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Here you’ll find everything you need to know about us, our products and our services.

Company information

Currency UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a Financial Services Firm (FRN 602052) and 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) and the Association of UK Payment Institutions (AUKPI).

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

IOE logo

Accreditations:

We have achieved the Investors in People Standard.

Our regulations

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

The FCA specifically regulate two areas of our business:

1. The provision of Payment Services (FRN 504592)

2. Advice related to FX hedging (FRN 602052)

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),

Other authorisation for customer protection: Data protection (ICO)

What does this mean?

  • We have demonstrated and proven the measures in place to ensure 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.

2. Receiving advice from Currency UK on a hedging strategy

Authorisation that applies for customer protection: Currency UK Limited is authorised and regulated by the FCA as a Financial Services Firm (FRN 602052).

What does this mean?

  • We have demonstrated and proven the measures in place to ensure security of our clients funds
  • We have met stringent solvency tests
  • We have Professional Indemnity Insurance (PII) relevant to the services we offer and revenues we generate

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.

Our terms and conditions

Currency UK provides the information on or through this website for informational purposes and use only under the terms and conditions of these Terms of Use. Please read these Terms of Use carefully to understand acceptable use of this website (www.currencyuk.co.uk). If you disagree with these Terms of Use, stop using this website immediately.

Currency UK provides the information ("Materials") on or through this website ("Site") for informational purposes and use only. The Site and the Materials provided to you ("You", who includes anyone who uses the Site and the Materials) under the terms and conditions of the Terms of Use ("Terms"), which include the Privacy Policy ("Policy").

1. Scope

These Terms state the terms and conditions under which the Materials are provided to you on or through this Site (www.currencyuk.co.uk) only. Other websites, products and services, provided, supplied, or delivered to You by or via Currency UK may be subject to separate terms and conditions, policies and agreements, regardless of the fact whether the operator or the provider is Currency UK or a third party.

2. Third-Party Websites, Products, and Services

The Site may include links to other websites and provides access to products and services offered by third parties. When you access another website or purchase products or services or conduct other transactions through this Site, use of each material, product, or service governed by the terms and conditions applicable to that specific material, product, or service.

Those terms and conditions may differ from these Terms. If you cannot find the terms and conditions applicable to that specific material, product, or service via a link either from the website's home page or from the pages on which that material, product, or service is offered, you should contact the provider (supplier) directly for more information.

3. Acceptance

By accessing or using the Site and the Materials, You consent to the acceptable use practices described in these Terms, which includes the Policy, as modified from time to time by Currency UK. The purpose of these Terms to protect the Site and the Materials, Currency UK customers, and others from inappropriate, unauthorized, illegal or otherwise objectionable activities.

Please read these Terms together with our Policy and any other applicable policies. If you do not agree to accept and comply with these Terms, including all documents, policies and guidelines incorporated herein, please do not use the Site and the Materials.

4. Legal Notice

This legal notice sets out the conditions governing access to the website. Currency UK Ltd. takes all reasonable care to ensure that the content of this website is complete and accurate. However it is provided for general information purposes only.

  • All foreign exchange rates enjoy indicative status only.
  • The content of this site does not constitute a recommendation to invest in any currency, property or instrument.
  • All liability is excluded in respect of any loss or damage which may arise in connection with the use of or reliance upon the content of this website.
  • Some links on this website connect to external content. Currency UK Ltd. is not responsible for the content of external internet sites.

Copyright of the content of this website belongs to Currency UK Ltd., unless otherwise stated. All rights are reserved. You may print or download any content on this website and retain a copy for your personal use or for the use of anyone in your organisation. Please request permission to make any other use of the content, such as its incorporation into any other electronic or hard copy document. This disclaimer and copyright notice are governed by English law.

5. Intended Audience

Currency UK offers the Site and the Materials from its headquarters in the United Kingdom for customers located in the United Kingdom and make no representation that the Materials and the Site are appropriate or will be available for use in other jurisdictions. Unless otherwise explicitly stated, all marketing or promotional materials found on the Site are solely directed to individuals and entities located in the United Kingdom. Your use of the Materials is subject to all applicable laws.

6. Personal and Non-Commercial Use Limitation

Unless otherwise specified, the Materials are for your personal and non-commercial use. You may not modify copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products or services obtained from the Materials.

