Q.
Where should I buy currency?
You can obviously walk into any high street bank or bureau
de change and exchange your currency. This may be convenient
for your holidays but for larger amounts of currency it
pays to get in touch with a specialist foreign exchange
dealer such as Moneycorp. Specialist brokers will almost
always offer much more competitive rates than high street
banks or tourist outlets, as their overheads are much lower.
Q. What will it cost me?
In general the more money you wish to convert the better
the rate. Depending on your bank or broker, there will be
a cost to transfer funds of between £15 and £40
per transaction. It's a good idea to compare the total cost
of a currency trade as some currency dealers do not charge
a transfer fee but more than make up for this difference
in the exchange rate that they quote.
Q. How do I purchase currency?
Once you have set up your trading facility with Moneycorp,
you will be able to buy currency over the telephone.
Q. Can I hold out for a particular
rate?
Yes, you can instruct Moneycorp the moment the rates change
to your desired level. Some brokers, such as Moneycorp,
can place an order to purchase currency outside London trading
hours, which will automatically trigger as soon as your
desired rate is achieved. Just make sure you are being realistic
about the rate you are looking for and be prepared to wait!
Q. What if the rate is good
now, but I don't need to or can’t make payment for 3 months?
You can fix an exchange rate for up to two years to make
it easier to plan the cost of your currency payments. This
is particularly useful if you are buying a new property
"off plan". With Moneycorp, forward buying your
currency is very straightforward. Simply book an exchange
rate and send your dealer a deposit, usually 10% of the
contract value. The 90% balance of your currency contract
is payable when you wish to have funds transferred overseas.
Q. Will foreign exchange dealers
offer advice about market conditions and rates?
Currency FX dealers are not regulated to give advice but
many will provide you with information about prevailing
market trends and currency movements. However, remember
that no one can predict the markets with absolute certainty.
You will have to make your own decision about when to buy
currency, but market knowledge and experience imparted by
your currency dealer will hopefully make that decision easier!
Further information can be found at www.moneycorp.com where
you can peruse the latest currency charts as well as sign
up to receive daily or weekly market updates.
Q. If I take out an Overseas
Mortgage and have to make payments from the UK how can I
do this?
Moneycorp provides a Regular Payment Plan to assist those
clients that need to make regular overseas payments. Such
payments might include overseas mortgage payments or transfers
of UK pension payments or any other regular transfers.
The Regular Payment Plan allows you to fix an exchange rate
on regular overseas payments for a period of between 6 and
24 months, removing the worry caused by fluctuations in
the exchange rate over that period of time. Moneycorp will
deduct the payments from your account by Direct Debit each
month and transfer your funds directly to the destination
account of your nomination.
Q.
How do I pay for my currency?
After booking an exchange rate with Moneycorp, you will
need to transfer funds to their client account. The easiest
and quickest way is by CHAPS of BACS. Bear in mind that
any cheque will have to clear before funds can be sent.
Once we have received your cleared funds, we will transfer
your currency to the account of your choice.
Q. How can I find out current
exchange rates?
The Interbank rate can readily be found on the Internet
and on Ceefax. Moneycorp's website has live currency charts
and you can also view historical exchange rates. Although
a useful guide to current market levels, do bear in mind
that unless you are trading millions of pounds on a regular
basis, you will not receive the Interbank rate for your
own transaction! For a live quote on the amount you are
looking to exchange, it is best to call Moneycorp.
Q. How long will my funds
take to transfer to an overseas bank account?
Moneycorp use Electronic Funds Transfer and can generally
get the funds into the destination account a good deal quicker
than a high street bank. We have a same-day transfer service
to most European countries and North America, and next day
for all other destinations. Bear in mind that there is sometimes
a short delay in the receiving bank before your account
is credited, this can usually be overcome with a "proof
of payment" document that we can provide on request.
