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Frequently Asked Questions (FAQ)
Is my money safe when dealing with UKForex?Yes. UKForex holds client funds in accounts with major financial institutions until the client's outward payment instruction is authorised and paid. In addition, we operate an extremely low risk business model, whereby UKForex never pays out client funds prior to receipt of the currency the client has sold to us. This ensures UKForex has zero default risk from client dealings. Furthermore, we have robust internal policies that mitigate risks from fraud, market movements and technology.
What is the process for dealing with UKForex?Dealing with us is simple. You register on the website and then log in. When logged in you can get quotes, add beneficiary details and book deals. After you register, a UKForex representative will call you to discuss your transfer(s) and make sure the system is set up correctly for your needs. You will also be able to ask any questions you may have about the service and process at this time. You can lock in rates prior to us having your funds but we will only send your outward payment once we have received your cleared funds.
Can I lock in an exchange rate before you have my funds?Yes, the sequence is as follows:- Lock in a binding exchange rate and provide payee details
- Electronically send us the currency you have sold
- When we have your funds, we will send the funds you have bought to your beneficiary
How do customers pay funds to UKForex?You can transfer your funds to UKForex via internet transfer or at your bank's branch. You can use the CHAPS (1 day) or BACS (3 days) systems to send funds to our account.
I am not comfortable using the internet, can I still deal through UKForex?Yes, you can call us and speak to one of our accredited dealers to book your deal. From the UK you can call 0845 686 1950. From NZ you can call 0800 161 868. From Australia you can call 1300 300 424.
When I buy currency through UKForex, when do I need to pay my funds to UKForex?Where a rate is locked in you will need to initiate the transfer the same day as you book your deal with us. Depending on how you transfer the funds, UKForex will receive the funds the same day or next day. UKForex will only send the payment when your funds have cleared in one of the UKForex accounts. If it will take time for you to send funds to us then it is better to send funds before you book the rate.
Why are UKForex rates so competitive? We offer rates that are fair to clients and offer a reasonable return for us. We can do this because we transact large volumes in the interbank market and can pass on these rate savings to our clients. Efficiencies generated by our automated processes also mean we keep overheads low and can process deals quickly and reliably.
I am happy with my current provider, can I still use UKForex?Yes, the vast majority of the UKForex site is open to the public and free. You will find charts, calculators, historical rates, commentary and a wealth of currency related information. You can even log in to the payments service, free of charge and without commitment, to check our rates and keep your existing provider honest.
What is the background of UKForex?UKForex is a 100% owned subsidiary of the leading Australian-based online foreign exchange provider, OzForex. OzForex is fully regulated in Australia by ASIC. UKForex was launched to bring the same excellent service and unbeatable exchange rates to the UK market.
How popular is UKForex?UKForex and the OzForex group of websites are the biggest currency-focused websites in the Southern Hemisphere and are ranked in the top 5 currency websites globally. With over 300,000 visitors a month and over 12,000,000 page views per year, the sites provide useful information to people and businesses all over the world.
The UKForex payment system caters to business and corporate clients transferring funds from one country to another, usually by telegraphic transfers. UKForex and OzForex currently serve over 10,000 customers attracted by the efficiency and savings offered to them.
What is the UKForex Payments Service? The UKForex Payments Service lets people move funds between countries at excellent exchange rates, with low fees and a minimum of fuss. For many years foreign exchange was one of the least competitive areas of finance and banking, particularly for individuals and smaller commercial clients. Not only was it hard to compare prices but even the best prices on offer were unattractive. UKForex has changed that by offering clients transparency in pricing and a better deal. The UKForex Payments Service is an online system that allows our customers to get competitive quotes and to automate repetitive tasks associated with managing international funds transfers.
Who can use the UKForex Payments Service?Companies and individuals who wish to send money in a foreign currency to a person or company in another country can use the UKForex Payments Service. The recipient of the transfer must have a bank account that funds can be paid into.
I am an importer based in the United Kingdom, will this service save me money?Yes, a large proportion of our clients fall into this category. Once registered with UKForex, you can set up all your suppliers in your beneficiary library so you don't need to re-key their details each time you have a payment to make. You can also fax over their details and we can have them entered into our system for you. UKForex is committed to having super-competitive rates and if you make regular payments, you will be surprised how quickly the savings add up. There are no fees on payments over GBP£ 3000 in size. For transfers under that amount, the fee is only GBP£ 7.
I am an exporter based in the United Kingdom, can I use the service?Yes, exporters can streamline the management of their foreign currency receipts by using UKForex to receive and convert funds. This can be done by providing foreign customers with the UKForex bank details and advising UKForex of expected receipts. Once the funds arrive in our account, you will be notified and can either immediately convert funds or wait for a favourable rate.
I am an individual, can I use the service to send money overseas?Yes, absolutely. You can send foreign currency electronically via telegraphic transfer. If you decide to send a telegraphic transfer, you will need to provide us with details of who you are sending money to ie the beneficiary. You can do this on the system by selecting the "Add Beneficiary" tab, and then adding the name and bank account details of the person/company you are sending money to.
Is a 'telegraphic transfer', a 'wire' and a 'TT' the same thing?Yes, they are one and the same. Basically this is a means of electronically making payments between banks and is more efficient than drafts, which is a paper based system. UKForex does not support drafts. If you are sending a telegraphic transfer it is important that you provide accurate details of the recipients banking details. The account name and account number must be correct and you must also provide us with either the beneficiary's bank address and/or the beneficiary's bank Swift/ABA/Sort Code.
What are Swift codes, ABA & IBAN numbers and Sort Codes?The SWIFT system is a secure messaging system that allows banks to instruct each other on payments and accounts that they hold with each other. Sometimes it is sufficient to provide a branch code, such as a BSB code in Australia, or Sort code in the UK. In America we need ABA codes, or routing numbers. In Europe we need an IBAN number. These codes allow the UKForex operations team to accurately identify the bank and branch where your money is being sent.
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