Frequently Asked Questions
We get you better rates of exchange than those offered by the banks by up to 5%. We do so through offering an automated online system for buying direct from the market rather that paying traditional telephone broker fees this can be up to 2%.
Individuals – Can do this online or complete, sign and return our paper copy. If you are a UK resident we can usually verify your identity electronically. We can also do this for certain other countries. Only if we cannot verify your identity, we will require you to send:
- A copy of your passport or driving licence.
- A copy of a recent bank or credit card statement or a utility bill issued in the past three months.
It is possible to open an account and make your first trade within an hour.
If you set up an account you’re under no obligation to transact with us. But you’ll get a great rate whenever you do use us.
Companies – Need to sign our terms and conditions and return them along with your Certificate of Incorporation or VAT registration. We can provide you with an online form that you can sign electronically.
If your company does not have limited liability, we will need a copy of a company utility bill, as well as a copy of the passport or driving licence of the person who will be authorising transactions.
We can open corporate accounts the same day we receive your documentation.
You will get a great rate however often you use us, and even if you set up an account you’re under no obligation to transact with us.
- Online transfer, this can take up to 3 days to be received and is normally free of charge however the majority of banks limit daily transfers up to £10,000 in the UK.
- Bank transfer, this is received by ITCE the same day but does attract transfer costs from your bank.
- Please note that we do not accept cash or cheque for settlement (Credit and debit cards incur a fee normally 1-3% which is why we don’t use that method).
Note is you are sending to us non £ sterling settlements click here for further info – (link to making payments page section on non GBP transfers)
We do not take any market risk and are working in partnership with Currency Cloud an FCA registered payment institution, and compliant with HMRC (customs and excise) as a P.I. Currency Cloud use only segregated client accounts with tier 1 bank for holding client funds.
This depends on a few factors including the currency you are sending or buying, the bank you use and the size of the transaction.
Sterling, US dollars or euros
We will usually make a same-day payment when we receive your funds. This will arrive fully cleared with your bank the same day though they may not credit your account until the next business day.
Once we have received your payment, please allow one to four days for your funds to reach the recipient. The length of time depends on the currency. For example for Swedish kroner, it will be one day; for East Caribbean Dollars please allow four days.
Setting up an account costs nothing and there is no obligation to use it either. For smaller transfers under 5k there is a £10 fee, above this nothing. If you need to amend a forward contract there is a fee to do so and the exchange rate will be different according to the new delivery date (click here for information on changing delivery dates on contracts)
No you can buy money online and choose a destination account to send it too the beneficiary account in less than a minute.
This depends on where in the world you are sending your funds. Usually, transfers to Western Europe and the US are made the same day. Funds travelling further East take two days. Our customer service team can advise you of the likely delivery date (click here for list)
Buy or sell a currency for immediate delivery. Spot contracts are suitable if you want to receive your currency quickly and efficiently while achieving the best rate available.
Fix an exchange rate at which you buy or sell currency for delivery at a later date (up to one year). Forward contracts protect against adverse currency movements and can be used to lock into favourable exchange rates.