| Introduction | How it works | Frequently asked questions | Application / Information | Currency Converter |
The process of buying a property abroad can be daunting enough without the added problems of foreign exchange. To help you through this potential minefield we offer you an easy to use, free service with our partners at Sterling Exchange, they really do make foreign exchange simple!
Sterling Exchange is the UK's fastest growing currency provider, saving you hundreds if not thousands of pounds by proactively and continually assessing your currency needs whilst monitoring the worldwide economic and geopolitical outlook. Whether you are purchasing a property overseas, importing a vehicle or have a commercial requirement for currency, Sterling Exchange are here to help. The main benefits of using our services are:
Based in the heart of London's financial district with over 20 years market experience, Sterling Exchange is in a prime position to offer you a cost effective alternative to your bank's foreign exchange offerings. Our dedicated team of specialist currency planners and analysts are on hand 24 hours a day to offer up-to-the-minute market information and explain how it may affect you. The combination of free account facilities, free currency planning services and no commissions as well as being the only exchange house to offer free transfers to all of our clients, enables us to offer you a complete and easy to use solution to all your currency needs.
Please call Mary Berriman for more information on 01892 723456 or complete the online application form.
Using Sterling Exchange couldn't be easier. Follow the simple steps below for an efficient, free service:
Step 1. Opening an account
This is done by simply returning the application form to us along with two forms of ID; one must be photographic (a passport or driving licence) and the other must contain proof of address (a recent utility bill or bank statement). Once we have received and processed your application, a currency planner will contact you within 1 hour. After discussing your requirements, your currency planner will suggest the best course of action to save you time and money. You will also be informed of your account number and name of your currency planner in writing.
Step 2. Buying your currency
Your designated currency planner will be on hand to give you the current market rate. If you are happy with the quote and wish to proceed, we will then go ahead and purchase the currency on your behalf. Should the market rate not be suitable, we will monitor the rate and contact you at the appropriate time. Once a trade has been agreed we will promptly send you a deal receipt, this will contain details of your trade and also provide instructions on how and when to make payment for your currency. Page one of the deal receipt should be checked, signed and returned to us swiftly. Page two asks you to complete the details of where you wish to transfer the purchased currency. We do not require these details at the time of trading but do require them one working day before maturity of your contract.
Step 3. Paying for your currency
Payment is usually made by cheque or bank transfer, details of which are contained in the deal receipt. Cheques should be posted to the accounts department and bank transfers directed to the account stated on the deal receipt. Please note that all cheques and bankers drafts take six working days to clear. A bank transfer will take no longer than three working days.
Step 4. Getting your Currency
Once we have received and cleared your funds we will transfer the purchased currency to any bank account of your choice the same day. This service is offered free of charge to all clients. A typical transaction will take three working days to complete.
How and when do I pay Sterling Exchange?
Payment is usually made by bank transfer (T.T.) or cheque. Instructions on how to do this can be found on each deal receipt. Once we have cleared your funds, we will transfer the purchased currency immediately to the specified account.
How does Sterling Exchange transfer the currency?
All of our payments are sent by 'Swift' transfer which is the quickest method. The purchased currency normally arrives in your nominated account within 24 hours, except exotic currencies which may take 48 hours.
How much does it cost?
Nothing at all. When buying currency through Sterling Exchange, you will not be charged any commission fees, transfer fees or account charges.
Do you handle cash deposits and withdrawals?
In line with Customs and Excise regulations we do not offer cash based services. All payments to and from Sterling Exchange can be made by cheque, draft or telegraphic transfer.
What are spot and forward contracts?
When purchasing currency there are two types of contract available; A spot contract and a forward contract. A spot contract asks that you make payment for the total amount of currency purchased. Once we have received and cleared your funds, the purchased currency is ready for immediate delivery. A forward contract allows you to secure a deal for delivery on a future date without paying for your currency immediately, thus protecting yourself against movements in the exchange rate. Requirements of a forward contract are a deposit paid within one week of agreeing the trade and the remaining balance upon the agreed date in the future. This can often be a useful tool for clients who may be buying property on a stage payment system or other long term payment plan.
What are my obligations to Sterling Exchange?
There is no obligation to trade with Sterling Exchange, however, once a trade has been agreed it may not be cancelled. If the currency is not required it may be sold back to the market once it has been paid for.
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