Foreign Currency Frequently Asked Questions

Q: How do I know Interchange is giving me the best price on foreign currency?

A: Our currency exchange team check the UK Foreign exchange competitor markets on a daily basis ensuring that Interchange are the most competitive and give the best exchange rate possible.

Q: Why not use my local bank for my exchange rate needs?

A: Unfavourable rates; Banks and building societies take a greater percentage of whatever currency you are buying or selling, costing you money.
Extra charges; Most banks will charge a variety of fees, such as commission charges, transfer and receiving fees, adding to your overall costs. These costs can range from £15.00 to £45.00 for a transfer fee alone.
Inadequate service and advice; Unless you are a multi-million pound corporate client you are unlikely to be offered personal service offering informed and professional advice. Any query or investigation into a trade will not be dealt with on the same day.

Q: How do I register to open an account?

A:To open an account with us is simple.
Click here to open your accout

This form takes only a few minutes to complete and for your account to be opened. Our new account opening form is fully automated and secure. Once your account has been activated you will have access to your own accounts where you can request information about your account history and contact your personal broker. Our account area is fully protected by Verisign for maximum security.

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.

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 taketo 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 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.