Project Description

We have partnered with  moneycorp-logo-75d44e9ecb5738919d92ef09f417e284 to bring you an exclusive deal specifically designed for yacht crew.

FX brokers can facilitate currency transactions as can Banks. Whether you choose bank or broker, both have ways of charging for the service.

  • Banks in many cases charge for transfers. They also take a percentage known as a margin between the buy and sell rates.
  • FX brokers usually have a fee for their services and can also take a margin between the buy and sell rates.
  • First you need to open an account with the broker. It can take a day or two to open an account.
  • You can choose to send money abroad using the current exchange rate, or you can book a rate – this is known as a ‘forward contract’ to lock-in the exchange rate for a future trade. Some FX brokers can deal with regular transfers abroad.

What are Foreign exchange (FX) brokers?

FX brokers can facilitate currency transactions and Banks can also provide a Foreign exchange service. Whether you choose bank or broker you can use them to send money to a different country. When sending money overseas both have their own way of charging for the service.

  • Banks in many cases charge for transfers. They also take a percentage known as a margin between the buy and sell rates.
  • FX brokers, sometimes there will be a fee for their services they can also take a margin between the buy and sell rates.
  • First you need to open an account with the broker. It can take a day or two to open an account.
  • With either a bank or FX company you can choose to send money abroad using the current exchange rate, or you can book a rate – this is known as a ‘forward contract’ to lock-in the exchange rate for a future trade. Some FX brokers can arrange regular transfers abroad to be made on a specified date.

How does it work?

  • We register you with FX Broker 
    • we complete the form for you which you need to sign
    • need copy of passport and proof of residential address. In absence of proof of address we can accept a captains letter confirming your address when not on board
  • FX Broker opens segregated account for you in their top tier bank and issue account number and your unique reference number to be able to send/receive funds
  • FX Broker assigns a dealer for you, who will execute your instructions and consult on rates.
  • You make FX Transaction:
    • call FX Broker to book a rate or do it online
    • send funds to your account with FX Broker
    • receive converted funds
  • You receive transaction confirmation and statement.

EXAMPLES OF FX TRANSACTIONS:

  • To make basic Foreign exchange, for example convert EUR1000 to USD
    • call FX Broker to book a rate (or book online)
    • send EUR1000 from your bank account to your account with FX Broker
    • FX Broker converts funds to USD on agreed rate and immediately sends you funds back to your account
  • To send funds to 3rd party in different currency (for example to pay supplier EUR1000 in available USD)
    • call FX Broker to book a rate (or book online) and provide recipient account number for onward transfer
    • send agreed amount in USD from your bank account to your account with FX Broker
    • FX Broker converts funds to EUR on agreed rate and immediately sends funds your recepient account
  • To receive funds from 3rd party in one currency and transfer to own account in another (for example to receive EUR1000 and convert to USD to your own account)
    • provide 3rd party with your account number with FX Broker and reference number
    • call FX Broker to book a rate (or book online) and provide sender details to accept funds from 3rd party
    • FX Broker converts EUR1000 on agreed rate and immediately sends funds your bank account

Which Foreign Exchange method is suitable for you?

It depends on your individual circumstances. By studying carefully your individual requirements and circumstances we will provide you information about available options which allow you to compare and make informed choice. We can

  • Find out what your bank would charge.
  • Look at both the exchange rate and fees to find the total amount of foreign currency your money will buy.
  • Compare deals from money transfer firms and foreign exchange brokers based on the total amount of foreign currency your money will buy.
  • Compare how long your overseas money transfer would take.
  • Check whether the firm is authorised by a regulator to perform the service.

What Foreign Exchange Services are available?

  • Spot contracts
    When you need to make a one-off transfer ‘on the spot’, as it were, that’s where a spot transaction comes in. It’s the quickest and easiest way to send money abroad.
  • Regular transfers
    If you need to send money abroad on a regular basis, it can get a bit complicated and stressful. The bank might take too long, your rate may not be great, or you might forget to send the payment altogether.
  • Forward contracts
    Sometimes the current exchange rate is too good to miss, but you don’t want to send the money just yet. This is the right kind of time to arrange a forward payment. Essentially, this is what you go for when you’re keen on today’s rate, but your payment doesn’t need to happen right away.
  • Limit orders
    A limit order is essentially what you use when you wish to send foreign currency at a guaranteed rate. So if you like the idea of transferring at a particular rate, just tell Fx broker and they won’t make the trade until your desired rate becomes available.
  • Rate watch – The easiest way to monitor the markets
    Fx broker monitors the rate so you can select an ideal rate at which you want to make your transfer, then sit back and we’ll keep scanning the market. When the rate is achieved they will give you a call so you can benefit from the ideal cost for your transactions.

Moving money between currencies using an FX broker will save you a considerable amount of money. Here are some questions to consider:

  • Are you about to, or do you, make foreign exchange transfers?
  • Do you need to convert Euros into Dollars, Dollars into Euros, Why pay the banks such a large margin (on average 3%)?
  • Do you need to transfer from one currency to another at the end of each yacht season?
  • Are you a person who does regular transfers back home to service a mortgage or top up your savings account?
  • Do you want to transfer funds from one currency to another to make a deposit on a property?
  • Do you want to transfer so that to save money in just one currency?
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