Q: Is my money safe?
A: Yes. Interchange uses the Royal Bank of Scotland PLC as their main banking facility. We are aware that the need to know your money is safe is very important to our clients.
Q: How do I register to open an account?
A: To open an account with us is simple. You fill in a no obligation form for either private or business client account; provide 2 proofs of ID and details of your current address. This can be completed online, by fax, phone or by post.
Call our FX Brokers. Explain your requirements and agree a trade.
Send us your funds. You can send your funds electronically by CHAPS or BACS or you can send us a cheque. As soon as your funds have cleared in our account, they are transferred.
Q: How do I save money?
Expert Advice: When a market can move 0.25% to 1.5% in one day, our FX brokers can save you considerable sums of money by advising the timing of your trade or the type of contract to suit your needs.
The Best Exchange Rates: Because we deal solely in foreign currency, changing vast amounts on a daily basis, we are able to secure the very best rates, and passing these savings onto you.
Q: How long does it take me to be able to trade?
A: Once you have completed and returned our application form with two forms of ID, you will receive immediate confirmation of your account being opened.
Same day received funds. If you send your payment by CHAPS we will receive it the same working day. A BACS payment will take 3-4 working days and a cheque will take 5 working days to clear.
Same day SWIFT transfer. Your funds will be sent from our account by SWIFT transfer, arriving in a € Euro or $US account the same day, $Aus and $NZ within 2 days and most other currencies within 3 days.
Q: How much will it cost me?
A: FREE account opening. Opening an account with Interchange incurs no charges, fees or obligation to trade.
NO commission fees. We do not charge any commission fees.
NO transfer fees. We do not charge any transfer fees for trades over £5,000.00. Transactions under this amount inccur a £10 fee per trade.
Q: How do I pay for my currency exchange?
A: The easiest way is to have the money transferred by your bank to our client account; this can be done by BACS or CHAPS/Telegraphic Transfer. You can also pay by cheque but please allow 5 working days for a cheque to clear. As soon as your funds have cleared your currency exchange money will be transferred.
Q: What is the minimum amount I can trade?
A: There is no set minimum or maximum limit, but you will receive a better exchange rate with a greater transfer of funds. Typical exchanges start from £2,000.00 upwards.
Q: Can you explain all the exchange rate jargon?
A: For a glossary of exchange rate terminologies click here
FOREIGN CURRENCY EXCHANGE SERVICES
