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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.
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