Frequently Asked Questions

Yes. Eris FX Ltd. is authorised by the FCA as a Payments Institution under the Payment Services Regulations 2017, FRN 591533. 

You can check our regulatory status here: https://www.legislation.gov.uk/uksi/2017/752/contents/made

We started trading in 2006.  We were one of the first companies to offer online FX transactions and international payments.  

Since then, we’ve helped thousands of customers move millions of pounds around the world.

This one’s simple.  We believe in fairness, openness and honesty. 

That’s why we’re comnpletely transparent about our pricing. 

We charge everyone exactly the same for the same deal, and we show you our customer FX dealing rates and costs openly and live on our website.  

Our priority is to protect our customers’ monies.

Your incoming funds to pay for your currency exchange are held in segregated client accounts which are separate from our own money. 

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.

As soon as your curreny conversion is completed, we pay your converted funds out immediately to your nominated beneficiary account. 

We do not hold converted funds. 

In the unlikely event that we are unable to make the payment to your nominated beneficiary account due to incorrect account details, or if the payment is returned to us, we will reverse the currency deal and pay you back your original funds to the account they came from.  

Please note, we are not a bank and we are not covered by the FSCS service.

Your rate is calculated as a percentage away from the underlying mid-market rate.

Your rate will move in line with movements in the wholesale FX market. 

When markets are volatile the percentage markup may increase slightly, but you will always see it.

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.

No, we build the cost of the transfer into the total FX rate.

No.  We will transfer the full amount converted and won’t charge you any more fees. 

However, sometimes your own bank or an intermediary bank in the payments chain may take a fee from your converted funds and you may not receive the full amount. 

We do not have any control over this and it certainly isn’t us taking the money. 

We would advise you to check with your bank first, and if a fee is taken that you weren’t expecting you should talk to them in the first instance.

An international money transfer will generally take 1-3 days to be completed depending on the currency being bought, the country it’s being sent to and how quickly we receive your funds.

An international money transfer is made up of two elements; the currency exchange and the transfer of the funds to the beneficiary bank account.

You can ask us to pay the converted funds to a third-party (someone other than you). 

If we do this, that will constitute a “Regulated Activity”. 

Eris FX is authorised by the FCA as a Payment Institution to perform this regulated activity.

You will need to tell us the  details of the person or organisation you wish to pay.

The specific details you will need for an international bank transfer will vary as different countries have different requirements. 

Our system will guide you through it.

However, generally you will need the following:

  1. Name of the account holder- whether this is a person or a business.
  2. Name of the bank- where the account you are paying is held, as well as the city and country where it is located.
  3. Account details- If you are paying an account held in Europe for example you will need an IBAN (International Bank Account Number). 

It is £1,000 minimum but there is no upper limit.  

However, if your transaction is more than £100,000, we will ask for at least some of the funds to be deposited with us upfront.

You will need to use a bank transfer. 

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.

We offer international transfers in the following currencies:

AUD – Australian Dollar
CAD – Canadian Dollar
CHF – Swiss Franc
DKK – Danish Kroner
EUR – Euro
GBP – UK Pound
JPY – Japanese Yen
NOK – Norwegian Krone
NZD – New Zealand Dollar
SEK – Swedish Krona
USD – United States Dollar

Most international trade is done in these currencies.

If the currency you are looking to buy or sell isn’t listed, you may be able to use one of these more common currencies instead. Many countries and businesses accept USD or EUR even if that isn’t their main currency – it’s always worth checking and you might get a better rate.

Our minimum exchange size is £1,000 or foreign currency equivalent, and we only offer bank to bank transfers not cash.