Foreign Exchange Services for Businesses

Corporate financial controllers, relieve yourself of some of the financial burden today.

If you are the financial controller in your business, you may be interested to know that many corporate clients are using a relatively small foreign exchange company and are retaining more of their profits today, than their competitors.

How?

They are using the services of a specialist currency conversion business to buy, or sell, their currency in a pre-planned manner. By doing this, the currency service provider is managing to shave off large amounts of profit that their usual fx supplier makes.

Because the currency exchange company only converts currency for physical delivery, they trade considerable volume every day. Because they trade large currency volume, they can buy at a discounted rate from their treasury provider, in this case, HSBC.

Bottom line? …. Buy your currency through a FX dealer who buys in bulk and use their discount to get a much better rate than at your own bank.

Most businesses don’t have the time to consider how much of a difference it would make to their bottom-line if they used a foreign exchange dealer, other than their bank. One phone call, or email, could save thousands on each transaction.

• Easy Online registration
• Dedicated corporate dealers
• Client segregated accounts
• Competitive transfer fees, in some cases, no charge.
• Inbound & outbound payments
• No contractual obligations

More information on FAQ’s for corporate foreign exchange transfers here.

Save your company money and make life easier.

Currency Rates

Currency Exchange and Currency transfers for your Property Purchase Abroad.

The Foreign Currency Exchange market is the world’s largest financial market, in excess of 1.5 trillion US dollars are being exchanged daily.

The process of Foreign currency exchange transfers couldn’t be easier. and as most services – money transfer is a free service with our Foreign Exchange partner.

However, be aware that some companies make charges for transfering money abroad.

Here is a simple 3 step guide:

Step 1. Open an account

Complete an application form and ensure you have usually two forms of ID: (1) photographic (2) proof of residence.

Step 2. Buy your currency

Speak to a currency dealer and they will give you the current market rate. If you are happy with the quotation they will buy the currency on your behalf. This trade is usually confirmed in writing by way of a deal receipt and usually provides instructions on how, when, and where to make payment for your currency.

Step 3. Get your currency

Once cleared funds are received by your dealer, they will promptly transfer your exchanged currency to any bank account of your choice, worldwide, the same day.

Other than just choosing any particular day to exchange your money, you could choose other dates to make the currency exchange. It may be that you have decided to buy a new property that won’t need the final balance to be paid until 18 month’s time. In this case, it may suit you to do a ’spot deal’ today for the deposit and arrange for a ‘forward deal’ for the final balance. By doing this, you will have just ‘fixed’ the purchase price to your home currency and will have ensured that you don’t get caught out by a weakening home currency, or a strengthening one in the country of your purchase. This can save people thousands.

Here are 4 basic types of transaction:

• Spot Contract
A spot contract is undertaken when you buy currency at the prevailing exchange rate at the time of the transaction and make payment within two working days. This transaction is typically used for deposit payments on property or for full payment if the funds to pay for the transaction are available.

• Forward Currency Contracts
A forward contract is undertaken when you fix the exchange rate now for a specific date from one to 24 months in the future. As an example, your final payment for a home abroad may be the equivalent of £100,000. You could fix that exchange rate today with a small deposit, and pay for the bulk of that transaction at the completion of the forward contract. To guarantee the exchange rate, private clients will have to pay for at least 10% of the value straight away (a margin deposit) and the balance on or before the maturity of the contract.

• Time-Option Forward Contracts
You may also reserve a time-option forward contract. This contract allows greater flexibility in paying. For example, a property developer may give you a date of December 2008 as an approximate completion date but may tell you it could take a bit longer. Your dealer may recommend that you set a date for your forward contract of February 2009 and you are free to settle that contract anytime before the maturity date with no penalty.

• Limit Order
Limit Orders allow a client to set the rate at that which they would like to exchange their currency. Our foreign Exchange partner will monitor the market for you and if the rate can be achieved, we will purchase the currency on your behalf. We would then notify you of the due date for your payment. This is particularly important for contracts of substantial value where a small currency fluctuation may have huge implications.
Getting Started

If you would like further information please call our Private Client Desk on 01480 458400. You may also register online with us. We will contact you to activate your account. In order to complete the registration process, we require two forms of identification. Please also provide us with a copy of your passport or driving licence and a utility bill, council tax bill or landline telephone bill with your address.

The value of your foreign currency can be fixed for a given period ahead. If you don’t wish to transfer your money now, you can book the rate of exchange now, for a date ahead.

