Overseas currency transfers
Buying a property overseas? don't pay more than you have to
Personal and Corporate Foreign Exchange
Cornhill FX can make
the business of
dealing in foreign
exchange easy,
and save you
money in the
process!
Fluctuations in the foreign exchange market can have a significant effect on the overall cost of buying and selling your currency .Our experienced traders have extensive knowledge of the industry. They will advise you on how to manage your risk accordingly and suggest strategies tailored to your individual needs, regardless of the amount involved .Whether you are an individual client with the occasional need to purchase currency for personal reasons, or a company who has a regular requirement to trade in the market, our dealers are here to look after your interests.
1. SPOT - For immediate settlement.
This is the most common type of currency trade, where a rate of exchange is agreed and the
trade is paid for in full within a few days. ‘SPOT’ actually means a two day settlement date in the
market, but we understand that some clients may need time to move their funds, so this can be
extended to around a week. Any longer than that and the deal may fall in to the category of a
forward trade - see below. Under normal circumstances, a spot rate will often be much better
than a forward rate, so it may be better to settle as soon as possible to obtain the best price.
Once the deal has been settled, the currency you have purchased is transferred to the beneficiary
account of your choice immediately.
2. FORWARDS - For settlement at a fixed price in the future.
If you are buying a property, for instance, you may know exactly when your payments are going
to be due to either make the final, or stage payments. As a company you may know that you
have to buy or sell currency in the future and wish to lock in your pricing now. The advantage of
a forward trade is that you can fix the rate now, and pay for the currency at the agreed future
date. There is a margin required to secure this type of trade, and the balance is paid on maturity.
This can be very advantageous if you consider the current rate of exchange to be very good,
and suspect that this may change later. Of course, if the rate does improve over the term of the
deal you have committed to deal at the agreed rate and it may not be such a good idea. Your
personal dealer can explain the pros and cons of such a deal, and also why the rates differ for
spot and forward rates.
How can Cornhill FX save me money?
Historically, the High Street banks have had a monopoly in the retail foreign exchange sector,
and have charged their clients very unattractive rates for their business.
As part of the Cornhill Group of companies, Cornhill FX has access to prices in the foreign
exchange market that are normally reserved for major financial institutions. This means that the
rates offered to our clients should always be unsurpassable by any other means.
Can I fix my foreign exchange rate now and pay for it later?
Yes. This is commonly known as a forward trade and is particularly useful for clients who know
they have a currency requirement at a later date but are attracted by the current exchange
rate now. Forward deals can be booked up to three years in advance, and even longer under
certain circumstances. There is a margin required by Cornhill FX to secure the deal and the
rate will differ from that of the current market price, but this can be explained in full by your
personal dealer.
Rates offered to our clients should always be unsurpassable by any other means.
Will I be able to achieve rates of exchange that are
published in the media or the internet?
In most cases, this is not possible. The rate published is often the average for the day and not
a true reflection of the actual price at a given time. These prices are also shown as an indication
of the ‘market’ rate, where traders deal between major institutions in amounts in excess
of £1,000,000. Every price quoted by Cornhill will be the best available at the time of asking,
depending on the amount involved.
How can I open an account at Cornhill FX?
You will be required to complete and return our Terms and Conditions of Business, along with
an application form to register as a client. For compliance purposes, we typically require two
forms of identification such as either a copy of a passport or driving licence along with proof
of address in the form of a utility bill which is less than three months old.
After our review of these documents, you will then be assigned your account number and personal
account manager to look after your interests. You will be asked for your account number
each time you call the dealing room, and it is also important to quote the number on any payment
that is sent to us.
How do I trade once an account is open?
When the time comes for you to consider buying your currency, simply call the trading floor
and one of the dealers will look after your requirements. Despite the fact that all of our traders
are highly experienced, they also recognise the fact that many clients have very little understanding
of dealing in foreign exchange and will ensure that you understand everything that
is required before any commitment is made to deal. Once a trade is agreed you will be sent a
deal ticket which will show exactly what has been done on your behalf and also give precise
instructions on where to send your payment. We will also send you a form to complete and
sign to inform us of where you would like the purchased currency sent.
How do I pay for the deal?
The easiest way to send funds to Cornhill FX in payment for your trade is directly from your
bank by electronic transfer. There may be a small fee charged by your bank for the privilege,
but this will be more than covered by the savings made on the better rate obtained from us.
For smaller sums you may wish to send us the funds via internet banking. This will not cost you
anything but can take up to three days to arrive on our account.
You can pay by cheque, but this does hold up the settlement process somewhat as we have to allow
for postage and clearance and is not really the ideal way to settle a foreign exchange trade.
Cornhill FX
52 Lime Street
London
EC3M 7BS
tel:
Direct: +44 207 337 8697 Contact garyw@cornhillfx.com
fax: +44 (0) 207 337 1220
e-mail:
info@cornhillfx.com
www.cornhillfx.com
|