7. Your Responsibilities

You must (a) comply with all applicable laws in connection with Your use of the Site and the Materials, (b) not use the Site and the Materials for any illegal purpose, (c) not interfere or otherwise disrupt networks connected to the Site, (d) not use the Site and the Materials to infringe any third party's copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy, (e) not transmit through the Site, through the feedback form or otherwise, any unlawful, harassing, libelous, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable material of any nature, (f) not attempt to gain unauthorized access to other computer systems and (g) not interfere with another user's use and enjoyment of the Site. You are solely responsible for backing up all data stored on your computer and for protecting such data from loss or theft.

8. Privacy

Currency UK respects the privacy of visitors to the Site. You should read the Privacy Policy [link to privacy policy page] for more information regarding privacy.

9. Promotion

You may place links to and information about the Site and the Materials on your Web sites and in your informational resources for informational and non-commercial purposes only. You may not advertise your use of the Service, in any other form except the one above, without first obtaining Currency UK consent in writing or electronically.

You may not use the name or any trademark or service mark of Currency UK for any purpose without first obtaining Currency UK consent in writing or electronically. You further agree not to contest or take any action in opposition to any trademark, service mark, trade name or logo of Currency UK or to use, employ, or attempt to register any mark or trade name which is similar to any mark or name of Currency UK.

10. Permission to Use Materials

Permission to use Materials (such as white papers, press releases, datasheets and FAQs) from the Site is granted, provided that (1) use of such Materials from the Site is for informational and non-commercial or personal use only and will not be copied or posted on any network computer or broadcast in any media, and (2) no modifications of any Materials are made.

Accredited educational institutions, such as K-12, universities, private/public colleges, and state community colleges, may download and reproduce the Materials for distribution in the classroom. Distribution outside the classroom requires express written permission. Use for any other purpose is expressly prohibited by law, and may result in severe civil and criminal penalties. Violators will be prosecuted to the maximum extent possible.

Materials specified above do not include the design or layout of the Site or any other Currency UK owned, operated, licensed or controlled site. Elements of the Site are protected by trade dress, trademark, unfair competition, and other laws and may not be copied or imitated in whole or in part. No logo, graphic, sound or image from the Site may be copied or retransmitted unless expressly permitted by Currency UK.

11. Disclaimer

The Materials are provided by Currency UK without any warranty or representation, whether express or implied, of any kind. Without limiting the generality of the preceding sentence, does not warrant or represent that (A) The materials or the site will be error free, (B) Defects in the materials or the site will be corrected or (C) This site is free of viruses or other harmful computer code. Currency UK and/or its respective suppliers make no representations about the suitability of the information contained in the materials and related graphics published as part of the site for any purpose.

All such materials and related graphics are provided "as is" without warranty of any kind. Currency UK and/or its respective suppliers hereby disclaim all warranties and conditions of merchantability, whether express, implied or statutory, fitness for a particular purpose, title and non-infringement.

Changes are periodically added to the information herein. Currency UK and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

12. Limitation of Liability

In no event shall Currency UK and/or its respective suppliers be liable for any consequential, direct, incidental, indirect, punitive, special or other similar damages or any damages resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of materials available from the site, even if the possibility of such damages could have been foreseen by Currency UK.

13. Indemnification

You shall indemnify and hold harmless Currency UK and any third party information providers for the Materials from and against all costs, damages, expenses, liabilities and losses incurred by Currency UK (including, but not limited to, fees and disbursements of counsel to Currency UK) (i) in connection with Your failure to perform any obligation pursuant to these Terms; (ii) Your negligence or otherwise in connection with Your use of the Materials or the Site, except to the extent such costs, damages, expenses and losses are incurred by Currency UK solely due to the gross negligence of Currency UK, (iii) any violation of any rights of a third party, (iv) any violation of applicable law or regulation; (v) information or content that you submit, post, transmit or make available through the Services, or (vi) your use of the Services.

14. Termination and Modification

Currency UK may at any time suspend, terminate or modify the Materials, or Your access to the Site, without notice to you and without any liability to you for such suspension, termination or modification.