To discuss how best to make a currency exchange into euros at the best rate, talk to a foreign currency exchange specialist. visit fx-foreignexchange,

Rush to Place Deposits in Irish Banks

The recent announcement by the Irish Government that they will make a public guarantee to all customers of all six Irish banks with their headquarters in Ireland, has rocked other countries.

It now appears that the inducement of a safe haven of an Irish bank offering a guarantee backed by the Irish government has started a stampede of investment transfers. This is not surprising when the financial world is currently a very uncertain environment and other governments offer much lower thresholds as guarantee levels for investors, should a bank foreclose.

With the British government now talking of raising it’s public guarantee to £50,000, the unlimited guarantee looks very attractive to high net worth individuals. Foreign exchange specialists have been exceedingly busy in the last few days, exchanging pounds sterling for euros and transferring the funds to Ireland.

The 6 Irish banks benefitting from this are: Allied Irish bank, Bank of Ireland, Anglo Irish bank, Irish Nationwide Building society, the Educational Building Society (EBS), Irish Life & permanent combined with the Permanent TSB.

The value of the euro against the pound can be fixed for a given period ahead. If you don’t wish to transfer your deposit money now, you can book the rate of exchange now, for a date ahead.

To discuss how best to make a currency exchange into euros at the best rate, talk to a foreign currency exchange specialist. visit fx-foreignexchange, or call 01480 458400.

Making a Regular Pension Transfer Overseas

Transferring your pension abroad need not cost you a fortune every month.

If you use your bank to make the pension transfer overseas, it´s likely that you will be much more than you need to in charges, commissions and the currency exchange rate.

As more and more people have chosen to retire overseas, the banking system is set to gain from this migration. However, whether you have a state pension or a private pension scheme, the taxation treatment of your money may be different depending on the arrangement that the UK tax office has with your new homeland. Relying on conversations with friends, who have already moved abroad, is useful. But, take great care to get the right information from the tax office.

If you are a UK resident and choose to retire in the United States, you will currently benefit from annual increases in your state pension. If you choose to retire to places like South Africa, New Zealand or Canada, your pension is likely to remain at the level that it was when you moved abroad.

Variations in tax law may mean that you may also have to pay more tax, or possibly pay tax in both Countries as the money originates in the UK and you are spending it abroad.

Before moving abroad, I suggest you have a word with a Tax specialist in Pensions. They could save you a great deal of money.

Currency Exchange.

Now that you have established what you are likely to receive from your pension while living overseas, it is worth discussing your plans with a currency broker. Currency Exchange dealers can save you a great deal of money when you are making regular monthly payments.

Ratheer than rely on the good nature of your originating bank to keep the costs down and to give you a great rate of exchange, why not go to a currency conversion specialist like fx-foreignexchange, who have a simple system for making these monthly transfers?

Because it´s simple, it´s cheap! You instruct your bank to transfer the monthly pension payment to fx-foreignexchange. At the end of the month, the presiding rate of exchange is applied to the pension amount and the money is converted into your destination currency. The money is then transferred to the bank account in your new home country without commission or transfer charges. Often, if fx-foreignexchange have a bank account in your destination country, there won´t be any receiving charges either.
It´s efficient and cost-effective.

To speak to someone about making a regular monthly payment abroad just call the UK, 0044 1480 458400

Currency Conversion – Trust Your Dealer

In these difficult times, you need all the help you can get just to keep hold of your hard earned money.

• You may be in business and have a need to regularly pay suppliers abroad.
• You may be an expatriate and have a need for a regular monthly payment to be transferred overseas.
• You may have decided to emigrate and have a need to move nearly all of your savings.
• You may have just decided to buy that, longed for, holiday home abroad and have a need to transfer your savings as a deposit.

Whatever your reason for moving money abroad and having to exchange the currency to another type, you need to choose your currency dealer wisely. This is mainly because there are usually seemingly small charges applied to the currency exchange deal AND some foreign exchange brokers will not give you the best rate available.

Yesterday, I even heard of 2 different banks who offered a client a rate of exchange that sounded competitive and confirmed that there would not be any charges by them for the transfer or at the receiving bank. In both cases, this was completely untrue! The clients dutifully told their managers to make the transfers. When they received their exchanged money, charges had been applied at both the sending and receiving banks in addition to a completely different rate of exchange being applied!

When each client visited their banks for an explanation, it was like the bank managers were reading from the same script. Both offered the lame excuse that they merely processed the exchange of currency. After that, the rate of exchange was applied by the dealing room whenever they got around to doing the deal. No explanation was offered to explain the charges.

