If I register with Halo Financial, do I have to use your services?
No, you are not obliged to use our services when you register with us.
Why should I register with you now?
You can register for free and there are advantages to registering sooner rather than later. For instance, you will be in a position to immediately start benefitting from our experts’ help, so that when you eventually undertake your transaction you will achieve the exchange rate you want and not the one you have to accept because you’ve left it too late. You’ll also be able to benefit from favourable exchange rates as they occur, with no time delays.
How do I register with Halo Financial?
It’s a simple process and will only take a few minutes of your time.
You can register online or over the phone. Contact us if you are unsure on the number above.
How long will it take for Halo financial to process my application form?
In just minutes for private individuals and within the same working day for business clients. Delays may occur if the application is incomplete or incorrectly filled out.
How can you provide a better exchange rate than my bank?
We have the purchasing power to buy and sell currency at near Interbank prices. The Interbank rate is the rate at which banks trade with each other. As foreign exchange is our core business, we have lower overheads and can pass on these operational savings through more competitive exchange rates. The way we can really make a difference is to help our clients to buy or sell their currency at the time that best suits their individual needs, which usually makes it an easier process, offers peace of mind, and protects our clients’ money.
What currencies do you trade in?
Halo Financial can buy and sell the vast majority of freely tradable currencies. Please contact us to discuss your specific requirements.
Is there a minimum/maximum limit per transaction?
There are no maximum limits, but some of our services are subject to minimum quantities, such as our Regular Currency Transfer service, which has a minimum transaction limit of £250 (or currency equivalent) per monthly transaction. Please contact us to discuss your specific needs and we’ll make every effort to help.
Can I sell currency as well as buy it?
Yes, we offer the very same service and competitive exchange rates for both buyers and sellers of currency.
Can I fix an exchange rate now for settlement in the future?
Yes, this is called a Forward trade. You can fix an exchange rate today for settlement up to 24 months in the future. A small deposit may be required for Forward trades to secure the transaction with the balance payable one day before the pre-agreed future settlement date.
What happens if the exchange rate moves?
Once you have verbally agreed to buy or sell a certain amount of foreign currency from Halo Financial, at an agreed exchange rate, for an agreed settlement date, any movement in the exchange rate will not alter the original agreement you have with us.
What if my circumstances change and I no longer need the foreign currency?
When you agree to buy/sell currency with us, you enter into a legally binding contract to exchange the agreed currency amounts on the agreed dates. However, we understand that circumstances change from time to time. In such circumstances, we can close the contract out by reversing the direction of the trade. If there is a loss associated with this process, you will be required to pay this immediately. We will contact you to discuss how to best go about doing this.
Do I have to pay you the full amount in advance?
You are not required to make payments to us in advance of agreeing a currency transaction. However, should you wish to do so, we can hold your money in our client transaction accounts. As an FCA-authorised payments institution, these accounts are held completely separately from our operating accounts, so you can be sure that your money is safe and secure at all times. Please notify your currency expert prior to sending us your money.
How can I get notified of favourable exchange rates?
Your dedicated Currency Consultant will update you on exchange rate fluctuations and you can also request to receive automated updates by email. We provide daily, weekly and monthly market and currency updates by email, so you can stay informed. You can use this knowledge to capitalise on favourable exchange rates and avoid having to monitor the markets constantly yourself.
How much does it cost?
Halo Financial does not charge any fees to transfer amounts over £5000. For lower amounts we only charge £15 to send your money anywhere in the world, to cover administration costs. Please note that your receiving international bank may charge a fee if you are making a foreign currency transaction. We take steps to ensure that our pricing is transparent, honest and we do not charge any set-up fees or commission on top of the price agreed with you.
How are exchange rates quoted?
When we provide you with a firm quotation, we will verbally confirm the details of the transaction back to you as our offer to enter into a contract to buy or sell currency at the quoted exchange rate. If you decline the quotation or do not confirm the offer at the end of the telephone call before the contract is accepted, this offer will be terminated. If you verbally accept the offer, this constitutes a legally binding contract between both parties.
Using our online quote service, your quote will be valid for 30 seconds and we will require you to accept this quote within this time limit. Once you have submitted the form, this will constitute as a legally binding contract between both parties.
How do I tell you who to pay?
You can submit the details of your beneficiary bank account in writing by email, online or by post. If by post or email, you will need to complete the Onward Payment Instruction form (page two of your Trade Confirmation) which you receive after you have agreed a trade. You can save the bank details for future use so that you don’t need to resubmit the same information again. We will then template these bank details so you can agree payments to these accounts over the phone.
If you are using Halo online then visit the beneficiary section after you have logged in and enter the details.
If you have any queries contact your Currency Consultant on the number at the top of this page.
What is a BIC (SWIFT code)?
A Bank Identifier Code (BIC) is an internationally agreed way to identify a particular beneficiary bank and branch. The BIC will comprise eight characters (for a bank head office) or 11 characters (for a specific branch) and can usually be found on bank account statements or invoices.
