Frequently Asked Questions
FAQ's (Travel Currency)
What’s the difference between inter bank rates and tourist rates?
When you refer to business publications or search online you will often be presented with interbank rates these are transactions for large volumes usually in millions.
Tourist rate is the rate for everyday transactions smaller in volume and associated with travel requirements. As the amount is smaller and involves physically handling money the rates are priced accordingly.
OnlineFX can help you for both large and small transactions with our exceptional rates.
Your rates are very competitive with no commission; there must be a catch?
OnlineFX is determined to offer you excellent rates day in day out. We save money by using our extensive buying power for volume trading. We save on rents and rates for bureau premises using the Internet as our shop. We pass this on to our customers and clients.
Exchange rates fluctuate how do I know they are the best?
The rates are updated in real time so will take account of any fluctuations.
Will you buy back any notes when I return?
Yes just visit the buy back section and use the buyback calculator or call us on 0207 224 5799.
Our buy back rates are highly competitive.
The currency that I require is not listed. How can I order it?
You can order most currencies call us on 0207 224 5799.
FAQ's (International Money Transfer)
I am concerned about ordering online how safe is it?
We have the latest in encryption and security systems your details are safe and cannot be viewed by an unauthorised party. No details are left live on the system.
How can OnlineFX Limited save me money?
We try to obtain the best rates of exchange for all foreign currencies, which in the majority of cases are better than those offered banks or other FX companies offering commercial rates. Please note that savings available in specific individual cases will be governed by the prevailing market rate at the time of any executed trade. *
Can I fix my foreign exchange rate now and pay for it later?
No. We do not offer a forward purchase service at this time.
Will I achieve similar rates of exchange to those quoted on tele text or the internet?
No. These are the rates the major institutions are trading in “market amounts” i.e. over £1,000,000.00.
How does OnlineFX differ from its competitors?
We realise you have a choice of foreign exchange companies, that’s why we offer:
- Dedicated service of assured quality
- International Transfers where possible are done on a same day value. *
- Our charges are up to £35 less per transfer than Banks for the same value date transfer.
- "Flexible Value Dates" when fixing your foreign exchange rate
- 7 days a week response to email enquiries. (excluding Bank Holidays)
How can I open an account with OnlineFX Limited?
You need to complete our “no obligation” registration form on the site. If applicable, once we have received the necessary two forms of identification such as copies of a utility bill, passport, driving licence etc. you can use our service.
How long does this take?
As soon as we receive your completed documentation and cleared funds to our client account, the transfer process can take less than 1 hour. Transfers as cleared funds to the beneficiary account vary depending on the country you are transferring to. We can advise you in more detail once we have the full details.
How do I trade/fix a rate once I have been registered with OnlineFX Limited?
It’s up to you. You can telephone our dealers as many times as you wish a day to obtain a foreign exchange rate or you can place an order so that when the market hits that rate our l dealers can either call you or execute your instruction – whichever suits you.
How do I pay you and how is the foreign currency received?
You can pay by Telegraphic Transfer (a “CHAPS” payment) which normally ensures that your transfer will reach our client account on the same day. We recommend this method for large amounts to avoid any delay in the delivery of your funds. You can also make a BACS transfer, which can take up to three working days to reach our account. Pay by online transfer direct from your bank account which can take up to three working days or pay by cheque which takes up to five working days to clear. All these payment procedures can be explained to you in more detail prior to securing a rate.
Your currency will be transferred to the account you instruct on the maturity date specified in your foreign exchange Contract*. Charges for the service is: £50 - to any amount = £15.00 per transfer payable prior to transmission of the currency.
What is an “IBAN” (International Bank Account Number)?
IBAN numbers are being introduced to standardise the identification of bank accounts. It is not a new account number so your existing bank code and account numbers will not be replaced, but additional characters will appear in front of them. The complete identifier will be known as the IBAN. It is intended this will improve the quality of information exchanged between parties involved in European cross border payments and reduce errors and delays.
Are there any “Hidden Costs”?
Most overseas banks make a charge to receive foreign exchange transfers. These vary from bank to bank and country to country. Some banks notably in Spain, Portugal and Italy also charge a commission of between 0.1% and 0.35% for both incoming and outgoing transfers.
Some banks may use an intermediary bank to process their incoming international transfers. Again, charges vary from country to country. Transfers to Russia and India for example are routed through New York, often through a preferred partner or an intermediary. In the USA, the average charge is $23.00. In the USA, as a rule of thumb, Credit Union or Mutual banks use intermediaries. If the amount to be sent is critical e.g. invoice settlement, property deposit etc, please check with the recipient as these costs may or may not be included in the amount you have been asked to send. OnlineFX cannot accept any responsibility for these charges.
Important Points to note
OnlineFX Limited complies with all current money laundering legislation and guidelines. We have a legal obligation to report to Customs and Excise / NCIS any suspicious transactions.
a. The law requires us to monitor any unusual or suspicious transactions of any size taking place where we have reasonable grounds to believe the money is derived from illegal activity. Where any such report is made, OnlineFX Limited accepts no liability for any delay in transmission of or confiscation of the funds.
b. The law also requires us to keep full records of all transactions of Euro 15,000 (about £10.000) and above, together with copies of identification provided. Identification may be in the form of a passport, pictorial driver's licence and proof of address in the form of a recent (within the last three months) utility bill / community charge bill. We are unable to process any transaction where this information is withheld.
* Subject to us being in receipt of cleared funds in settlement from you.
