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Foremost Currency
Excange
It is strange to find that purchasers of property abroad are always keen
to negotiate a good price on the house of their dreams, but then fail to
appreciate that great savings can be made by ensuring that they receive
the best exchange rate from Sterling to Euros or visa versa.
We tend to shop around for most things in life, but when it comes
to currency, most people simply head straight for the bank. MISTAKE!
Banks do not offer you the best currency rates and options.
The currency markets are notoriously volatile. Rates since the
Euros introduction in Jan 2002 have fluctuated over 20%. Therefore, a
property of £200,000 would cost you £40,000 more at the low of the
market!!! Clearly, this is a
substantial change. Purchasers can avoid these pitfalls by using our
specialist foreign currency Broker,
The Foremost Currency Group,
who can explain the various methods of avoiding risk.
Click on
Open an Account
or
Please call me back to
learn more.
Spot Contract
- The Spot Contract is the most basic and popular foreign
exchange product. It is an agreement to buy or sell one currency in
exchange for another. You have 2 days to settle the contract, at a price
based on the prevailing "spot exchange rate" the current value of one
currency compared to another.
Although
the spot market lets you buy or sell currency as you need it, spot
exchange rate movements are highly unpredictable, even during a single
trading day. Upon receipt of cleared funds currency is available for
onward transmission.
Forward Contract
- A
Forward Contract lets you buy or sell one currency
against another, for settlement no later than on the day the contract
expires. Unlike spot contracts, a forward contract eliminates the risk
of fluctuating exchange rates by locking in a price today for a
transaction that will take place in the future (up to a maximum of 2
years). You also have the flexibility to take delivery of your currency
in an agreed time period before the expiry date.
A 10% deposit is required to secure the contract and is payable within
two working days with settlement due on the day the contract expires.
Limit Order
- A
Limit Order is an order to secure currency at a specific
price that may not be currently available. This type of contract is
particularly useful when the markets are moving in a positive direction
for you. This is one of the two most common types of orders, the other
being a
Stop
Loss Order.
Stop Loss Order - A
Stop
Loss Order is used when the market is moving in a
negative direction for your currency. An order is placed on file with
your broker to help ease the stress of adverse market movements. A stop
loss order instructs your broker to buy when the currency hits a certain
point. The purpose of the stop loss is obvious – you want to prevent any
further movement before the currency falls any further.
Savings
case study
The savings you can make by using a foreign
exchange specialist instead of your bank are considerable. For example,
a couple wishing to purchase a property in Spain for 200,000€ would have paid the Sterling equivalent of £134,725 in May 2006. Two months
later, they would have paid £138,360 for the very same property. But by
securing an exchange rate in advance, they would have made a saving of
more than £3,600.
Why
Use FCG As Your Foreign Currency Brokers?
Q: What makes us different?
A: A personal, dedicated and efficient service.
Whether it is a one off requirement or an ongoing one, our currency
brokers will provide a one to one service, coupling market knowledge
with differing foreign exchange contracts enabling our clients to obtain
the most competitive rates of exchange for their currency transactions,
now and for the future.
Responsibility does not stop here, as this is only half of the process.
We will also ensure that your funds are sent via priority telegraphic
transfer arriving at the destination of your choice within your
timescale.
FCG Ltd will focus on a unique service, clients are guaranteed the same
account handler from opening an account and throughout the life of your
transactions.
 Free
account opening with no obligation
There
will be no fees or commissions on exchange of currency*
Guaranteed
commercial rates of exchange for now and up to 2 years into the
future
Provision
of a banking receipt as proof of your transfer can be requested**
Same
day transfers
Fully
compliant with Customs and Excise
We
are members of the UK Money Transmitters Association, the trade
association for money transfer companies in the UK and follow the UKMTA ‘Remittances
Customer Charter’.
Specialists
in Foreign Currency Transactions
A
stress free Personal Service
* Transfers are free on any transaction over £50,000, anything under
costs £10
** Proof of Payment (POP) Cost £10
Specialists in currency.
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