BICs are sometimes referred to as SWIFT codes, SWIFT numbers or SWIFT addresses.
Do all countries use BICs (SWIFT codes)?
Yes. A BIC is an internationally agreed way to identify the beneficiary’s bank and branch.
What is an IBAN?
An International Bank Account Number (IBAN) is an account number in a format that is internationally recognisable. Not all IBANs are the same length, but all of them start with a country code followed by two numbers and up to 30 alphanumeric characters (with no spaces). IBANs can usually be found on bank account statements or invoices. The following UK example is for illustrative purposes only:
|Country code||Check digits||Bank code||Sort code||Account number|
|GB||50||BARC||1 2 3 4 5 6||1 2 3 4 5 6 7 8|
Do all countries use IBANs?
No, not all countries use IBANs. In these cases, simply use the beneficiary account number.
What is routing number/code/NCC?
Banks in Australia, Canada, New Zealand, South Africa and the USA routinely use unique routing codes known as National Clearing Codes (NCC) as an alternative to SWIFT/BICs. While we recommend you try to obtain a BIC wherever possible, for these countries only, you can provide us with the local routing code instead of the SWIFT/BIC. To ensure your payment is routed correctly, it is always best to quote the code that is specific to the branch where your beneficiary’s account is held. If you are unsure, please contact the Settlements team on +44 (0) 20 7350 5471.
Are payments subject to any cut off times?
Yes. To enable us to make your payment on the agreed date we must receive your funds before the relevant cut off time. As cut off times vary depending on the currency being sent, we recommend that we must receive your funds before 12pm (UK time) on the value date, and where possible the business day before, to ensure we can make your payment without delay. Your dedicated Currency Consultant can provide you with specific cut-off times.
When will my payment be received?
This depends on the currency being transferred, where it is being sent and how fast the beneficiary bank credits the beneficiary account. We can send British Pound (GBP), US Dollar (USD), Euro (EUR) and Canadian Dollar (CAD) transfers for ‘same day’ value, which in most instances will mean the beneficiary account will also be credited on the same day.
The majority of other currencies, including Australian Dollars (AUD), New Zealand Dollars (NZD), Hong Kong Dollars (HKD), Singapore Dollars (SGD), South African Rand (ZAR) and Japanese Yen (JPY), are known as ‘next day’ currencies, which in most cases will mean the beneficiary account will be credited one business day after the payment has been made.
Please note that public/bank holidays may delay the delivery of funds, which is beyond our control.
How can my beneficiary and I receive confirmation my payment has been made?
Both the person sending the payment and, if requested, the recipient, will receive a confirmation by email confirming how much money was sent and where it was sent to.
What is a Regular Currency Transfer (RCT)?
RCTs are convenience products that due to their automation are designed to simplify the process of making regular currency transfers. We receive your funds on a standing order basis and send them out on pre-agreed dates to a pre-agreed beneficiary. It’s simple, stress free and much easier than making ad hoc payments.
Can I just buy/sell my currency each month rather than use a Regular Currency Transfer (RCT)?
Yes, you can make ad hoc payments through Halo Financial on a monthly basis but you will be trading at different exchange rates from one transaction to the next and therefore will either pay or receive a different amount of money each time.
How flexible are RCTs?
Very, you can customise them around your needs. Your FC consultant will help you create the best RCT plan for your situation.
Is there a minimum/maximum limit per transaction?
There is no maximum limit to how much you send and you can send as little as £250 per month, £400 bi-monthly and £500 quarterly. The cost is only £5 per month.
Do I need to pay a deposit to secure an RCT?
Not always as it depends on the type of RCT that you choose. Please note that the deposit is not a fee, it secures the contract and exchange rate for you and will be used to settle the final payment of your RCT contract. FX Consultant will inform you if your RCT will need a deposit.
Can I cancel the RCT contract?
Yes. All contracts can be cancelled however there are conditions and there may be a cost to do so. Please speak with your FX Consultant for further clarification.
Can I alter the amount I transfer from the amount originally agreed?
Yes but not with every RCT plan. Please speak to your FX Consultant for further information.
Can I pause the RCT plan at any stage?
Yes, but not with every RCT plan. Please speak to your FX Consultant for further information.
How do I send you my money?
We will send you a Trade Confirmation by email that will detail the precise amount(s) you will need to pay and the Halo Financial bank account details you will need to credit. You will then need to pay the required amount(s) by the agreed settlement date(s). You can pay us via CHAPS, BACS, Faster Payment, cheque (Pounds Sterling only) or telegraphic transfer (TT). We do not accept cash.
What is a CHAPS payment?
A CHAPS payment is a secure, electronic bank-to-bank payment that is guaranteed to be received by the beneficiary bank account the same day the payment is initiated, providing the payment has been made before the cut-off time. CHAPS payments are for British Pounds payments transferred within the UK only. Charges vary between banks but are usually £20 – £40 per transfer. As Halo Financial only charges a maximum of £15, you can start saving a considerable amount of money on our reduced payment charges alone.
