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Your
most common questions about international currency transfers
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H3
What are acceptable methods of payment and when
do I have to pay?
Once Sterling Exchange has received your instruction, you may pay by
either cheque or bank transfer. Upon clearance of your cheque or receipt of your transfer,
your international currency transfer commences immediately, and the funds are forwarded to their destination account.
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What guarantees do I have that my money is in good
hands?
To begin with, your currency is purchased before your
payment is received by Sterling Exchange, as all their clients' monies are held in a trading account of a member
of the Marfin/Laiki Bank Plc in the Republic of Cyprus. We do, of course, use other international and local banks, depending on the country you need to send funds to.
Sterling Exchange is also regulated as a Money Services
Business by Her Majesty’s Customs and Excise which tracks all
flow of currency into and out of our company. Furthermore, the Bank of England governs and oversees
all foreign currency exchange to and from the United Kingdom.
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How long does a transfer take and what methods do
you use?
A typical transfer to Cyprus or another European country
will take twenty-four hours. If the currency transferred is an unusual
or exotic one, it may take up to forty-eight hours for
your funds to reach their destination. Our company employs the speediest possible method of transfer,
known as a ‘Swift Transfer’.
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What is the standard procedure for transactions
with Sterling Exchange?
The purchase of currency is very straight forward. Your first point of contact is a currency planner,
who will inform you about the current rates available on the global
money markets. Once you have agreed on a quote, Sterling Exchange will agree to purchase
your funds at a specific rate. You will then receive a receipt detailing the particulars
of your trade, and giving you the necessary information to forward
your payment to us. A space is given on this receipt for the bank details
of the destination account for your funds.
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What types of contracts are available through your
company?
Two types of contracts are available through the Sterling Exchange currency exchange brokerage,
the‘Spot Contract’ and the ‘Forward
Contract’.
Essentially a ‘Spot Contract’ requires
you to make full payment for the entire amount of currency purchased
through Sterling Exchange. Once your payment has been received and cleared, your funds are available, and your international currency transfer can take place immediately.
The ‘Forward Contract’ allows
you to fix a particular rate of exchange for a specific period of
time. This provides a means of protecting yourself from the possible
rise and fall of the international money market. This form of contract
requires a percentage deposit to be paid initially, followed by payment
of the remaining balance upon maturation of the contract. The ‘Forward Contract’ has proven
itself as a useful tool for customers funding a property purchase
through stage payments, as is common in Cyprus. This has been especially true in view of the Pound's performance on the international money markets dueing the past couple of years.
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We don't just want to sell you a property.
We make sure you're safe, satisfied and informed.
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