Currency Transfer FAQ's
 

Please find the most common questions asked when moving money overseas. If you do have any additional questions, please feel free to add them to this thread so other users can benefit from it.

Why should I use FC Exchange instead of my bank?

Banks are big, expensive and often unresponsive organisations while FC Exchange is a specialist in the currency market. Staff at your high street bank do not have our expertise or latest market information to offer you competitive exchange rates, nor do they watch the market on your behalf. We are able to offer you a range of currency market tools which include rate targets (target a certain rate), forward contract (buying the rate now but paying later).

How do you open a free FC Exchange account?

You can register for a free account with FC Exchange by clicking here. Registering with FC Exchange is quick and easy and should take no more than a few minutes to do.

How do you arrive at your exchange rate for your clients?

When getting a rate, FC Exchange factors in the currency required, the amount that needs to be transferred and the live exchange rate.

Markets do move every few seconds so we are working off a live rate.

Can you beat my current providers rate?

All brokers, banks and bureau de changes work off the same rate. We are very confident that we can beat a competitors rate and we have a 'Best Rate Guarantee' in place to make this happen.

How much money can I transfer with FC Exchange?

We do not have a minimum or maximum amount that you can transfer with FC Exchange.

How long will my transfers take?

This depends on the currency you are looking to transfer and when we receive your money. You can purchase your currency and have it transferred to it's destination account on the same day.

How much will this cost?

Usually, we charge £10 for transfers under £3,000 but if you quote British Expats when opening your account/sending your enquiry then we will not charge any fees for transferring your money. Latest market information, registration and a designated account manager is all free.

How do you make your money?

Our money is made on the difference between where we buy and sell the currency at. We make our money by undercutting the banks and other brokers exchange rate.

Can I do everything Online when I'm overseas?

Where ever you are in the world, you will have an online payments system where you will be able to get live rates, add beneficiary bank details, download statements and much more. Ask your account manager to set this up for you when opening your account.

How do I know my money is safe with FC Exchange?

FC Exchange is authorised by the FCA as an Authorised Electronic Money Institution.

Your funds are always held in segregated accounts, which are totally independent of our business accounts. Furthermore, we do not speculate on currency, we buy 'back to back', immediately booking a corresponding trade with our counter parties to cover your position, eliminating any market exposure.

How does the process work?

Our aim is to help you save time and money in three easy steps:
1) Register with us
2) Agree an exchange rate over the telephone or online
3) Send your funds to your client account and we will forward your foreign currency on to the destination of your choice.