Frequently Asked Questions - Foreign Currency Transfers
Q. How will using Forex companies benefit me?
A. Exchange and transfer money today at a rate far more competitive than the high street banks. While banks fix their rates in the morning, we have access to the currency trading floor, thus we can access a better deal.
Q. How long does it take to set up an account?
A. If you start the process during office hours, it will take a few hours and once the account is set up, you can easily make arrangements for your exchange.
Q. Why don’t FX providers charge a commission or fee?
A. While banks fix their rates in the morning, Forex companies have access to the currency trading floor and because they buy currency in bulk they can negotiate spot deals which they pass onto the consumer.
Q. How can you make sure the company you decide to send your money is a legitimate company?
A. Send Funds Overseas has vetted and checked the credentials of all of the companies listed on this site. For those not listed, in the UK All legitimate Forex companies have to be regulated by the FSA and are classed as Authorised Payment Institutions.
Q. How can I be sure that they will beat my bank rates?
A. With corporate transfers banks are often as competitive so it is always wise to shop around checking with your bank and the FX brokers listed on this site.
Foreign Currency news
| 03/09/2010 02:21 PM |
| Daily Currency Insight from TorFX |
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9th March 2010
www.sendmoneyhome.org/torfx
Good Morning,
Please find below today’s morning update which gives you an insight into the current market conditions, enabling you to keep informed and up to date on the latest currency movements.
Listen to our latest podcast here
GBPEUR/GBPUSD
The Pound initially gained some support against the Dollar yesterday, rising towards $1.5150 in London before a [...]
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| 03/09/2010 01:44 PM |
| Currency Update – 09/03/10 – Smart Currency Exchange |
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Sterling plummets again on poor house price and retail sales data.
Note: All rates are mid market inter bank and indicative at the point of publication.
To get a live exchange rate please go to www.SendMoneyHome.org/smart-currency-exchange
Email: sendmoneyhome@smartcurrencyexchange.com
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| 03/09/2010 10:03 AM |
| Daily Market Commentary – 09/03/10 – Smart Currency Exchange |
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EURO/GBP – 1.101
US$/GBP – 1.497
CHF/GBP – 1.611
CAN$/GBP - 1.540
AUS$/GBP – 1.648
ZAR/GBP – 11.105
JPY/GBP – 134.62
HKD/GBP – 11.622
Despite gaining against the US dollar and euro over the weekend due to increased risk appetite, sterling slipped throughout Monday as risk appetite waned due to uncertainty over the UK’s political future in the run up to an election. [...]
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| 03/09/2010 09:11 AM |
| Risk ‘On’ as Greece Continues to Drum up Support – World First Morning update |
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Political support from France and Germany
No money forthcoming yet; EMF a possibility
Moody’s releases bearish note on UK banking
UK data: retail sales better, house prices rising.
A lack of macro and corporate data left the markets in a swinging in the wind yesterday but increasing investor confidence and further developments on the issues facing Greece helped risky [...]
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| 03/09/2010 08:30 AM |
| Currency Market Update from Currencies Direct |
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Sterling holds firm
Sterling has started the week above 1.51 against the USD and over 1.10 against the euro as it looks to continue consolidating after suffering heavy losses last week. Sterling was cushioned by improvements in consumer confidence and UK PMI which showed gains in the UK service sector. The FTSE also climbed to an [...]
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