If these people had used a professional currency exchange dealer, they would have had a contract with the rate of exchange on it and a full explanation of charges applied if there were any. They would have known exactly how much they would receive.

Why use a bank when you are protected by this form of contract? If you regularly make payments abroad, or need to make a one-off currency exchange try fx-foreignexchange.com. You will be dealing with professionals.

Global Currency Rates Today

• Global Currency Exchange Network, bring you daily currency exchange rates. For currency conversion, and money transfers, go to our website to create a free money transfer account
• GCEN have offices in Dubai for the UAE, Near London, Spain and Portugal

GLOBAL CURRENCY EXCHANGE Rates – aed,gbp,jpy,eur,cad,aud,usd,brl,pln

Get the best currency exchange rate available today… Just call our Head Office on +44 (0) 1480 458 400 if outside the UK, or 01480 458400 ( in the Uk) and we’ll quote you the best exchange rate for Euro, usd, gbp, aed, brl, pln, and more.

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Global Currency Exchange Rates Today

• Global Currency Exchange Network, bring you daily currency exchange rates. For currency conversion, and money transfers, go to our website to create a free money transfer account 

• Here is a sample of the global currency exchange rates from this morning. If you would like to be kept informed of any particular currency exchange rate, just let us know in the form below this table. We trade commercial amounts and commercial rates

  GLOBAL CURRENCY EXCHANGE NETWORK – gbp,aed.pln,usd,brl,cad,aud,eur

Base Currency is the GBP, British Pound:

Currency	Code	GBP/1 Unit	Units/1 GBP
UAE dhm. Dirham	AED	0.1518	6.5936
Australian Dollar	AUD	0.4595	2.1801
Brazilian Real	BRL	0.3127	3.2093
Canadian Dollar	CAD	0.5261	1.9035
Egyptian Pound	EGP	0.1034	9.8009
Euro	EUR	0.7936	1.2617
Japanese Yen	JPY	0.005167	193.754
Polish Zloty	PLN	0.2368	4.2378
US Dollar	USD	0.5575	1.7946

n.b. These are just indication rates as of 8.30am on Sunday 14th September

The Dirham, Dubai and Abu Dhabi

One property market that doesn’t seem to have run out of steam is Dubai and Abu Dhabi. Dubai has opened it’s arms to property investors and now, it appears that Abu Dhabi is quietly doing the same.

Buildings are being constructed at an alarming rate, ever skyward, along with the prices. Tales are told of some properties being sold on 12 times before the property has even been handed over by the builder! With a property market like this, it’s easy to fall prey to the silver-tongued salesman with promises of vast profits in weeks.

The truth is, it really is happening. I spoke to one of my colleagues the other day who is noted for her conservative approach to parting with her own hard-earned money, and she has even bought a property on the hope of selling it before completion.

However, she does have an advantage. She can buy her Dirhams, or AED as we know it, just when the rate against the pound and the Euro suits her. She waits until the rate peaks between the pound and the Dirham, then buys as many Dirhams as she can. Over time, she has made the difference of 5%. In real terms, this means her property will be 5% cheaper than it may have been if she traded at the lower exchange rate.

If you are considering buying abroad, it is advisable to have a chat with a professional currency broker to see which methods of buying foreign currency will suit you best. The advice will cost nothing, but may save you thousands as it has for my colleague.

Today’s Global Currency Exchange Rates

• Global Currency Exchange Network, bring you daily currency exchange rates. For currency conversion, and money transfers, go to our website to create a free money transfer account
• The pound again hits two and a half year lows against the dollar on Thursday, as investors expect further falls as economic pressure continued to mount.
• Forecasts are now pointing toward a recession in the second half of this year as sterling continues to fall.

• Here is a sample of the global currency exchange rates from this morning. If you would like to be kept informed of any particular currency exchange rate, just let us know in the form below this table. We trade commercial amounts and commercial rates.

   

GLOBAL CURRENCY EXCHANGE NETWORK – gbp,aed.pln,usd,brl,cad,aud,eur

Specialist Currency Converters

Use a specialist business to make your currency exchange and save a great deal of money. Using a bank to transfer your money abroad can be a costly, as they tend to charge commission and a transfer charge, whereas most specialist currency exchange companies rarely make these charges.

In addition, a high street bank is likely to give you a worse rate of exchange than a currency broker can.

However, currency exchange brokers differ wildly, both in terms of service and value. Like all service providers, they offer services that are similar, but the differences appear subtle yet make a vast difference to your pocket.

Choose a currency broker that is interested in you, or your business. Most foreign exchange businesses will simply take your instructions to make the currency exchange, then transfer your money to the destination account. You need a currency broker who will take a bit more interest in your needs and will then advise on the best way to maximise the net amount from the exchange.

