The Foreign Exchange market is the world’s largest financial market, in excess of 1.5 trillion US dollars are being exchanged daily. This vast industry dwarfs the equity and bond markets ($60 billion daily) and moves with a volatility that is difficult to grasp, let alone predict.
The process of sterling exchange money transfers couldn’t be easier. Most companies have a similar basic structure. Since World War One many attributes for transferring money have changed. I have outlined basic pointers to understanding the process of sterling exchange or sterling transfer. The three steps are simple, efficient and as most services – money transfer is a free service, however, be aware that some companies exact charges for transfer.
Step 1. Open an account
Complete an application form and ensure you have usually two forms of ID: (1) photographic (2) proof of residence. Opening accounts are usually similar to most basic processes
Step 2. Buy your currency
Speak to a currency planner and they will give you the current market rate. If you are happy with the quotation they should 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, to make payment for your currency.
Step 3. Get your currency
Once cleared funds are received, they should promptly transfer your exchanged currency to any bank account of your choice, worldwide, the same day. The typical spot transaction takes between two days and two weeks depending on your method of payment.
Sterling exchange money transfers usually endeavour to a simple process, in my experience it is pretty much pain free. Most money transfer companies comply to similar services. Examples of such are as follows:
• Free transfers to all clients on any amount – worldwide
• Cover the receiving charge that the Cypriot and Spanish banks levy on inward payments
• Better exchange rates than the banks
• Quicker payments to worldwide destinations
• Fixed Exchange rates for up to 2 years
• 24hr Information desk
• Mortgage facilities
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Based in the heart of London’s financial district with over 20 years market experience, Sterling Exchange is in a prime position to offer you a cost effective alternative to your bank’s foreign money transfer service.
The combination of free account facilities, free currency planning services and no commissions as well as being the only exchange house to offer free transfers to all of their clients, enables them to offer you a complete and easy to use solution to all your currency needs.