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 indeed private or corporate.

Are there any costs or commissions?

No. FCG does not levy any charges, 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 what so ever, 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 and how do we get ours?

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 sixth 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:

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.