What does Currency UK do?
The company's brokers buy and sell currency in the international money markets on behalf of corporate and private customers. In addition to more competitive rates, Currency UK will offer a faster, more personal service than that available from the high street banks.
The brokers work on behalf of their customers to make sure that the transfer of their funds is as quick and painless as possible. Multilingual staff are on hand to liaise with the recipient of the funds (if necessary) to ensure that the whole process is completed smoothly.
How much do Currency UK charge for their services?
Currency UK does not charge for our services. We make our profit from the margin we are able to make between the rate we offer you and the exchange rate we are able to achieve in the market. In some circumstances we may charge for payments, more information can be found here.
How do currency brokers make their money?
By buying large volumes of currency directly from the money markets, they are able to secure rates that are not available to the general public. They make a small margin between the rate at which they buy from the market and the rate that they sell to their customers.
How can a currency broker save me money?
Currency brokers simply don’t have the large overheads of the major banks and we are able to pass these savings on to our customers by providing better value for money on foreign exchange services. For example, independent research has shown that the lowest rates offered by Currency UK “were 1.27% better than the lowest rates at the high street banks”.
For how long can you fix a rate?
It is possible to book a rate on a forward contract for up to two years in advance.
Forward rates are calculated using the spot rate in force at the time of booking the rate and the interest rate differential between the currencies involved. The further into the future that the rate is booked, the greater the impact that the interest rate differential has on the rate.
For a spot transaction, the rate is fixed at the time of the call to the broker. Settlement is due within 48 hours from the time that the contract was made. The rate agreed is not affected by any subsequent changes in exchange rates.
How do I protect myself against exchange rate fluctuations when paying a mortgage overseas?
Currency UK’s Regular Payment Service allows monthly amounts such as mortgage payments to be made to foreign banks. It is possible to fix a rate for 12 monthly payments, however the rate that you would get would not be as competitive as one based on the market rate on a month by month basis. Most customers using the Regular Payment Service have found that opting for a rate based on the market rate in force at the time of each monthly payment has proved to be more cost effective than taking a fixed but less competitive rate.
What is the smallest and largest amount I can exchange through a currency broker?
Currency UK’s minimum amount is usually £5, 000 for a one-off transaction, though we do handle smaller amounts for customers who trade frequently and also provide a regular payments service for those sending monthly mortgage and pension payments etc. The minimum monthly amount for this service is £500.
There is no maximum amount.
How long does the process take?
Typical turnaround time is two working days, and in USD, GBP, EUR and CAD same day trades and payments are possible. Some currencies cannot be sent same day.
How do I get my funds to Currency UK?
We request that payments to us are made by electronic bank transfer. We do not accept any cash payments.