Personal FAQs
What rate will I be offered?
Our rates are based on live 'interbank' prices (the price at which one bank sells to another). These are aggregated from a number of sources, are quoted in real time and are more competitive than those typically quoted by high street banks and building societies.
How do I use Foreign Currency Direct?
Once you have opened an account you can get rate quotes by telephone. If you accept the rate offered, we immediately fax, email or post confirmation of the contract. You then return this with your onward payment details.
How does Foreign Currency Direct make money?
As money brokers, we receive preferential rates because we constantly buy and sell high volumes. And we don’t have the enormous branch operating costs of banks and building societies. These factors enable us to operate purely on the profit from the margin – which is the difference between the price at which we buy and the price at which we sell.
What happens to my money?
Payments are lodged in transaction accounts with Lloyds TSB Bank plc. These accounts are designated for the receipt of inward payments.
How do I pay?
You may pay by personal or building society cheque, or by electronic payment, to the account details on your contract note. Payment is required within two working days in the case of Spot Contracts and deposits for Forward Contracts. The balance of Forward Contracts should be received no later than the maturity date of the contract.
When do I get the currency?
It is paid on maturity of the contract and receipt of the cleared funds. Money received by electronic transfer and showing in our account before 12.00pm (noon) can be sent out the same day. Before processing onward payments or funds received by cheque, we need to allow six working days for the cheque to clear. A copy of the transfer document will be sent to you if requested.
What are your charges?
For transactions under £50,000 we charge £15 for a Priority International Transfer. Above £50,000 we allow one free transfer per transaction. A copy of the IPD (Irrevocable Payment Document) can be faxed or posted to you or the beneficiary for £12.
Will I get any interest?
No – because clients' funds are usually only held for short periods. And with Forward Contracts, the interest lost on your deposit is negligible compared to the potential loss if the market moves adversely and rates have not been secured. This is because the deposit is a small percentage of the overall sum, and interest is only lost on the deposit.
What happens if my circumstances change?
If you have secured a Forward Contract but find you will no longer need the currency at the maturity date, you may sell the contract back to the market, provided that it has been settled in full.
