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?
Better! We have access to commercial rates of exchange, giving you better rate than your high street bank.
Will I have to pay any fees or commission?
No. Unlike the banks, who will charge you, 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 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 that the funds have been sent by priority transfer. For complete peace of mind, we can even send you an SMS text (costing £2.50).
How do we send our funds to Foremost?
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. If you’re happy to wait a few more days, you can make sterling payments by cheque and we’ll provide the currency on the seventh working day after we have received your cheque.
How do we receive our currency?
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. This can also 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 currency exchange rates.
How do I know my funds are safe?
We are authorised by the Financial Conduct Authority (FCA) for the issuing of electronic money under the Electronic Money Regulations 2011 [FRN 900204]. The FCA ensure that we are properly organised and funded, and that we have proper arrangements in place to protect your money so that in the unlikely event that we experience financial difficulties your money is protected.
As an authorised firm, we must safeguard your money. This means it must be kept in segregated client accounts, separate from our own funds.
We only deal with banks and brokers who are authorised by the FCA or the Prudential Regulation Authority. All our accounts are fully audited by our chartered accountants and independent auditors.
Foremost Currency Group adheres to a rigorous code of conduct. Find out more about our trading ethics and code of conduct in our Customer Charter.
We are members of the Association of Foreign Exchange and Payment Companies (AFEP) and the Association of UK Payment Institutions (AUKPI) and work closely with them to develop industry best-practice guidelines for your benefit.
The Foremost Currency Group Ltd is supervised by the FCA for compliance with the Money Laundering Regulations (MLR) 2007.