FAQs

Unlike many other exchange services, Foreign Currency Partners is founded post-Brexit. Everything we do is built around the here and now, so we remain smart and agile in helping you continue to fulfil your ambitions with confidence and peace of mind. We still have all the experience, expertise, specialist tools and insight you’d expect but with a very modern take and a hands-on personal touch.

We pride ourselves on delivering bespoke, client-focused, end-to-end cross-border payment solutions. Our services are designed to tackle the inherent complexities of the international property market, allowing our clients to focus on the big picture, while we manage the detail. Our services are powered by the experience and expertise of our specialist team, who have amassed decades of experience in the sector, allowing us to provide industry leading experience and value.

How do you make money?

When you send money through FCP, you don’t have to worry about hidden charges or payment fees. Our service is funded by leveraging our access to wholesale currency markets, where we negotiate wholesale FX rates, which we then pass on to our clients – inclusive of a mark-up. The competitive rate that we’re able to offer you represents the total cost of our service to you. This means that, with us, what you see is what you get.

What influences the rate which you can offer me?

The rate which we can offer you is largely dictated by external factors, such as market conditions. FX rates are constantly changing, and prices can vary significantly throughout any given day. The rate which we offer is also influenced by internal, or transaction-specific, factors such as the requested currency pair and the total value of currency being purchased. It’s important to note that the rate which we’re able to offer you is inclusive of the cost of the service which we provide you.

When completing an international property purchase it’s important that you receive the support you need, from the provider that is right for you. Everyone’s values and objectives are different, and it’s vital that your provider is best placed to support you to achieve your goals. This ‘Quick Guide’ is designed to help you compare providers, so that you can secure the service that’s right for you.

Who Are FCP?

We are a UK-based, FCA authorised and supervised, Payment Institution. We pride ourselves on delivering bespoke, client-focused, end-to-end cross-border payment solutions. Our services are designed to tackle the inherent complexities of the international property and foreign exchange markets, allowing our clients to focus on the big picture, while we manage the detail. Our cross-border payment solutions are powered by the experience and expertise of our specialist team of dedicated Account Managers, who have amassed decades of experience in the sector, allowing us to provide industry leading experience and value on a one-to-one basis. Our services are designed to guide and support you through every step of the process. We don’t hide behind online platforms, smartphone apps or webchat portals; your dedicated Account Manager is only ever a call away.

What else should I consider when choosing an FX Payments Provider?

There are several factors which you should take into consideration when selecting the right FX Payment Provider. We’ve set out some of the key considerations, below:

• How Much Your Beneficiary Receives: The best way to compare providers is to confirm the exact amount that the recipient will receive. We don’t charge any transaction fees, which means that what you send is what the recipient receives, less any third-party intermediary or recipient fees. While we don’t have any control over these fees, as they’re charged by your beneficiary’s bank, we’ll do our best to highlight where these fees may be charged by a third-party.
• Use the Exact Amount: When comparing prices, it can be tempting to use a round figure. It’s important that you use the exact figure that you want to send, as the rate which a provider is able to offer you may be impacted by the amount which you need to send.
• Timing Matters: FX markets are constantly changing, and rates can vary significantly throughout the day. It’s important, therefore, that you compare providers at the same time – as prices can change drastically in a short period of time, meaning that the rate may be influenced by market movement as opposed to by the provider.
• What’s Important to You?: There are a range of factors, beyond price, that you should take into consideration. These include: payment speed; security; reliability; delivery methods; ease of use; and, customer service. As an FCA Authorised Payment Institution, we implement a series of systems and controls to ensure that your money and information are secure. With your dedicated Account Manager, we’ll make sure that you’re always kept in the loop. We don’t hide behind online platforms or chatbots, if you have any questions, we’re only ever a call away.

Yes. Most banks are generalists, offering many services to thousands of customers large and small. They’re unlikely to have the time and manpower to offer the sort of bespoke solutions a specialist service like ours can. We are dedicated to customers who have a specific need for overseas payments. We don’t do anything else. That means we are more attentive and our service is more streamlined and cost-effective.

With an online account with Foreign Currency Partners, you’ll be assigned your own personal account manager. They’ll be your personal expert through the exchange market. Depending on the services you need, your account manager will find and agree rates with you and confirm your orders.

Then you will supply us with dates, amounts and beneficiary account details before sending your funds to your FCP client account. For spot contracts, your foreign currency is sent to your beneficiary account as soon as your funds have cleared*. For other contracts, funds will transfer at set dates and rates, or when the prevailing exchange rate hits a certain pre-set mark agreed with you. It can all be done over the phone or online. It’s easy.

*After receiving your funds, transfers to recipient accounts can take between 1-3 days depending on the currencies involved and the destination of the recipient account.

The safety of our customers’ funds is our over-riding priority. We operate segregated client accounts adopting stringent compliance procedures. Please visit our Security page for more detail about how we keep your funds secure.

Whether or not you go ahead and make a transfer, opening an account with Foreign Currency Partners is easy. You are under no obligation to make a transfer, but if you do we guarantee you competitive rates.

In some cases, a third party may levy a small fee. Although this is outside our control, we will make any such charges completely clear to you from the outset.

Foreign currency markets shift constantly, and often suddenly. By the law of averages this is as likely to be in your favour as against you. But for most people avoiding the negative shocks is the most important thing. We have a range of options to help give you peace of mind by fixing rates, or, if you have time, holding out for a more competitive rate. It all depends on your personal circumstances and what you need to achieve. Talk to us about the best combination for you.

This is where a Foreign Currency Partners account manager comes into their own. Because they take time to get to know you, they will constantly monitor the market so you don’t have to. They’ll get in contact if the market shifts in your favour. No-one can predict exactly how a currency will perform in the future, but with FCP you will have an expert ally to help you make sure you make the most of your money.