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Foreign Currency Direct PLC
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This is Gerald, webmaster at Crete Property Uncovered and BritsinCrete. |
Register with Foreign Currency Direct Here
Foreign Currency Direct plc helps answer those typical questions :
Q. Why use Foreign Currency Direct plc rather than my bank?
A. FCD will save you money and provide you with a more personal and efficient service than your bank. FCD are a foreign exchange specialist. This means that the volume of currency trades and lower operating costs allows them to pass significant savings onto their clients. At FCD, each client is assigned a personal dealer as their main contact who will ‘hold your hand’ through the whole procedure from start to finish.
One of the key factors to making significant savings on your currency exchange is timing. Your FCD personal dealer will keep you informed of market activity which could enhance your savings further.
Q. How long does it take to transfer my funds abroad?
A. For the major currencies (GBP, EUR, USD, AUD, JPY, RBL, CHF) same day and next day transfers are to be expected. FCD uses priority SWIFT method for all transfers , which is the quickest and safest way to transfer funds worldwide. As with all bank to bank transfers, the time it takes to receive the funds in the beneficiary account is also dependent on the receiving financial institution which can sometimes cause delay. With this in mind, we are the only company to provide an IPD (Irrevocable Payment Document). This is a globally recognised proof of payment.
Q. What rate will I be offered?
A. Our rates are based on live 'interbank' prices (the price at which one bank sells to another). These are aggregated from a number of sources and are quoted in real time. As we do not have expensive branches to maintain, we are able to offer more competitive prices than are typically quoted by the high street banks and building societies.
Q. How do I begin trading with Foreign Currency Direct plc?
A. Once you have opened an account, for which there is no cost or obligation, you are in a position to secure rates by telephone. If we offer you a rate which you accept we will immediately fax, email or post confirmation of the contract. You may email or return by fax or post the onward payment details of your currency as a section of the contract note allows this.
Q. What happens to my money?
A. Payments are lodged in transaction accounts with Lloyds TSB Bank plc. These accounts are designated for the receipt of inward payments.
Q. How do I pay for the contract?
A. By personal or building society cheque, or by CHAPS payment to the account details on your contract note. Payment is required within two working days in the case of Spot Contracts and deposits for Forward Contracts. The balance of Forward Contracts should be received no later than the maturity date of the contract. Sadly, we are unable to accept payments in cash.
Q. When will the currency be paid out?
A. On maturity of the contract and receipt of cleared funds. Funds received by electronic transfer and showing in our account before 12.00pm (noon) will be sent out the same day. A copy of the transfer document will be sent to you by post (and fax if requested). For security reasons, we are unable to email this document. We need to allow (7) seven working days in the case of personal and building society cheques .
Q. What are your charges?
Where a transaction value is under £50,000 we levy a simple £15.00 charge for a Priority International Transfer – otherwise we allow one free transfer per transaction. Should you require a copy of the IPD (Irrevocable Payment Document) this can be faxed or posted to you or the beneficiary for an additional cost of just £12.00.
Q. Do you pay interest?
A. As clients' funds are generally only held for short periods, our client transaction accounts do not pay interest. With Forward Contracts, however, the current level of base rates can mean that a loss of interest on the deposit lodged with us could be negligible in comparison to the loss incurred if the market were to move adversely and rates had not been secured, by virtue of the fact that the deposit represents a small percentage of the overall sum, yet the interest lost is only on the deposit.
Q. What happens if my circumstances change?
A. On occasion, due to unforeseen circumstances, plans change. In the case where you have secured a Forward Contract but find you will no longer require to take delivery of the currency at the maturity date, you may sell the contract back to the market.
Q. Can I fix my exchange rate now for a future purchase?
A. Yes, an exchange rate can be fixed for up to 2 years in the future. This means that you can determine exactly how much you need to spend on a future purchase without having to worry about fluctuations in exchange rates. This type of contract is called a called a Forward Contract. Please contact FCD for more details.
Click To Find Out More or to Register with FCD Here
Recommended and Trusted by Crete Property Uncovered and its parent, Brits in Crete
as their Preferred Currency Dealer.
If you talk to FCD, let them know CPU/BritsinCrete introduced you..
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