Here are some of the services that you could take advantage of by choosing a currency dealer carefully:

Regular payments:

If you have to make regular payments overseas such as a pension transfer, or maybe a mortgage payment, or payments to overseas suppliers, business partners, franchise operations for example, you could fix the exchange rate for as much as 2 years ahead. You could then set up the payments so that you can concentrate on other matters. The alternative is to use a dedicated currency exchange dealer, who can pick and choose when would be best for you to change your money. Neither of these services have a charge attached when you use fx-foreignexchange.

Stop loss currency exchange:

A “stop loss” contract lets you decide on a rate that you would be happy to make a currency exchange. We can arrange for the money to be exchanged as soon as a particular rate has been achieved. The money is bought automatically.

We can add to this service by placing your details with an individual dealer. That dealer will then contact you as soon as the agreed rate is achieved and you can then decide whether you wish to make the exchange. To take advantage of this particular service, you need to register with us first though as currency rates can change quickly and it takes a few minutes to register. Registration is free.

Fixed currency exchange rates:

For businesses, or individuals, that have to make a money transfer overseas sometime within a few months, it is possible to pay a small deposit and fix the rate of exchange, then pay the final balance nearer the time of the actual transfer.

This is great for cashflow and takes the stress out of situation because you will have already fixed the rate of exchange and have ruled out the possibility of losing a great deal of money if the rate becomes unfavourable. For example, just a few months ago, the rate between the US Dollar and the GB Pound was around 2.04 Dollars to 1 Pound. The rate today is about 1.78 Dollars to the Pound. This is fine if you have dollars to sell and pounds to buy, but imagine you wanted to buy 100,000 Pounds worth of Dollars. If you had fixed the rate in advance, you would have bought $204,000. However, at if you hadn´t fixed the rate and went to change the money today, you would have received $178,000.

The difference in the exchange rate would have resulted in a loss of $26,000 !

Why take the risk? If you are in business, contact us and we will be pleased to allocate you a specific dealer who will take care of all of your foreign currency transactions.

Our UK number is : 0044(0)1480 458400, or just go to CONTACT US.

For more information, please visit fx-foreignexchange.com

Pay Your Property Deposit by Card

How to beat the currency exchange system with credit card payments on property purchases.

Pay your overseas property deposit with a credit, or debit, card and get a better rate of exchange than you would by using the card abroad.

If you find yourself in the fortunate position of being able to buy that property abroad, and you need to place a deposit on the property to secure the one you want, then there is an answer.

Pay your initial deposit with your debit, or credit, card.

However, before you get too excited, consider this. I was in Spain recently and used my UK Bank debit card to draw some Euros at the “Hole in the wall”. I drew money on two consecutive days. The exchange rate between the pound and the euro had barely altered, but one bank gave me 1.19 euros to the pound. The other bank gave a rate of 1.23 euros to the pound. If, like me, you suffer from terrible thirst when it’s hot and you need £200 to pay for the drinks, the difference is €8. “Just €8!” I hear you say.

Well change that figure of £200 to £3000 as a house deposit and the difference between one bank’s foreign exchange rate and the other’s is now €120. Not a huge amount, but still worth saving.

FX-Foreignexchange have a facility, through their currency exchange partners, where you can now pay your initial deposit to secure a property abroad by using your debit or credit card. You get an even better rate than the banks can offer. It’s a safe way to pay and painless.

Just call FX-Foreignexchange on 0044 (0)1480 458400, (or email for them to contact you from here) , register your details with them, give them the details of where you want your deposit to go, and they take the payment in your local currency, change it, and send it to the account you’ve asked for it to be sent to.

Paying your overseas property deposit couldn’t be easier. You may even want to spend the money you save on a special dinner to celebrate how clever you are!

A couple of little things, FX-Foreignexchange can’t take card payments over £10,000, and they can’t take less than £2500. On the basis that most initial deposits for new homes abroad are €3,000, or £2,500, this shouldn’t present a problem.

The other area to consider is if you use the same company to change your further stage payments, the difference when using my example, is €1,200 when you change £30,000.

That’s a bit more interesting than the €8 I saved!