You may terminate using this Site and the Materials at any time. Currency UK reserves the right to modify these Terms, and the Policy, at any time, effective upon its posting, as modified, on this Site (www.currencyuk.co.uk). By using the Site and the Materials, You agree to abide by these Terms, and the Policy, as modified from time to time. You should refer to these Terms, and the Policy, to ensure that your activities comply with the most recent version.

15. Notices

You may send notices to Currency UK by email or use our other contacts. Any such notice will be effective upon actual receipt by Currency UK. Currency UK may send notices to you through email, regular mail or a posting on the Site. Any such notice will be effective upon actual receipt by you in the case of e-mail or regular mail or upon posting in the case of such notice being posted on the Site.

16. Independent Contractors

You and Currency UK are independent contractors and not agents of the other for any purpose. Neither You nor Currency UK may act for the other or incur any indebtedness, liability or obligation on behalf of the other.

17. Force Majeure

Currency UK will not be liable to You for any failure or delay in the performance of an obligation pursuant to these terms and conditions to the extent such failure or delay is caused by circumstances beyond its reasonable control (including, but not limited to, earthquake, fire, flood or other casualty, an act of God, a strike, lockout or other labour dispute, war, embargo, blockade, legal restriction, riot, insurrection or governmental action).

18. Governing Law

These Terms shall be governed by, and shall be interpreted and enforced in accordance with, the internal law of the UK, without regard to principles of conflict of laws.

19. Severability

If any provision of this Use Agreement shall be deemed unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from these terms and conditions and shall not affect the validity and enforceability of any remaining provisions.

20. No Third-Party Beneficiaries

No individual or entity is a third-party beneficiary to this Agreement. Each provision of this Agreement may be enforced only by Currency UK or You or, to the extent permitted by this Agreement, any successor or assignee of Currency UK or You.

21. Miscellaneous

These terms and conditions constitute the entire agreement between you and Currency UK with respect to the subject matter of these Terms, and supersede all prior oral and written proposals, representations, understandings and agreements.

Our products

We will design a currency solution for you or your business utilising the various tools at our disposal, which include same-day, forward and spot contracts.

Our primary aim is to deliver a service that not only saves you money and/or increases the profitability of your company, but also increases the efficiency of your international payments and receipts.

We have a range of currency products to ensure that we can handle any requirement.

Immediate Exchange Contracts

Same-day contracts

Allow you to make same day trades and international payments in Euro (EUR), US Dollar (USD), Canadian Dollar (CAD) and Pound Sterling (GBP).

Payment is expected same working day or next working day.

Why Use It?
You need the funds immediately for an urgent currency payment.

Next-day contracts

Allow you to make international payments for next day value in nearly every currency imaginable.

Payment is expected same working day or next working day respectively.

Why Use It?
You need the currency immediately for an urgent currency payment.

Spot contracts

Confirm a rate today for payment within two working days.

This is the most common contract type and needs to be settled within 48 hours of agreeing the contract. Foreign currency funds can either be transferred immediately or held on account for future use.

Why Use It?
You need the currency immediately, or you wish to take advantage of a beneficial rate and hold funds on account.

FORWARD CONTRACTS

Fix a rate now and pay at a specified date in the future.

This is for the purchase or sale of a currency on a fixed future date. A small deposit (5% - 10%) is required when the contract is made with the remainder due before the completion of the contract. More information can be found here.

A forward contract will guarantee an exchange rate for a future date, regardless of subsequent market fluctuations. Please be aware that Forward Contracts can be subject to margin calls.

Forward rates are calculated using the prevailing spot rate at the time of booking and the interest rate differential between the currencies involved. These figures vary depending on the length of the contract.

Why Use It?

  • If you do not have all the funds currently available.
  • To guarantee a rate for a future date.
  • To take advantage of a favourable rate.
  • To protect against market fluctuations.
  • To benefit from the flexibility of draw-downs and rollovers. A draw-down is the process in which some or all of your funds are made available before the pre-agreed end (value) date of your contract. A rollover allows you to expand the end (value) date of your contract.

FLEXIBLE FORWARD CONTRACTS

Fix a rate now and pay in a window of time in the future.

This is for the purchase or sale of a currency between two dates in the future. A small deposit (5% - 10%) is required when the contract is made with the remainder due before the completion of the contract.

Why Use It?

