|
Currency Exchange Rates Calculator.
Convert any amount from one currency to another.
Untitled Document
How can FX Solutions Limited save me money?
FX Solutions prides itself on obtaining the best rates of exchange for all
foreign currencies, which in the majority of instances, are not surpassed by
any bank or institution offering commercial rates.
As an example, on 15 March 2004, Lloyds TSB were
offering a rate to exchange £50,000.00
for US Dollars at 1.7850. On the same day FX Solutions exchanged £50,000
for a client at a US Dollar rate of 1.8050 giving this client 1,000.00 US Dollars
more than he would have received using the High Street bank.
Please note that savings available in specific individual cases will be governed
by the prevailing market rate at the time of any executed trade.
Can I fix my foreign exchange rate now and pay for it later?
Yes. This is known as “Forward” buying whereby you fix your foreign
exchange rate in a specified amount today and elect a date in the future where
you would take delivery of your currency. Your elected date can be anything
from 1 week to 4 years in advance from the actual date of your order. When
buying currency in this way, a margin payment of 10% is required at all times
and you must pay the remaining 90% balance of your Forward contract(s) 5 days
before the contract maturity date.
Why is a margin required when buying currency on a Forward basis?
A margin is required by the bank as standard security against currency purchased
on a Forward basis. The bank holds on your behalf 10% of the total amount
of any Forward Contract and the remaining 90% is paid upon maturity of the
Contract. It is important to note that the bank must maintain a 10% margin
at all times against your trade to reflect any sudden market movement as
set out in Clause 5.2 of our Terms & Conditions of Business (Part A).
Will I achieve similar rates of exchange to those quoted on teletext or the
internet?
No. The rates quoted are known as mid-prices for amounts in excess of £1,000,000.00
and are indicative of the rate that the major institutions are trading in “market
amounts”, that is over £1,000,000.00.
How do FX Solutions differ from its competitors?
We realise you have a choice of foreign exchange companies, that’s why
FX Solutions prides itself on being the only company to offer a guarantee not
to be beaten on price or service. We also offer:
- Dedicated service of assured quality
- First telegraphic transfer is free
- Fixed rates up to 4 years ahead
- "Flexible Value Dates" when fixing
your foreign exchange rate
- 24-hour, 5 1/2 day a week dealing desk
- 24-hour, 7 day a week information
desk (excluding Bank Holidays)
How can I open an account with FX Solutions Limited?
You need to complete, sign and return the “no obligation to trade” Terms
and Conditions of Business together with two forms of identification such as
a utility bill less than three months old and a current passport or driving
licence. If copies are to be sent, these must be certified as true copies of
the original by a professional person (eg. Doctor, Managing Director at your
place of employment, Solicitor, Bank Manager). If original documents are sent,
these will be returned to you once your application has been processed.
Upon receipt of these documents, you will be allocated a Personal Dealing
Reference number which is unique to you and your personal foreign exchange
dealer who
will look after your interests.
How long does it take to get my Personal Dealing Reference Number?
As soon as we receive your completed documentation, the process can take less
than 1 hour.
How do I trade once I have been registered with FX Solutions?
It’s up to you. You can telephone your personal dealer as many times
a day to obtain a foreign exchange rate or you can place an order so that when
the market hits that rate your personal dealer can either call you or execute
your instruction – whatever suits you.
How do I pay for and how do I receive my foreign currency?
You may pay by Telegraphic Transfer (sometimes referred to as a “CHAPS” payment)
which normally guarantees that your transfer will reach our account on the
same day. This method is recommended by FX Solutions to avoid any delay in
the delivery of your funds. You could also make a BACS transfer, which can
take up to three working days to reach our account. Both payment procedures
are explained to you in more detail prior to securing a rate.
Your currency will be transferred to the account
you elect on the maturity date specified in your foreign exchange Contract*.
Where your transaction size
is under £15,000.00 the charge for this service is £6.50 per transfer
payable prior to transmission of the currency.
What is an International Bank Account Number (“IBAN”)?
IBANs are being introduced to standardise the identification of bank accounts.
The IBAN is not a new account number. Your existing bank code and account
numbers will not be replaced, but additional characters will appear in front
of them. The complete identifier will be known as the IBAN. IBANs will improve
the quality of information exchanged between parties involved in European
cross border payments and reduce errors and delays.
Important Points to note
FX Solutions Limited complies with all current money laundering legislation
and guidelines.
Some overseas banks may charge you to receive your foreign exchange transfer.
* Subject to us being in receipt of cleared funds in settlement from you.
|
