What are my obligations to Sterling
Exchange?
Does Sterling Exchange handle cash
deposits and withdrawals?
How and when do I pay Sterling Exchange?
How does Sterling Exchange transfer
the currency?
How much does it cost?
How do I know my money is safe?
What is a Spot/Forward contract?
What is a Limit Order?
What are my obligations
to Sterling Exchange?
There is no obligation to trade with Sterling Exchange,
however, once a trade has been agreed it may not
be cancelled. If you no longer require the currency
it may be sold back into the market once it has
been paid for.
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Does Sterling Exchange
handle cash deposits and withdrawals?
In line with Customs and Excise regulations we do
not offer cash based services. All payments to and
from Sterling Exchange can be made by cheque, draft
or telegraphic transfer.
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How and when do
I pay Sterling Exchange?
Payment is usually made by bank transfer (T.T.)
or cheque. Instructions on how to do this can be
found on each deal receipt. Once we have cleared
your funds, we will transfer the purchased currency
immediately to your specified account.
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How does Sterling
Exchange transfer the currency?
Payments are sent by "Swift or chaps"
transfer which is the quickest method. We can arrange
drafts in most major currencies. The purchased currency
normally arrives in your nominated account within
24 hours. Please note that exotic currencies may
take 48 hours.
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How much does it
cost?
Nothing at all. When buying currency through Sterling
Exchange, you will not be charged any commission
fees, transfer fees or account charges.
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How do I know my
money is safe?
All client funds flow through a FIGCA (Financial
Intermediaries General Client Account).
This account is held with our principle bankers,
Laiki Bank Plc, which is part of the HSBC Group.
We are also registered with Her Majesty's Customs
and Excise as a money services business who monitor
and regulate our accounts.
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What is a Spot/Forward
contract?
When purchasing currency there are two types of
contract available: Spot and Forward. A spot contract
asks that you make payment for the total amount
of currency purchased. Once in receipt of cleared
funds, the currency is ready for immediate delivery.
A Forward contract allows you to fix favourable
exchange rates for a specific length of time, thus
protecting yourself against market fluctuations.
Requirements of a forward contract are a percentage
deposit payable immediately, and the remaining balance
upon maturity of the contract. This can be a useful
tool for clients who may be buying property on a
stage payment system or other long term payment
plan.
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What is a Limit
Order?
Limit orders can be used to potentially buy at a
rate that is not presently on offer. If you feel
that the current market trend is working in your
favour but don't want to watch the market constantly,
leave us with an order and we will be happy to execute
it on your behalf. We will be able to guide you
to what is a reasonable rate. Also, if you are worried
that the rate may drop thus making your currency
more expensive, you can use a 'stop loss'. This
enables you set a minimum or lowest rate that you
wish to trade at. By using a 'stop loss' you will
protect yourself against adverse market movements
and avoid spending more than you planned.
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