  • If you do not have all the funds currently available.
  • To guarantee a rate for a future date.
  • To take advantage of a favourable rate.
  • To protect against market fluctuations.
  • To benefit from the flexibility of draw-downs and rollovers.

REGULAR PAYMENTS

This product automates regular overseas payments. Payments can be made at any interval you choose e.g. monthly or quarterly.

In order to set up a regular payment facility you need to already have an account with Currency UK. Contact your account manager to get started.

You can alter your a regular payment in one of two ways:

  • If money is being debited from your account via standing order, simply amend the amount you’d like to send us and let us know.
  • If money is being debited from your account via direct debit, please contact our payments team and they will make the amendment for you.

Why Use It?

  • You need to pay a foreign mortgage
  • You want to send a salary home
  • You want to transfer your pension abroad
  • You wish to repatriate rental income
  • You have to pay tuition fees

MARKET ORDERS

Stop loss order

This is for the purchase of currency that is required imminently, where the purchaser wants to wait to see whether the market moves in their favour, but needs to achieve a minimum rate if the market moves in the opposite direction. A stop loss order can only be placed for trade sizes of GBP 50,000.00 and above (or equivalent in any currency).

The purchaser places a stop loss order at a given rate and even if the rate moves below this overnight, the purchaser will still be able to secure currency at that agreed rate.

Why Use It?

  • You have an imminent requirement for currency.
  • You want to benefit from market fluctuations but also want to limit your risk to unfavourable market movements.

Limit order

An order to purchase currency at a specified rate of exchange that is not currently available. A limit order can only be placed for trade sizes of GBP 50,000.00 and above (or equivalent in any currency).

An order will be triggered automatically should the desired exchange rate be reached.

Why Use It?

  • You do not need the currency immediately.
  • You have an ongoing or future currency requirement and want to secure a beneficial exchange rate.

One Cancels Other order

This is a combination of limit and stop loss but when one is triggered the other is automatically cancelled. OCO orders can only be placed for trade sizes of GBP 50,000.00 and above (or equivalent in any currency).

When either the limit rate or the stop rate is reached and the corresponding order is triggered, the other order is automatically cancelled.

Why Use It?

  • The currency market is particularly volatile.
  • There is a very particular rate you’d like to achieve.

INTERNATIONAL PAYMENTS

There are a number of methods that can be used to transfer funds:

  • SWIFT: These payments can be made to any destination account worldwide.
  • FPS (Faster Payment Service): used to transfer funds quickly between UK accounts.
  • CHAPS: This system makes same-day Pound Sterling transfers possible.
  • NEFT: used to transfer funds quickly between Indian banks.
  • SEPA: An alternative to SWIFT, these payments reduce the cost of cross border Euro transfers in Europe. The SEPA transfer area covers the 28 EU countries, San Marino, Monaco and the four members of EFTA (Iceland, Liechtenstein, Norway and Switzerland).

INTERNATIONAL RECEIPTS

We can take the hassle out of multi-currency accounting by receiving payments in the following currencies:

  • Emirati Dirham
  • Australian Dollar
  • Bulgarian Lev
  • Chinese Yuan Renminbi
  • Ghanaian Cedi
  • Hong Kong Dollar
  • Croatian Kuna
  • Israeli Shekel
  • Egyptian Pound
  • Jordanian Dinar
  • Japanese Yen
  • Kenyan Shilling
  • Kuwaiti Dinar
  • Mauritian Rupee
  • New Zealand Dollar
  • Omani Rial
  • Qatari Riyal
  • Russian Ruble
  • Saudi Arabian Riyal
  • Singapore Dollar
  • Thai Baht
  • Tunisian Dinar
  • Ugandan Shilling
  • Euro
  • Canadian Dollar
  • Swiss Franc
  • Czech Koruna
  • Danish Krone
  • Hungarian Forint
  • Mexican Peso
  • Norwegian Krone
  • Polish Zloty
  • Swedish Krona
  • Turkish Lira
  • US Dollar
  • South African Rand
  • British Pound

FX and payments online

Our online trading platform is available to corporate customers. Through the platform you can book everything from same day contracts to flexible forward contracts, create payments and view your account statements. Find out more here.

