2112345600000785
France 27 FR FR1420041010050500013M02606
Germany 22 DE DE89370400440532013000
Greece 27 GR GR1601101250000000012300695
Iceland 26 IS IS140159260076545510730339
Ireland 22 IE IE29AIBK93115212345678
Italy 27 IT IT40X0542811101000000123458
Luxembourg 20 LU LU280018400244750001
Netherlands 18 NL NL91ABNA0417164302
Norway 15 NO NO9386011117946
Poland 28 PL PL27114020040000300201355387
Portugal 25 PT PL27114020040000300201355387
Spain 24 ES ES9121000418450200051332
Sweden 24 SE SE3550000000054910000003
Switzerland 21 CH CH9300762011623852957
UK 22 GB GBNWBK60161331926819

Help with outbound payments

Outbound payments

Sending or receiving funds from other countries can sometimes seem confusing when you are confronted with the International Banking System. Fortunately, most countries use similar systems and the good news is that major work is being carried out to standardise the International Banking System to simplify the transfer process.


There is much confusion over charges when making international transfers. Typically there are two types of charge:

  • Transfer fees – these are the charges levied by sending banks for actually making the payment. These fees can be – charged to the sending account, the beneficiary account or shared between the two. Currency UK will always pay these charges when sending funds on your behalf.
  • Intermediary/correspondent bank charges – these are charges levied by banks lying between the sending and receiving bank – Currency UK typically cover these charges.
  • Receiving charges – these are charges made by the receiving bank for credit funds to your account. Thankfully these are becoming less common, but nevertheless they can occur. Currency UK will do everything possible to avoid these charges.


In addition to this, the beneficiary may need more details about the transaction e.g. an invoice number or property reference. When instructing a payment through us, simply advise us of this extra information and we will add it to your payment(s).

For more information please call us on +44 20 7738 0777.


When do you require a deposit?

  • When you are booking a forward contract
  • When you place a live market order

How much deposit do you require?

This is normally determined by how much movement we have seen in the past 3-12 months (a good starting point for predicting future variance) for the currency pair you are dealing in and it is normally expressed as a percentage of the contract value.

For forward contracts our default is 10% of the total value of the contract. For market orders our default is 5% of the total value of the contract.

For example, if you book a 3 month forward contract selling GBP 100,000.00 and buying EUR, the default deposit will be £10,000.00.

Why do you need a deposit?

Currency UK agree rates in advance of you transferring funds to us. Our terms of business [PDF link to current trading agreement] support this process as a legally binding contract, but there is a degree of risk that market movements could leave us holding a foreign currency on your behalf that has decreased in value. Should you be unable to settle/pay for the contract, we could lose money.

The longer the time frame between us agreeing a rate and the date on which you have elected to pay (the value date), the greater this risk.

As such, we ask for a deposit which mitigates this risk, known as settlement risk. The percentage we require is directly proportional to the risk we are protected for.

For example, if we ask for a 10% deposit, this will protect us for up to a 10% negative market movement.

Our full terms of business can be found here.

Margin calls

What is a margin call?

A margin call is required when the deposit Currency UK holds against your forward contract no longer covers the risk of the contract not being paid. In this situation we will request that you top-up your deposit so that the new value of the deposit covers the risk again.

How does Currency UK make a margin call?

You will be contacted via email and telephone and will be expected to act upon our request to top up your deposit immediately. This contact is initiated when we calculate that a further 1% move in the currency pair that your forward contract concerns will leave us with a potential loss.

What if I am unable to pay?

Of course there are many factors which could contribute to this and we will take a sensible view as to the circumstances and the actual value of the potential loss to us.

However, we do reserve the right to cancel/close the contract as the loss becomes imminent. This is when a further 0.03% move in the relevant currency pair will leave us with a potential loss.

Our full terms of business can be found here