Do you charge for transfers?
All trades of one single payment over £10,000 are FREE. For split payments of a £10,000 trade you will receive at least one free transfer. The Interchange transfer fees for payments under £10,000 or split payments on transactions over £10,000 are £15. This is less than almost all banks, which usually charge up to £40.
Interchange can also avoid correspondent and receiving bank charges in most countries. For £25 per payment instruction, this can save you a considerable amount in certain countries.
What amounts can I transfer?
We can transact any amount over £500. Smaller amounts are available for customers making regular transfers or by special request.
How do I open an account with you?Private Clients: Register here for a FREE no obligation trading account.
This form takes only a few minutes to complete and for your account to be opened. Please be aware that in a very few cases we may require further documentation to open your account:
• a CERTIFIED copy of your passport or driving licence.
• a CERTIFIED copy of a recent bank or credit card statement or utility bill issued in the past 3 months.
Business Clients: Register here for a FREE no obligation trading account.
This form takes only a few minutes to complete and for your account to be opened. Please be aware that in a very few cases we may require further documentation to open your account:
• the CERTIFIED certificate of incorporation
• a CERTIFIED company utility bill
• a CERTIFIED copy of your passport or driving licence of the person authorising transactions
• a CERTIFIED copy of a recent bank or credit card statement or utility bill issued in the past 3 months of the person authorising transactions
Who can certify my document?
A professionally qualified person, for example:
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a UK registered lawyer/solicitor
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a doctor
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a dentist
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a police officer /probation officer
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a social worker
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a teacher
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a prison governor
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a bank or building society officer
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a civil servant
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a minister of religion
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a magistrate
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a local councillor, MP, AM, MEP or MSP
Emphasis is to be placed on the person undertaking the certification. They must be able to be contacted if necessary and therefore contact details should be obtained.
Applicants should not be permitted to certify their own identification evidence. If the document contains a photograph these individuals need to state ‘’I confirm true likeness and original document supplied’’ otherwise they need to state, ‘ original seen’ and be dated. They must also include a contact name, land line telephone number as well as signing there name. There is no restriction on the date as long as the actual document is valid.
What security do I have and are you regulated?
The security of your funds are of the highest importance to Interchange. For more details, please read Rely on us and Interchange Code of Practice.
Interchange is regulated by both HM Customs & Excise (Registration Number is 1211356700000) and the Financial Services Authority.
How long does a transfer take?
In some instances it can be the same day! It depends on the speed with which your funds reach us, currency you are sending us, the currency you are buying, the bank you use and the amount.
If you are buying Sterling, US Dollars or Euros we will make a same-day payment on receipt of your inward payment and this should arrive the same day or next business day.
If you are buying other currencies, once we have received your funds, please allow 1 to 4 days for your funds to reach the recipient.
What rate will I get? Will I get the same rate I see on your Market Report and website?
The rate you receive will depend on the amount being transferred and the date you want the funds to arrive.
The ticker and converter on www.interchangefx.co.uk show the "interbank" rates for amounts over £5,000,000 and the rates on the Interchange Daily Market Report are indicative “mid interbank rates” which are halfway between the buy rate and the sell rate and no-one can trade at these rates.
If you are trying to achieve a particular rate, our brokers are happy to watch target levels for you and can transact or call you if the rate is reached.
Can I fix an exchange rate for a future date?
Yes! You can fix a rate today for any date from 1 week up to 1 year in the future with Interchange. This is called Forward Contract. A deposit of 10% is required for a forward contract and you will pay Interchange the balance one day before the pre-agreed future date. This allows you to know exactly how much a future foreign commitment will cost you in pounds sterling.
Can you explain all the exchange rate jargon?For a glossary of exchange rate terminologies
click here
What happens if I have a complaint?For a full explanation of our Complaints Procedure please
click here If you have any further questions, please do not hesitate to contact us.
FOREIGN CURRENCY EXCHANGE SERVICES
