Frequently Asked Questions
Once you’ve registered with us using our online form, we will send you login details. You can then carry out your currency transaction. You’ll need the details of the bank account where you want us to send the currency to (yours or someone else’s), and then just use the simple interface to choose your currency rate. Once you’ve done that, sends us the money to pay for it (we’ll tell you where), and we’ll do the rest.
An international money transfer will generally take 3 days to be completed.
An international money transfer is made up of two elements; the currency exchange and the transfer of the funds to the beneficiary bank account.
The currency exchange is an agreement between two parties known as a foreign exchange ‘spot’ contract and is finalised on the first day of the process, for the purpose of this example let’s say Monday. This is the standard timeframe for all FX deals around the world.
However, the exchange actually takes two days to be processed, on Wednesday. The digital transfer of the funds, once they have been exchanged is almost instant, so the beneficiary would receive the funds in their account that day.
Sometimes it’s possible to speed this up and do the exchange the next day (Tuesday) or sometimes even on Monday. However, this is not a standard spot contract and there is likely to be an additional charge.
The two main options to transfer money abroad are either using:
– a specialist currency exchange company, also known as a payment provider
– a bank or building society
Money is transferred abroad using what’s called a ‘bank to bank’ credit transfer. This means that the money isn’t transferred physically, just as an electronic balance from one bank to another. This is usually done using something called the SWIFT system.
Banks have their own SWIFT accounts, and specialist payment providers just use those SWIFT details to make sure your payment gets to the correct beneficiary.
All you have to do is to give the details of the account where you want to pay the money to the payment provider (specialist currency exchange) and agree the exchange rate. Then, you ask your bank to send the money to pay for the deal, and the provider will send the currency to wherever you have specified.
Transferring money to someone else’s bank account can be done through a bank, or you can use a specialist currency exchange, also known as a payments provider. Any company or bank you choose to do this with must be authorised by the Financial Conduct Authority (FCA).
Transferring money to someone else’s bank account is called a ‘third-party payment’, and a firm has to be regulated in order to provide that service.
The transfer happens in exactly the same way as when you transfer money to yourself, except you need to provide details of the person or company that you are paying. Typically, you will need to know their name and address as well as the details of their bank account that you are paying.
The specific details you will need for an international bank transfer will vary as different countries have different systems. However, generally you will need the following:
- Name of the account holder- whether this is a person or a business.
- Name of the bank- where the account you are paying is held, as well as the city and country where it is located.
- Account details- If you are paying an account held in Europe for example you will need something called an IBAN (International Bank Account Number). An IBAN contains all the details of the account, including the sort code and a country code.
However, the UK has different required account details which are the account number and sort code, the US also operates a different system. The necessary details should be provided to you by the recipient.
It sounds complicated but it isn’t – all this information will be shown on the account and you just need to give it to your payment provider.
There is no limit. Some providers set a minimum and maximum amount for transferring online, but the simple answer is that there is no set limit. With Eris FX, for example, the minimum amount is £1,000 but there is no maximum.
Our priority is to protect both our customers’ and our own monies. We partner with The Currency Cloud for all our client payments. The Currency Cloud is a global payments expert. It holds an e-money licence which has the highest level of client fund safeguarding arrangements. We also have other stringent procedures and checks in place. For example, we buy the currency to order for every single trade from our wholesale supplier. This means we never speculate on market movements or risk your funds in any way.
Your rate is calculated as a percentage away from the underlying market rate at any time. This percentage doesn’t move, but your rate will move in line with movements in the wholesale FX market. We make our profit from the difference between the rate that we set for you (which is the same for all customers) and the rate we deal at in the wholesale market.
If your deal is below £10,000 you can pay us by BACS or by Faster Payments if your bank has that facility. If it’s above £10,000 you will need to send a CHAPS payment. Your bank may charge you for this, but it should be a fraction of the savings you are making.
This one’s simple. We show you our customer dealing rate and costs openly and live on our website. And we show it changing live every second.
No other currency company does that. Other brokers will hook you in with attractive-sounding promises but will only show you their customer dealing rate once you have signed up and are ready to make the trade. With us, the price you see on our website currency converter is the price you pay.