Mass payment upload

The online platform permits you to upload multiple payments from an accounting system. Please follow the below instructions:

  • Request a template example from Currency UK which will come with detailed descriptions on how to format the upload file
  • Ask us to test the file
  • Once the file has been approved Currency UK will issue access to the secure FTP portal so you can upload your file.

FX and Payment APIs

We have several APIs available:

  • Partner
    • Currency converter
    • Rate feed
    • Request a quote
    • Full function
  • 2. Customer
    • Payment upload

For technical support with the partner APIs please contact partners@currenyuk.co.uk or call 02077380777.

For support with customer APIs please email operations@currencyuk.co.uk or call 02077380777.

Our currencies

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

  • AED Emirati Dirham
  • AUD Australian Dollar
  • BGN Bulgarian Lev
  • BRL Brazilian Real
  • CNY Chinese Yuan Renminbi
  • GHS Ghanaian Cedi
  • HKD Hong Kong Dollar
  • HRK Croatian Kuna
  • ILS Israeli Shekel
  • INR Indian Rupee
  • JOD Jordanian Dinar
  • JPY Japanese Yen
  • KES Kenyan Shilling
  • KWD Kuwaiti Dinar
  • MUR Mauritian Rupee
  • NGN Nigerian Naira
  • NZD New Zealand Dollar
  • OMR Omani Rial
  • PHP Philippine Peso
  • QAR Qatari Riyal
  • RUB Russian Ruble
  • SAR Saudi Arabian Riyal
  • SGD Singapore Dollar
  • THB Thai Baht
  • TND Tunisian Dinar
  • UGX Ugandan Shilling
  • EUR Euro
  • BBD Barbadian Dollar
  • CAD Canadian Dollar
  • CHF Swiss Franc
  • CZK Czech Koruna
  • DKK Danish Krone
  • HUF Hungarian Forint
  • MXN Mexican Peso
  • NOK Norwegian Krone
  • PLN Polish Zloty
  • SEK Swedish Krona
  • TRY Turkish Lira
  • USD US Dollar
  • ZAR South African Rand
  • GBP British Pound

You can sell the following:

  • AED Emirati Dirham
  • AUD Australian Dollar
  • BGN Bulgarian Lev
  • CNY Chinese Yuan Renminbi
  • GHS Ghanaian Cedi
  • HKD Hong Kong Dollar
  • HRK Croatian Kuna
  • ILS Israeli Shekel
  • JOD Jordanian Dinar
  • JPY Japanese Yen
  • KES Kenyan Shilling
  • KWD Kuwaiti Dinar
  • MUR Mauritian Rupee
  • NZD New Zealand Dollar
  • OMR Omani Rial
  • QAR Qatari Riyal
  • RUB Russian Ruble
  • SAR Saudi Arabian Riyal
  • SGD Singapore Dollar
  • THB Thai Baht
  • TND Tunisian Dinar
  • UGX Ugandan Shilling
  • EUR Euro
  • CAD Canadian Dollar
  • CHF Swiss Franc
  • CZK Czech Koruna
  • DKK Danish Krone
  • HUF Hungarian Forint
  • MXN Mexican Peso
  • NOK Norwegian Krone
  • PLN Polish Zloty
  • SEK Swedish Krona
  • TRY Turkish Lira
  • USD US Dollar
  • ZAR South African Rand
  • GBP British Pound

Process and costs

The process is really straight forward - check out this video:

Simply:

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

Cost

There are two principal costs to consider and compare:

1. Transfer fee

For Private Clients

With every FX trade of GBP 5,000.00 or more we provide 1 free international payment.

Additional payments OR payments related to trades of below GBP 5,000.00 are charged at GBP 15.00.

A fee for our Regular Payment [Link to Regular payments page - private section] products may apply.

For Business Clients

We offer discounts and are happy to negotiate of bulk payments.

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

Payment times

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.

Sending funds to us

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).

Transfer Method Transfer Time Charge From Your Bank Authorisation
Required
Authorisation
Required
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 / builing 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.
N.B.
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.

Instructing us to make a payment

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.

Country Iban Length Country Code Example
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.

Charges

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.

References

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.

Deposits and margin calls

Deposits

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.

LINKS TO RELEVANT DOCUMENTS:

Data Protection Policy Trading agreement Ts + Cs (3 total: Current and old business and old private) Complaints handling policy

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