Buying Australian Dollars when Emigrating

Emigrating to Australia on your own steam
The first step in emigrating, is to find out if you are eligible to live in Australia. You can do this by contacting your nearest Australia High commission who will be able to assist. They will send you the relevant information regarding your application process.
You should allow a minimum of 12 months for a successful application to be processed. It is absolutely crucial that any paperwork submitted to Australia House is done so correctly or your application will be returned to you, and you will, unfortunately, have to re apply. Fees will also vary dramatically depending upon the visa category you are applying under. With police checks, medical records, government fees, and more, the cost of the application can sometimes be a considerable expense.
Use an emigration specialist consultancy
A migration agent is like using a lawyer to represent you in court. They will initially give you a free consultation and will let you know straight away if you are eligible for migration. If you are, they will begin to advise on the fees and time limits involved. They will then advise you of all relevant forms, references and documents that you will need to obtain for them to submit the application on your behalf.
If you choose to use an agent your migration process can be a lot quicker. In some cases, they may even save you money as you can be certain that your application will be submitted correctly the first time. It certainly will take a lot of unnecessary stress away from the migration process. For that reason alone, we would strongly recommend to anyone who is considering emigrating, to use a Migration Agent.
Buying your Australian Dollars.
Whether you are buying your Australian Dollars with British Pounds, American Dollars, Euros or any other foreign currency, it pays to shop around.
The standard route, involved beating a path loyally to your local bank and asking them to make the money transfer on your behalf to Australia. This generally involves a few costs that you won’t have to bear elsewhere. You are likely to be charged extra for making the currency transfer, and for your Australian bank to receive the funds. In addition, a high street bank doesn’t necessarily give the best foreign exchange rate which is the biggest difference between the bank and a foreign currency exchange specialist.
Consider this:
Your bank offers you a rate of 2.10 Australian Dollars to £1. You buy £150,000 worth at that rate, believing that it’s the same everywhere and you end up with 315,000 Australian Dollars, before they have taken their commission!

OR, you use a global currency exchange specialist and they give you a better rate of 2.1549 Australian Dollars (as it is today) to £1, giving you net proceeds of 323,235 Australian Dollars for your £150,000.
Net result, you have saved yourself £3,821 ( or 8235 dollars) to spend on something else when you get to Australia like a second hand car, tax and insurance! No effort was required. It didn’t take any longer. You just end up with more money.
Save money when emigrating, buy your Australian Dollars here, or just visit the site to view the latest rate.

Global Currency Rates of Exchange Today

• Global Currency Exchange Network, bring you daily currency exchange rates. For currency conversion, and money transfers, go to our website to create a free money transfer account
• Sterling fell again on Friday as growing expectations of a UK interest rate cut plummets the pound against a strong dollar and also slipping against the euro.
• Markets now expect the Bank of England to cut rates, currently 5 percent, by a quarter percentage point by the end of the year and probably again by February 2009.

GLOBAL CURRENCY EXCHANGE NETWORK – DAILY CURRENCY NEWS

Get the best currency exchange rate available today… Just call our Head Office on +44 (0) 1480 458 400 if outside the UK, or 01480 458400 ( in the Uk) and we’ll quote you the best exchange rate for Euro, usd, gbp, aed and more. Alternatively, fill in the short form below, and we will get back to you with the best foreign currency exchange rate.
Yes.. telll me about the bargains you have for sale

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2. Email(valid email required)
3. day time contact number(valid email required)
4. Where in the world do you want to buy?
5. Your budget
6. Message

 

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Buying Canadian Dollars with Pounds

Money Transfer from the UK to Canada

There are many ways to transfer your money from the UK to Canada. In the past, most people have called their own bank and asked them to change their GB Pounds to Canadian Dollars. Currently, there are so many more cost effective ways to do this.

If you choose to use your bank, it’s likely that they will not necessarily:

1. Grant you the best rate of exchange available at that moment
2. They are likely to charge you a commission
3. They will almost definitely charge a fee for making the money transfer to Canada

If you knew about a way to save on each of the 3 areas, it’s likely you would use it, especially, as the foreign exchange specialists are usually faster than the high street banks as it’s all they do!

Some Expats, or second home buyers, in Canada simply open an account with HSBC as they allow the client to have accounts in Canadian Dollars and GB Pounds.

• The advantage of doing this is you have flexibility to move the money between your accounts when the currency exchange rate suits you.
• The disadvantages are that HSBC don’t have as many branches as Canada’s own local main banks in the cities. And, you are unlikely to get a great rate of exchange each time you switch between accounts.

Foreign exchange specialists, like fx-foreignexchange.com are now the more likely route for a second property buyer, or expat, to use for larger currency transfers from the UK to Canada. They already have an account with HSBC in Canada and the UK.

