Are payments subject to any cut off times and when will you receive my money?
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.
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 trade to secure the transaction with the balance payable one day before the pre-agreed future settlement date.
Can I renegotiate if the exchange rate changes?
No. Once an exchange rate has been agreed either verbally or by email you enter into a legally binding contract to exchange currencies at the agreed rate of exchange.
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.
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.
Please notify your currency expert prior to sending us your money.
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. This offer terminates should you decline the quotation, or at the end of the telephone call before the contract is accepted. If you clearly accept the offer verbally, this will constitute the legally binding contract between both parties.
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. Use this to capitalise on favourable exchange rates and avoid having to monitor the market constantly.
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 than banks and can pass on these operational savings through more competitive exchange rates. In addition, we help our clients to buy or sell their currency at the most opportune moment, which usually saves clients more money than any comparison quote ever would.
How much does it cost?
It is free to transfer amounts over £5000. For lower amounts, we only charge £15 to send your money anywhere in the world. This provides a significant saving over the fees charged by many banks, which can be as high as £40 or currency equivalent. Our pricing is transparent, honest and we don’t charge any set up fees or commission.
Is there a minimum/maximum limit per transaction?
While there are no maximum limits, some of our services are subject to minimum quantities, such as our Regular Currency Transfer (RCT) service which has a minimum transaction limit of £250 (or currency equivalent) per monthly transaction. Please contact us to discuss your needs and we’ll make every effort to help.
What currencies do you trade in?
Halo Financial can buy and sell the vast majority of freely tradable currencies.
What happens if the exchange rate moves?
Once you have verbally agreed to buy or sell a certain amount of foreign currency from us, 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 Halo Financial.
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, we will require you to pay this immediately.