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Foreign Currency Information
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Sunway are affiliated only with the very best, and when it comes to currency solutions there is no better company than FX Solutions.
They were estalished in January 2000 with the primary objective of providing the most competitive Foreign Exchange (FX) rates to both corporate and private clients. FX Solutions believe we can now provide rates that cannot be beaten in our market.
How can FX Solutions save me money?
FX Solutions prides itself on obtaining the best rates of exchange for all foreign currencies, which in the majority of instances, are not surpassed by any bank or institution offering commercial rates.
As an example, on 5th January 2005, Lloyds TSB were offering a rate to exchange £50,000.00 for US Dollars at 1.8566. On the same day FX Solutions exchanged £50,000 for a client at a US Dollar rate of 1.8789 giving this client 1,115.00 US Dollars more than he would have received using the High Street bank.
Please note that savings available in specific individual cases will be governed by the prevailing market rate at the time of any executed trade.
Can I fix my foreign exchange rate now and pay for it later?
Yes. This is known as "Forward" buying whereby you fix your foreign exchange rate in a specified amount today and elect a date in the future where you would take delivery of your currency. Your elected date can be anything from 1 week to 4 years in advance from the actual date of your order. When buying currency in this way, a margin payment of 10% is required at all times and you must pay the remaining 90% balance of your Forward contract(s) 5 days before the contract maturity date.
Why is a margin required when buying currency on a Forward basis?
A margin is required by the bank as standard security against currency purchased on a Forward basis. The bank holds on your behalf 10% of the total amount of any Forward Contract and the remaining 90% is paid upon maturity of the Contract. It is important to note that the bank must maintain a 10% margin at all times against your trade to reflect any sudden market movement as set out in Clause 5.2 of our Terms & Conditions of Business (Part A).
Will I achieve similar rates of exchange to those quoted on teletext or the internet?
No. The rates quoted are known as mid-prices for amounts in excess of £1,000,000.00 and are indicative of the rate that the major institutions are trading in "market amounts", that is over £1,000,000.00.
How does FX Solutions differ from its competitors?
We realise you have a choice of foreign exchange companies, that's why FX Solutions prides itself on being the only company to offer a guarantee not to be beaten on price or service. We also offer:
- Dedicated service of assured quality
- No international transfer charges levied by FX Solutions when sending your currency to its elected destination
- Fixed Forward rates up to four years ahead
- Flexible Value Dates" when fixing your foreign exchange rate
- Operation of a 24-hour, 5 ½ day a week trading facility and a 24-hour, 7 day a week information desk (excluding Bank Holidays)
- Trading facilities with more than one back to ensure we achieve the best rate
How can I open an account with FX Solutions Limited?
You need to complete, sign and return the "no obligation to trade" Terms & Conditions of Business together with two forms of identification, such as copies of a utility bill less than three months old and a current passport or driving licence. If copies are to be sent, these must be certified as true copies of the original by a professional person (eg. Doctor, Manager at your place of employment, Solicitor, Bank Manager). If original documents are sent, these will be returned to you once your application has been processed.
Upon receipt of these documents, you will be allocated a Personal Dealing Reference number that is unique to you and your personal foreign exchange dealer who will look after your interests.
How long does it take to get my Personal Dealing Reference Number?
As soon as we receive your completed documentation, the process can take less than 1 hour.
How do I trade once I have been registered with FX Solutions?
It's up to you. You can telephone your personal dealer as many times a day to obtain a foreign exchange rate or you can place an order so that when the market hits that rate your personal dealer can either call you or execute your instruction - whatever suits you.
How do I pay for and how do I receive my foreign currency?
You may pay by Telegraphic Transfer (sometimes referred to as a "CHAPS" payment) which normally guarantees that your transfer will reach our account on the same day. This method is recommended by FX Solutions to avoid any delay in the delivery of your funds. You could also make a BACS transfer, which can take up to three working days to reach our account. Both payment procedures are explained to you in more detail prior to securing a rate.
Your currency will be transferred to the account you elect on the maturity date specified in your foreign exchange Contract.*
What is an International Bank Account Number ("IBAN")?
IBANs are being introduced to standardise the identification of bank accounts. The IBAN is not a new account number. Your existing bank code and account numbers will not be replaced, but additional characters will appear in front of them. The complete identifier will be known as the IBAN. IBANs will improve the quality of information exchanged between parties involved in European cross border payments and reduce errors and delays.
Important points to note
FX Solutions Limited complies with all current money laundering legislation and guidelines.
Some overseas banks may charge you to receive your foreign exchange transfer.
* Subject to us being in receipt of cleared funds in settlement from you.
If you would like FX Solutions to contact you with further information and the very best rate please click here to complete the on-line form. Please note: If you have any kind of "pop-up" blocker on your PC you will need to deactivate this to receive further information