The advantages of using FX-Foreignexchange to exchange your £’s to Canadian Dollars are:

•  The service is safe and swift.
• They generally offer a better rate of exchange (Saving thousands on larger transactions).
• They don’t charge a commission.
• They don’t charge a fee to transfer the money.
• You can also set a rate of exchange that you are prepared to deal at, and FX-Foreignexchange will contact you when the currencies meet that figure so you can buy at the best rate of exchange.

The disadvantage, when compared to a high street bank, is difficult to see as there doesn’t appear to be one!

If you are looking to exchange GB Pounds into Canadian Dollars, call FX-Foreignexchange on +44 (0)1480 458400 for a quote, or simply ask for an explanation on how to save money when transferring abroad.

Or go to the fx-foreignexchange site

Foreign Exchange Transaction in Thailand

Looking to buy, or sell, a condominium in Thailand using Thai Baht?

A “Foreign Exchange Transaction” will need to be recorded legally. See our previous article about the Foreign Exchange Transaction.

Here are some of the reasons for this and most of the processes involved. We strongly recommend that you seek out good, professional, advice before buying abroad.

• The Bank of Thailand controls the flow of foreign currency. Every Thai Baht must have a source and a reason, and the Land Department must perform due diligence, in accordance with this regulation. Every foreign buyer must transfer money from abroad.
• Non-residents of Thailand, who sell a condominium and transfer the money out of country don’t have to pay the remittance tax. Normally, the tax is around 30%.
• When transferring money out of the country, the tax-free amount is determined by the initial amount transferred in.

Transfer of the title deed:

Documents needed for an Individual property buyer in Thailand.

• Passport (copy if applicable, marriage/divorce certificate including a letter of consent from your spouse if marriage in Thai Language.
• Foreign Exchange Transaction certificate.
• Power of attorney. If anyone but yourself is representing you, in Thai script with a notarization by Notary public or overseas by the Thai Consul.

Documents needed for a Company buying property in Thailand.

• Corporate documents:
• Certified copy of the certificate of incorporation
• Certified copy of the memorandum of association
• Notarised certificate
• List of shareholders (in English, but must be accompanied by Thai translation)
• Minutes of directors’ meetings which have a resolution to sell/buy the property (specifying name and number and agenda dealing with the finance of the purchase if the company’s registered capital is less than the purchase price)
• Letter of advice regarding specific signature.
• Power of attorney, if the authorised directors do not make the transaction by themselves (Land Department)
• Free debt letter
• Foreign co-owner letter
• The certified copy of the I.D card of the authorized directors
• The certified copy of the house registration of the authorized directors
• Title deed of the condominium unit / property.

When transferring money into, or out of, Thailand, speak to the foreign currency experts at www.fx-foreignexchange.com Thai Baht is our speciality.

Buy or sell Thai Baht here.

Information on the Euro

The euro has been the single currency of the European Union since the 1st of January,1999. It was adopted by 11 European States and other Countries have followed since.The currency exchange rates were fixed for the Euro, along with the last day for the individual currencies of each of the Member States and they were:

Euro Banknotes and Coins Calendar:
· Mid December, 2001: introduction of notes and coins.
· January 1, 2002: new currency becomes legal tender. Old currency can no longer be used for non-cash transactions, such as bank transfers and checks. The individual currencies will remain as legal tender until the dates listed below:

June 30, 2002 was the last day for changing old currency to Euro at any bank for the original twelve member states. Thereafter: old currency can be exchanged at national central banks and some specially designated banks.
Euro Denominations:
Notes: 500, 200, 100, 50, 20, 10, 5
Coins: 2, 1, 50, 20, 10, 5, 2, 1

To buy, or sell, Euros at the best rates, without commission or transfer charges, contact us here:

Quote me the best currency exchange rate

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2. Email(valid email required)
3. Daytime contact number
4. Message

 

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Buy Thai Baht for Property purchase

Buying Property in Thai Baht.

Buying Thai Baht at the best currency exchange rate is a relatively simple exercise. Call your broker!

However, buying Thai Baht at the best exchange rate in order to buy property in Thailand, as a foreigner. That’s not such a simple task. Choose a broker who understands the Thai property system as there is a specific Act, the 1991 Condominium Act, which applies to non-residents who aim to buy a condominium in Thailand.

If a non-resident person wishes to transfer money into Thailand to buy a property there, they must obtain a Foreign exchange Transaction Certificate for each payment. This certificate comes from the beneficiary bank and every certificate will need to be shown to the Land Department in order to register the title of the condominium. As an aside, the currency exchange transfer instruction needs to state that it is for the purpose of buying condominium.

