Frequently Asked Questions
Why should I use Foremost?
We specialise in foreign currency, so you can rely on us to save you money. Because we purchase large quantities of currency every day, we can obtain rates that are not easily available to individual buyers or businesses. We'll also give you a dedicated, tailor-made service to make things as easy as possible for you.
Will the exchange rate be competitive with high street banks?
Yes. In fact we can usually give you a rate up to 5% better than the big banks.
Will I have to pay any fees or commission?
No. Unlike the banks, who will charge you as much as 2%, we don't charge any fees or commission when you buy currency. However, you may have to pay some small charges, for example if you want to send funds of less than £50,000 to another bank, you'll need to pay a £10 transfer fee.
How do we know when funds have been sent?
We'll send you a Proof of Payment (costing £10), by email, fax or post, so that you know everything has arrived safely. For complete peace of mind, we can even send you an SMS text (costing £2.50).
How do we send our funds to Foremost and how do we receive our currency?
The way you pay for a transaction will depend on how urgently you need the currency. If you need it within the normal two-day settlement period, you'll need to arrange a telegraphic transfer via Chaps/Swift. Otherwise, payments by BACS take three days to clear, or if you're happy to wait a few more days, you can pay by cheque and we'll provide the currency on the seventh working day after we receive the cheque. We'll send your funds by priority telegraphic transfer directly into the appropriate bank account, anywhere in the world. This is the quickest, safest and most effective way to transfer funds.
Can we keep money on account with Foremost?
Yes you can. This can help to speed up timescales when exchanging currency and transmitting funds.
Can we take control of the markets rather than them controlling us?
You'll need to talk to your currency broker about this, but yes, you can use Forward Contracts, Stop Loss Orders and Limit Orders to help take control of fluctuating currencies.
How do I know my funds are safe?
We are a professional organisation. We're registered with the Financial Services Authority (FSA) as an Authorised Payment Institution and we're committed to a rigorous code of conduct. You'll find more details on our customer charter, trading ethics and code of conduct at www.ForemostCurrencyGroup.co.uk/CustomerCharter.
We only deal with banks and brokers who are regulated by the 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 Revenue and Customs money-laundering regulations (registration number 12219945). We are also members of the UK Money Transmitters Association and we work with them to develop best-practice guidelines for your benefit. We do not invest client funds in the markets; we simply buy currency as required. We also adhere to a series of stringent authorisation and cross-checking processes and a confidential coding system to make sure your funds are transferred correctly.
