How do I use your service?
Simply register with us online, or print our registration documents and fax them back to us. One of the Personal FX team will then call you and guide you through the process of how best to consider the purchase of your foreign currency.
Is my money safe?
Your funds are held in client transaction accounts with our bank, Lloyds TSB. Your funds never enter the business accounts of Personal FX (or other companies in the Group). Funds are held there until we receive written instruction from you on where the funds are to be transferred.
Security is as important to us as we know it is to you. In handling your foreign exchange transactions, protection of funds is critical and surprises are not welcome.
We are regulated by HM Revenue and Customs and registered as a Money Services Business which makes us subject to UK money laundering regulations and periodic inspections. Additionally, all our partners are under Financial Services Authority (FSA) jurisdiction for licensing and regulation. We act solely as commercial foreign currency brokers and avoid all forms of speculation.
Is there a minimum amount?
We are in a position to offer competitive rates of exchange on amounts above £5,000 but please call us to discuss if the amount you want to exchange is less.
What rate will I get?
Please call one of our team for a live quote based on your specific requirements.
How do I pay?
We accept BACS, CHAPS, and Debit/Credit Cards up to £10,000. Please note that we do not accept cash for settlement.
Is there a cost?
We do not charge commission, there is not cost to register, therefore we are able to ensure that the correct amount of currency arrives in your destination account. We have a nominal fee for electronic onward payment, which varies depending on the speed of settlement required, as well as the destination.
Are there any hidden charges?
There are no hidden charges. No commission fees or bank receiving fees.
Do I have to pay the full amount?
If you deal in the 'Spot' market, then we expect payment the day before the value date. If you purchase a 'forward' contract, then a small deposit is required, followed by payment the day before the value date.
What happens if my circumstances change?
If you have a secured forward contract but find that you no longer need your currency at the value date, then you may sell the contract back to the market, providing that it has been settled in full.
How long do transfers take?
Once your funds have cleared, a BACS transfer can take three to four days; a CHAPS payment should be the same day, therefore your currency should arrive between one and five working days. At times we are dependant on differing time zones, local banking hours, and international holidays.
How can you help me when buying a property?
Once we have ascertained the timescales and the amount required, we are able to work with you to get your deposit paid on time and then look at how we can best protect the balance of the payment. As timescales can vary from three to 12 months, the time that you enter the market and buy your currency can make a considerable difference.
In what ways are you better than my bank?
Banks are not proactive in communicating with clients and the rate of exchange that you get can vary. From a 'day rate' that tends not to be reflective of the live market rates, through to tourist rates that can be up to five per cent away from the live market price. We buy and sell significant amounts of currency on a daily basis and with lower overheads, we are able to offer a more competitive rate of exchange. We will maintain contact with you and work through the process.
Do you buy as well as sell?
Most certainly. Whilst we are Sterling based, we are able to buy and sell a whole host of currency pairings including EURGBP, EURAUD, USDAUD, DKKGBP, GBPNZD and EURJPY etc. If you are unsure please call one of our team and we would be happy to answer any questions that you have.
