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5 Foreign Currency Exchange Questions Answered

May 15, 2017 11:51 am Published by

Why are bank fees so high?

Banks are renowned for charging high fees and high margins which are unnecessary! Using a foreign currency provider such a FTT Global will help you to avoid over-spending where you don’t need to.

Your bank will typically charge you 4-6% for every international money transfer, not to mention a separate fee of around £25 to make your payment. At FTT Global, we keep our margins and fees low so you don’t pay any more than 0.75% for your transfer and only a small £10 fee if your payment is under £3,000.

Why should I use an online foreign currency exchange service?

Aside from the better rates and savings mentioned above, using FTT to manage your foreign currency payments puts you back in control and gives you the visibility of your transfer your bank doesn’t. You don’t have to wait for us to be open to make a payment; you can use your account 24/7 from any device, from wherever you are in the world. You can also track your payments online and view your historical transfers at your own convenience.

How safe is my money?

When you choose FTT, you can be assured that your money will be safe and secure every step of the way. The security of your money is of paramount importance to us and we take careful measures to ensure your peace of mind.

This includes:

  • Client segregated accounts – your money is held in ring-fenced accounts ensuring all funds legally remain yours, not ours.
  • Secure processes – you keep complete control of how and to whom your payments are sent.
  • Fully regulated – FTT Global is registered and operates in the UK, under English law (Company Number 5685288). We are registered for Client Data Protection (ICO Number Z9470988) and regulated by the following authorities as an Authorised Payment Institution, the highest standard available in our industry:
  • Financial Conduct Authority (FCA Registration Number 503228).
  • H.M. Revenue and Customs (Registration Number 12231114).

How long does it take for the money to reach my account?

We offer a same day currency transfer on all major currencies – GBP, EUR, CAD and USD. All other currencies take up to three working days to reach the beneficiary account. Please remember when sending money to the UAE that their weekend falls on a Friday and Saturday so payments will not be processed on either of these days.

What if the exchange rate alters before I have sent you my money?

As soon as you make a booking, you rate is locked in and will not alter. Even if it takes you longer than expected to send us your funds, we’ve already purchased your currency so you don’t need to worry about the rate changing!

If you would like some more information on sending or receiving money from abroad, get in touch with our UK-based Support Team. We are available by email on [email protected] or you can call us on +44(0) 203 603 8940.

 

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This post was written by Kayleigh Driscoll

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