There’s a catch though. If you transfer money into Thailand for this purpose, you need to ensure that each currency exchange is for US$20,000 as a minimum, otherwise you would need to obtain a credit note from the bank instead.
Transferring money to Thailand:
1. The money must be T/T (Telex-Transferred), with a document identifying the name of the purchaser in the form of either the sender’s or receiver’s name. For example:

Mr. Jones wants to buy a condominium in Thailand. He has his own account at an overseas bank to buy the condominium, he has to instruct the overseas bank to issue the document in his name as the sender of that amount to his (savings) account in Thailand, or any law firm (with the permission from the particular firm) after which the appointed company will buy that condominium for him,

(or)

It is possible for the buyer to ask a third party to transfer the money for him to buy the property by identifying himself as the receiver. This could be done by using a currency exchange Company such as fx-foreignexchange, who would offer the best rates at that moment for buying Thai Baht and would then organise the money transfer to Thailand.

2. The purchaser has to include the transfer instruction indicating that the purpose of this money is to buy a condominium unit.

The bank that receives money in foreign currency will issue the document (Foreign Exchange Transaction) which contains the following information:
- The transferred amount in foreign currency
- The transferred amount in Thai Baht
- The name of money sender

In order to get the best currency exchange rate in Thai Baht, whether selling Australian Dollars, US Dollars, GB Pounds, AE Dirhams or Euros, contact the experts, Fx-Foreignexchange.com and they will quote the best rate for the Baht today.
+44 (0)1480 458 400

The Aed, Currency of Dubai

The UAE dirham and international money transfers

About the AED:
AED, or dhs, is fixed to the US Dollar. As a result, the recent decline in the value of the US Dollar against the Euro and the GB Pound has had an obvious effect on the AED rate when trading currency in Europe.The UAE dirham (AED) is divided into 100 fils. Coins are in 5, 10, 25 and 50 fils and AED1. Notes are in denominations of AED5, 10, 20, 50, 100, 200, 500 and 1,000. $1 = 3.6722AED and currently £1 = 7.2504AED.

Currency exchange between Dubai and London:
With the opening of the Gatehouse Bank Plc in Central London, a fully compliant shariah bank, there is likely to be an influx of interest in exchanging AED´s for Pounds.
There are no restrictions on the import and export of money into, and out of, Dubai.

Everyone holding a residence visa in Dubai is allowed to open a bank account and to import and export funds, although it’s unusual for people to bring funds into the country with the current excepion of foreign funds being used to buy property in Dubai. Accounts held overseas are of no interest to the fiscal administrations in any of the states. No declarations of currency are required when entering any of the territories, so travellers can move currencies in and out without restriction and in any form that they choose.

International bank transfers are something the Dubai currency exchange brokers handle comfortably. The money transfers out of Dubai have long been a lucrative business, particularly since the property boom began in recent years. The large number of expats who have moved to Dubai regularly exchange their money, and make transfers abroad to their home country.

How to transfer aed and get the best exchange rates:
All the retail banks will transfer money to any destination and in any currency. Many people find it convenient to use their own bank to transfer money overseas, but there are plenty of currency dealers offering this service, so shop around to obtain the best currency deal. The main factors involved in transferring funds overseas are the exchange rate offered and any commission charges plus the money transfer charge. The rate quoted by a high street bank may look attractive, but if the combined charges are high, you might be better off with a company like fx-foreignexchange. In addition, many overseas receiving banks will make a recipient charge. Using fx-foreignexchange, there will not be any receiving charges in most cases.

Different transfer systems are available, and the speed of transfer is the main determinant of the charge levied. The methods are postal, bank-to-bank, telex, telegraphic and SWIFT (or similar titles). For an explanation of currency terms, visit this page.

If you intend to send significant amounts of money abroad for business transactions, such as buying a property, or making a payroll payment on a monthly basis, ensure that you’re given the commercial rate of exchange. The tourist rate or standard rate that you see quoted in your newspaper or posted on the bank’s currency exchange board can be considerably bettered for large exchanges and transfers.

Fx-foreignexchange have a currency trading office in Dubai.

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Getting the Best Exchange Rate today

Getting the best currency exchange rate available today.
The steady decline of the Pound against the Euro has fuelled much debate over whether the currency exchange rate avaliable today, at about 1.26 Euros to the 1 Pound, is aiding the slow quantity of property bought overseas.

There are even several new initiatives to seemingly offering the best euro / pound exchange rate. Some developers are even offering to fix the exchange rate to 1.4 Euros to 1 Pound, so that a buyer of their overseas properties is perceptively not losing out on the exchange rate. The truth of it is that the price that you pay for the property is probably higher than you might pay if you just accepted the ‘Real’ exchange rate and negotiated a little harder on the price of the property.

