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/sell their currency at the most opportune moment, which usually saves clients more money than any comparison quotation ever would.
What currencies do you trade in?
Halo Financial can buy and sell the vast majority of freely tradable currencies.
Is there a minimum/maximum limit per transaction?
Whilst there are no maximum limits, 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 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 contract. You can fix an exchange rate today for settlement up to 24 months in the future. A small deposit may be required for forward contracts to secure the transaction with the balance payable 1 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 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.
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.
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.
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 can I get notified of favourable exchange rates?
Your dedicated FX Consultant will update you on exchange rate fluctuation 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 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.
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. The offer terminates should you decline the quotation or at the end of the telephone call before the contract is accepted. Your clear verbal acceptance of the offer will constitute the legally binding contract between both parties.