Q. Why should I use CurrencyChange rather than my bank?
A. We are foreign currency and international payment specialists.
Our primary focus is foreign currency services – from straightforward currency exchange to complete risk management. Our team of FX specialists monitor real-time currency movements and strive to achieve the best possible rates for both private and corporate clients.
This level of expertise and enthusiasm is always available to all our clients. Indeed, we work closely with you to deliver an individually tailored service, leaving your funds optimised and protected against FX exposure all the time.
No hidden fees or commission.
Banks impose the highest transfer charges which depend on: the country the money is being transferred to; the status of the customer, whether the transfer is made at a branch, online or over the phone; whether or not you’re making the transfer to a bank overseas that’s affiliate to yours. You need to check also whether the receiving bank overseas also imposes a fee and who will pay this. Some of the FX provides claim to be ‘commission free’ then load the exchange rate – this makes difficult to get hold of the exact rate and compare it.
At CurrencyChange, we don’t charge commission nor transfer fees. Our exchanging rates are transparent and agreed upfront with our clients.
With us you can shop around and negotiate better foreign currency rates.
When using your local bank, the foreign currency rate is converted at a rate prescribed by the bank, and you will have little, if any, influence over this rate.
With us you receive a personal and knowledgeable advice.
No matter how much you want to exchange and transfer abroad, we’ll always assign you an account manager who will provide consultations with real-time currency information, market views, currency risk management options, and will guide you through the transaction process. We won’t put your call on hold!
Q. What transactions can CurrencyChange help me with?
A. We will assist you with all your Money Exchange and International Transfer requirements including personal exchange (from large purchase abroad – stocks and shares, property, boats, cars, etc; regular transfers – pension, school tuition fees, overseas mortgage, salary transfers, etc. to smaller one-off transfers – topping up an overseas account or transfers to family, etc.) and business needs (importing, exporting, setting up overseas subsidiary, outsourcing business processes, etc).
Q. Why CurrencyChange can achieve better exchange rates than my local bank?
A. Our Foreign Exchange specialists buy and sell currencies at the rates close to the Interbank rates. Access to the Interbank rates is only available to banks and financial institutions who deal with each other in amount over £5m. Private individuals and small to medium sized businesses can’t access these rates. We then monitor the currency market, work with live rates and aim to get the best rate at the time for our clients.
Dealing with a large amount of international payments brings economies of scale allowing us to achieve even better exchange rate. And, having tightly-controlled overheads and no ‘middlemen’, means that all our cost savings can be passed directly to our clients.
Q. How is my exchange rate calculated?
A. This depends on a number of factors including the amount you’re transferring, the currency you’re buying or selling and its volatility, the exchange rates at the time of purchase, and the timeframes you are working to (i.e. whether you’re looking to lock into an exchange rate for up to 12 months).
Q. How can foreign exchange rate movements affect me?
A. As the exchange rates are constantly changing, an important aspect to your transaction will be the timing.
In many cases, people overlook foreign exchange risk factor and simply leave their decision to make the international money transfer to the last minute hoping for a good rate.
Regardless of why you’re transferring your money, the larger the amount you’re looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less. Remember, as soon as you decide to move overseas, buy or sell an asset abroad such as a property or simply make international transfer, you are exposed to adverse moves in the currency market.
Q. How can I minimise potential currency losses?
- Be informed about currency rate movements
- Maximise the timing of your currency transaction
- Use financial instruments to hedge your FX risk
Click here for more information (link to risk management)
Q. What is Forward exchange rate?
A. Forward exchange contracts allow you to buy or sell a currency at a fixed exchange rate with delivery made on a given date in the future.
- Protect against adverse movements in exchange rates
- Budget for future contracts without worrying about exchange rate
Q. How can I be sure my money is safe with CurrencyChange?
A. As piece of mind of our clients is critical to our business, we operate to strict guidelines. We are authorised and regulated by the UK Financial Services Authority ("FSA") as a Payment Institution under the Payment Services Regulation 2009. Our firm reference number is 531015. You can look this on the FSA register.
As a FSA-authorised and regulated company we have to meet strict capital adequacy and comply with Payment Services Regulations and the FSA’s Conduct Business requirements.
FSA authorisation states that we hold our clients’ funds’ in segregated account in our principle bank Barclays which is separate from our own business administration account – therefore protecting your funds all the time.
FSA regulations gives you legal rights to take a complaint to the Financial Ombudsman Service (an independent official body) if the company have broken any law. For more information visit: www.financial-ombudsman.org.uk
Please note that some payment institutions are only registered with FSA, which means there’s no safeguarding process and if something goes wrong, the dispute depends on Ombudsman’s response.
We are also regulated by HM Revenue & Customs as a Money Services Business in relation to the execution of spot and forward foreign exchange transactions, our registration number is 12607477.
Q. I live outside of the UK. Can I use your services?
A. Yes. You can undertake foreign currency transfers from any country globally.
Q. How can I open an Account with CurrencyChange?
A. Opening a CurrencyChange account is a simple, quick, free and with no obligation to trade. You can open a personal or business account over the internet, on the phone or by email.
To open an account or for more information, visit the personal open an account page or business opens an account page now.
Q. What information will I need to give when opening an account?
A. As part of our account opening process, we undertake an identity check in order to comply with FSA regulations. We require 2 forms of ID: a clear copy of your photo ID in the form of a passport and/or driver's licence (both parts) and a copy of your registered address in the form of a bank statement or utility bill (gas, electricity, water, landline telephone) no more than 3 months old.
Q. What is the process to open an account?
A. The process to open an account is simple and quick. There are 3 short steps involved from start to finish:
Step 1 – Register with us either online, email, or by phone.
Step 2 – Discuss your currency requirements with our FX consultant who will optimise your potential savings on currency exchange transactions.
Step 3 – Transfer funds. Once you agreed the exchange rate with our FX specialist, you can instruct to proceed with your order. We will then send exchange money to your designated account abroad.
Clik here for more information (link to process page)
Q. Who will look after my account?
A. While predicting a sudden shift in exchange rates can be complex, the process of deciding which payment solution suits the best your needs can be made a lot simpler with some industry expertise and currency insight. As soon as you register with us, we will assign you one of our FX specialists who will guide you through every step of your transaction.
We are focused on first class customer service and this is not dependent on the amount of your transaction.
Q. What currencies do you cover?
A. We cover all major currencies, and we are pleased to offer these in any pairing combination.
Q. Is there a minimum amount that I can exchange?
A. Unlike many other financial service providers we don’t have a minimum amount we’ll transfer/exchange.