Consider this: You are looking to buy a property at €200,000. Generally, you could raise a local mortgage of 70% of this, leaving a need to transfer 30% of the purchase price (€60,000) plus 10% to cover all costs (€20,000).
You will have to change enough Pounds to pay a total of €80,000 at some point.

• If you simply exchange Pounds for €80,000 at todays best currency exchange rate, (1.26), you will need £63,492 Pounds.
• If you take someone up on the offer of an exchange rate at €1.4 Euros to 1 Pound, you will need to change £57,143 Pounds.
• Clearly the better exchange rate will appear to make a saving of £6,349.

The question is… Did you get the best deal on the asking price of the property? Maybe, you could have negotiated more than £6,400 off the price?

In principle, there’s nothing wrong with these great exchange rate offers, but ask a few more questions of the builder. The builder may prefer to simply reduce the price. Try using an estate agent that is used to working on an International basis, like Gatehouse International, as they will be able to offer both types of exchange rate deals. You can then choose the deal that suits you most.

For the best currency exchange deals, get a free account with Global Currency Exchange Network and let us let you know when the best rates are available.

Ways to Make a Money Transfer

5 ways to make a money transfer.The world is getting smaller financially, and with more business deals between the West and the East, the cost of making a money transfer is becoming more important to all, including small start-up importers, large established concerns, and even travellers who need more spending money transferred to a local account.

The problem is the cost of the money transfer. On small amounts, the charge made by a high street bank, to make a money transfer, can almost wipe out the amount being sent. This is especially true when you add on the charge made by the receiving bank.

To put it bluntly, if you are making a regular money transfer abroad, you need to seek out less expensive ways to do it. Commonly, a British Bank will charge over 30 GB Pounds just to initiate the transfer, then they take a large slice of your cash with an expensive foreign exchange rate. Then… the bank at the receiving end makes a charge as well!

Global Currency Exchange Network, a specialist foreign exchange brokerage, can limit these expenses greatly by not charging for the money transfer, giving a more competitive exchange rate, and in some cases, arranging with the bank overseas to waive their recipient charges.

There are various different ways to make a money transfer, here are a few:

SWIFT
This is the most common method of money transfer. Your local bank is likely to charge you anything from 12-35 GBP. Add on the foreign exchange commission and the possible charge at the destination bank. This normally takes working days but you can request an urgent SWIFT transfer, for an extra cost. It reduces the time for the money transfer to between 3 and 5 working days.

Euro CHAPS.
This is a method used to make the money transfer to select European Countries for around 25 GBP, plus the foreign exchange commission. This normally takes between 2 and 3 working days. Charges can also include the (by now familiar) receiving charges as well.

TIPANET
Unless you ask for this, most banks won´t offer it. Tipanet is a system where, for a small charge (around 10 GBP), plus the foreign exchange commission, you can make a money transfer to 6 countries. There are limits to the amounts you can send though and it usually takes 5 working days. The receiving bank may charge you for receiving funds.

Online Payment Services
By now you´ve probably heard of most of these.. PayPal MoneyBookers etc. These are now well established online banks and they offer various online payment options. Moneybookers, claim that you just need the email address of the recipient in order to make a no-commission transfer, which will cost no more than 0.50. However these sytems are mostly used to make very small payments as most people prefer to deal with a business that is accountable when transferring larger sums of money.

Paypal and Neteller are better known services. If you open an account with them, you can send money within minutes to other account holders. You may pay no fees for the transfer, but you pay a fee on the foreign exchange rate. Paypal, for example, charges 2.5%. Also, the recipient often has to pay a fee as well. the exchange rates can be uncompetitive at times.

Foreign currency brokerage specialists
These businesses are perfect for anything from making regular overseas pension transfers, right through to transfers in the millions. They offer a highly peronal service and a good broker can become an integral part of any business which regularly imports or exports. Some brokerage specialists, such as Global Currency Exchange Network offer a commission free service.

They also make the transfers for free. And, in some cases, they can pre-arrange for the receiving bank to waive their recipient fee. While this is useful for larger amounts being transferred, the regular money transfers for transactions like pensions and mortgage payments, can be almost wiped out by the charges that banks made.
Couple this with the speed of the transfer, usually 2 working days from receipt of cleared funds, it´s difficult to understand why someone would use their local bank.

To read more about making money transfers …

Read more on Foreign Exchange Terms …

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