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foreign exchange - frequently asked questions home / foreign exchange / faq Your questions answered
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» International Foreign Exchange » Foreign exchange forecasting » Transferring money overseas » Buying foreign currency » FAQ » Case study » Exchange rate calculator » Glossary of terms » World currencies » Enquire Q. What does an IFX foreign currency broker do? answer Q. What are the key benefits of using IFX as my foreign currency broker? answer Q. What are the benefits of Forward Contracts when purchasing my currency? answer Q. Will my IFX broker inform me of the best time to buy? answer Q. How do I set up an IFX trading account? answer Q. How long do transfers take? answer Q. Can an individual investor save money by watching the market and choosing the right time to make the exchange? answer Q. Why do currencies move against one another? answer Q. If I need to transfer funds for a one off overseas investment, what is my best strategy? answer Q. Is it expensive to use the services of a foreign exchange (forex) specialist? answer Q. What are the benefits of using International Foreign Exchange? answer Q. Should I consider using a forward contract to purchase currency? answer Q. How long does a currency transaction usually take? answer  What does an IFX foreign currency broker do? IFX currency brokers are trained to a very high level and have all the skills necessary to provide you with the help and advice necessary in the deal process. This will help to ensure that your foreign currency transaction is completed efficiently and at the most competitive exchange rate when you transfer money overseas. Unlike high street banks, IFX currency brokers calculate currency rates based on the volume of trading that they do transact each day. This helps to ensure that on your deal, a more competitive exchange rate is achieved. back to questions What are the key benefits of using IFX as my foreign currency broker? IFX are renowned specialists in foreign currency broking. They have developed an enviable reputation for consistently delivering deals with far superior (‘commercial’) exchange rates. IFX currency brokers are trained to support this with the highest level of personalised service. If you choose IFX as your currency broker, you will be assigned a dedicated foreign exchange dealer as your account manager who will keep you fully informed about market movements. They will assist you through each stage of the money transfer to ensure that you make the most of your investment. back to questions What are the benefits of Forward Contracts when purchasing my currency? When you buy forward you are securing a rate of exchange today for funds to be delivered at a future date. A forward contract is helpful when there is a schedule of payments to be made over a period of time. Fixing the exchange rate with this device will ensure that you realise the true value of your property from day one. back to questions Will my IFX broker inform me of the best time to buy? If you are planning to transfer money abroad to enable you to purchase a property and would like IFX to help you, you will need to open an account with IFX. This can be done online by clicking here. As with all currency brokers in the United Kingdom, IFX are registered as a Money Service Business (MSB) with HM Revenue & Customs. As part of this regulation you will be asked to provide clear identification, usually a copy of your passport and verification of your home address. Acceptable forms are a utility bill or bank statement clearly showing your name and address which must be dated within the previous three months. back to questions How do I set up an IFX trading account? If you are planning to transfer money abroad to enable you to purchase a property and would like IFX to help you, you will need to open an account with IFX. This can be done online by clicking here. As with all currency brokers in the United Kingdom, IFX are registered as a Money Service Business (MSB) with HM Revenue & Customs. As part of this regulation you will be asked to provide clear identification, usually a copy of your passport and verification of your home address. Acceptable forms are a utility bill or bank statement clearly showing your name and address which must be dated within the previous three months. back to questions How long do transfers take? Your requested currency can be transferred to a beneficiary account in Europe or the United States the same day that settlement payment is received. To contact an IFX currency broker, or if you have any further questions click here. back to questions Can an individual investor save money by watching the market and choosing the right time to make the exchange? This is theoretically possible, but is not an advisable strategy. There is no way to predict the movement of the market, on any day there is an equal probability it will go down, or go up. By using an informed Foreign Exchange (Forex) specialist such as IFX to make the trade, it is generally possible to avoid doing a bad deal. If the market is unstable, your IFX consultant will advise you to stand out for a few days, and wait for a more suitable time to do your trade. back to questions Why do currencies move against one another? The relative values of currencies are determined by a number of short term and long term factors including the strength of the underlying economy, terms of trade, central bank policy settings, international interest rate relativities, political and natural events and the activity of speculators. Whilst most professionals have a reasonable idea of trends and potential movements, it is quite impossible to predict these things with any confidence. back to questions If I need to transfer funds for a one off overseas investment, what is my best strategy? Naturally, as Foreign Exchange (Forex) consultants, we recommend that you consult a well regarded professional firm to advise you on the trade. Do not rely on your High Street bank, whose local staff will not be specialists in foreign currencies. At International Foreign Exchange we provide a personalized service for our clients, advising them on the best way to execute their trade, and managing the actual transaction with care. back to questions Is it expensive to use the services of a Foreign Exchange (Forex) specialist? All currency transactions are conducted on a commission basis, the relative rates between the local bank and a specialist firm will vary depending on the organizations involved. It is quite normal for IFX to save their clients substantial sums of money, because their volumes allow make it possible for them to charge lower rates of commission. The only other variable is the rate at which the trade is executed. As mentioned above, it is not possible to consistently beat the market; however the level of individual attention and personal service provided by IFX will often save a client from doing a bad trade on any particular day. back to questions What are the benefits of using International Foreign Exchange? IFX is set up to provide individualized service to it’s clients. Each client is allocated an experienced currency advisor or account manager to look after their transactions. This personalized service allows IFX to dispel much of the mystery associated with Foreign Exchange (Forex) (forex) transactions and the individual attention which they provide helps to reduce risk. Your dedicated IFX Foreign Exchange (Forex) dealer will keep you informed of market movements and assist you through each stage of the transaction to ensure that you minimize your risk, and optimize your financial position. back to questions Should I consider using a forward contract to purchase currency? A forward contract is a mechanism to secure today’s exchange rate for funds to be delivered at a future date. This is helpful as a risk minimization strategy when a schedule of payments must be made over a period of time. With a one off transaction, a property purchase for example, a forward contract can be used to settle costs at a known value. This in turn takes risks of market movements, whether up or down, out of the situation. back to questions How long does a currency transaction usually take? Most one off trades are done on the “spot market”, using the currency values of the day. Settlement for a spot transaction is two working days. Generally funds are available for disbursement on the day of settlement. back to questions |