What is a BACS payment?
A BACS payment is a secure, electronic bank-to-bank payment that is guaranteed to be received by the beneficiary bank account three business days after initiation, providing the payment has been made by the cut-off time. BACS payments are for British Pounds payments transferred within the UK only. These payments are usually free of charge and used for non-urgent transfers.
What is a Faster Payment?
It provides same-day clearing of low value electronic British Pounds payments, usually within a few hours. Please be aware that Faster Payments (FPS) have ‘scheme limits’ i.e. maximum amounts for any payment sent through FPS (please note these are defined by the UK Payment Council and cannot be increased by Halo Financial). Payments exceeding this maximum will need to be sent to us via BACS or CHAPS. Please speak to your Currency Consultant for further information and details of the current maximum amounts.
What is a SEPA payment?
A SEPA (Single Euro Payments Area) is a way of sending and receiving Euro payments across Europe. SEPA payments will credit within four business days from the date the payment was initiated and are cheaper than traditional international payments. With a SEPA payment, your European payments can be made as effortlessly as a domestic payment.
Can I make the payment to you via online or telephone banking?
Yes, but please note that many UK banks will make the payment to us via either BACS, Faster Payment or in some cases by CHAPS. Since all payment methods have different clearance times, you must ensure you make the payment in sufficient time for the payment to be received by the agreed settlement date of your trade.
Are payments subject to any cut off times? When will you receive my money?
Yes; they vary depending on the currency being sent. To ensure you settle your trade on time, it is best to speak to your bank to identify the cut off times they operate to.
We advise that you send funds to us before the specified settlement date to ensure that your outbound payment is not subject to any delays or late payment charges. Only when your funds have cleared into our accounts in full will we pay your designated beneficiary.
Please refer to the table below for information on clearance times for different payment methods.
|Payment method||Clearance (business days)||Same day urgent payment||Spot contract payment||Forward contract deposit (margin payment)||Forward contract balance payment|
|CHAPS (transfers within the UK)||Same day||✓||✓||✓||✓|
|Faster payment (transfers within the UK)||Same day||✓||✓||✓||✓|
|BACS (transfers within the UK)||3||✓*||✓||✓**|
|Telegraphic Transfer (transfers outside the UK)||Various***||✓||✓||✓||✓|
|Cash||Not accepted||Not accepted||Not accepted||Not accepted||Not accepted|
* BACS transfers can be used to pay for spot contracts only if you’ve notified your currency specialist in advance.
** Payments need to be send in good time before a contracts value date to clear in our client transaction accounts by the banks cut-off time.
*** British Pounds, Euro, US Dollar Telegraphic Transfers clear the same day, assuming the payment has been initiated before the banks cut-off time.
I have sent you my money – how do I know you have received?
You will receive a confirmation by email confirming how much we have received and when we received it.
How can I refer clients to you?
We’re always pleased to hear from you, no matter how you get in touch. You can refer clients by:
Calling your Affiliate Consultant on +44 (0) 20 7350 5473
Emailing your Affiliate Consultant
Directly through your website or CRM system. Please speak with your Affiliate Consultant for more information on how this process can be set up for you.
Do you provide marketing materials for me to send to my clients?
Yes. We provide both printed and online marketing tools that you can use to communicate our services to your clients. Online tools include tracked web banners and buttons, rate feeds and web copy. Offline tools include promotional leaflets, prepaid reply postal flyers and dedicated 0203 (local rate) telephone numbers to aid referral tracking.
Can I be confident that the referrals I send to you will be allocated to me?
Yes. Both our printed and online marketing tools include a unique reference identifying you as the source of the referral.
Do I receive any financial benefit from working with you?
Yes. Our commission-based partnerships are remunerated for all unique referrals that undertake a foreign currency transaction with us. We can provide referral commission for both business and individual client referrals.
How are commissions paid?
For commission-based partnerships, commissions are paid on a monthly basis by electronic transfer to a designated bank account.
Will I receive reports on my clients’ activities with you?
Yes. We will provide you with a breakdown of transactional activity and any commissions due.
How do I get started?
You will need to agree to become an Introducer or Affiliate Partner by signing a simple document that your Affiliate Consultant will send to you. Once completed, we will send you commission for the referrals you send to us. Please contact our Affiliate Team on +44 (0) 20 7350 5473 or request a call back and we’ll contact you at a time convenient for you.
At Halo Financial, we believe every currency transaction should be easy to understand and easy to complete. We’ve included explanations for a number of commonly used currency terms in our Glossary to make the process as transparent and simple as possible.
If you’re not sure about any aspect of your currency trade, or need more information and explanation on any of the wording we’ve used, give us a call. All our people are qualified experts and can help you through every stage of your international currency transfers.