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Our International Currency Transfer FAQ

This page answers fome of your most frequently asked questions About Aphrodite Sun Propertiesing a Currency Trading Brokerage for your international currency transfer needs instead of your highstreet bank.

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Tel: 0208 1234 709

Sterling Exchange handle international currency transfers globally

Tel: 96 720 333

Information about Cyprus

While Sterling Exchange does handle a great many transactions between the UK and the Republic of Cyprus, the company does of course handle international currency transfers to most countries around the world.


Main International Currency Transfers Page
International Currency Transfers FAQ
Using a Currency Trading Brokerage
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Your most common questions about international currency transfers

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Tax in Cyprus


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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Living in Cyprus

As of the end of the 2008/2009 financial year, there were over sixty thousand British expatriates living in Cyprus, many of them retirees. Within the past twelve months, however, a lot of these pensioners have voiced concerns about the rising cost of living in Cyprus, mainly due to the fact that their pensions no longer carry the same spending power they did prior to the Pound's collapse.

What many of them fail to realise is the simple fact that prices have not stood still back home, and that once all tax burdens have been calculated, life is still much cheaper in the Republic of Cyprus.
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Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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