Freqently Asked Questions
How can FCG benefit me?
FCG are able to offer a more advantageous rate of exchange than high street banks
or most other institutions. We are able to do this by virtue of the fact that we
purchase large quantities of foreign currency daily therefore obtaining beneficial
rates of exchange from our banks and brokers. These levels of exchange are not readily
accessible to individual buyers be they private or corporate.
Are there any costs or commissions?
No. FCG does not levy any fees or commissions for the purchase or sale
of foreign currency. However, we do make a standard charge of £10 for the
onward transmission of funds for transactions under £50,000. We do advise
the purchase of a P.O.P (Proof of Payment) - Please see How do we know when
funds have been sent?
How does it actually work?
Initially you would have to set up a trading account. This is a free service and
does not commit or obligate you in any way whatsoever, it simply provides you
with the facility to call us and receive live quotes from the market. If and only
if you are happy with what has been quoted would we enter into a verbally binding
agreement thereby securing currency at an agreed level.
Confirmation would be provided for you in the form of a contract note which would
be sent to you via registered post, fax or email. There is a two day settlement
period once the order has been agreed. As soon as funds are received by FCG, you
will be notified and once funds are clear and ready for transmission they will be
sent to the onward destination of your choice.
How do we send our funds to FCG and how do we receive our currency?
Your payment method for a given transaction will depend upon the urgency of the
currency requirement. If you telegraphically transfer your funds via Chaps/Swift
then we can provide you with your currency within the two day settlement period.
If you send a cheque then funds will be paid out on the seventh working day from receipt
of the cheque.
Your funds are sent via priority telegraphic transfer anywhere in the world directly
into the bank account of your instruction. This method is the quickest, safest and
most effective way of transferring funds.
How do we know when funds have been sent?
You can be provided with a Proof of Payment (POP), a recognised banking receipt
which is released by our payments division once funds have been sent. This document
will tell you three main things:
Firstly – how much has been sent
Secondly – where it has been sent to
Thirdly– the date and time the funds were sent
Thus providing peace of mind and ensuring the overall smooth running of the transaction.
Can you keep money on account with FCG?
Of course, you can keep any currency on account with us. This can work to your advantage
in speeding up time scales when exchanging currency and the onward transmission
of those funds.
Can we take control of the markets rather than them controlling us?
Yes you can. See ‘TYPES OF CONTRACT’, Spots and Forward Time Options,
or speak to an FCG broker.
What Security is there?
We operate multiple foreign currency accounts as well as Sterling. These accounts
are designed to receive inward payments and are maintained at our principle bankers,
Barclays Bank PLC. All banks and brokers with which FCG transacts business are regulated
by the supreme industry watchdog, The Financial Services Authority (FSA) and / or
the Bank of England.
All our accounts are fully audited by our Chartered Accountants and Registered Auditors.
We are fully compliant with HM Customs & Excise “Anti-Money Laundering
Procedures” and our registration No is 12219945.
We are members of the UK Money Transmitters
Association, the trade association for money transfer companies in the UK.
The key objectives of the Association include the following:
- To establish and promote shared high standards across the money transfer industry
and to establish an industry wide ‘quality mark'
- To establish and promote ‘best practice' models in connection with issues
such as effective customer ID checks, training systems and procedures, suspicious
transaction reporting, record keeping, audit trails, etc,
- To provide training, information and support to money transmitters to help them
comply with the regulations
- To engage in dialogue with the regulator to ensure that the 2003 Money Laundering
regulations are fairly and consistently applied
- To establish an effective dialogue with the banks to ensure that they behave reasonably
in their relations with money transmitters
- To be the voice of the industry with national and international government
We follow the UKMTA ‘Remittances Customer Charter’.
More importantly, we do not invest in the markets with Client Funds;
we buy out what is known as Back-to-Back positions on an execution only basis.
When dealing with the onward transfer of your payment, transactions are individually
authorised by a senior manager to ensure that the transaction has been executed
correctly and in accordance with client instructions. This process involves stringent
cross-referencing.
Once the Payment Manager has approved payment on a transaction it is given directly
to the Head of Operations who oversees and has final authority to action the payment
through the use of a confidential coding system with the clearing bank.
What is in it for FCG?
FCG makes its money on the margins that it buys and sells its currency at.
In short we provide a reliable, cost effective alternative for the supply and transfer
of foreign exchange. In doing this we hope that you will recommend us to friends
and colleagues who will also benefit from a simple, stress free service.
