Currency Exchange - How it Works
Using
Sterling Exchange couldn’t be easier. Follow the simple steps below for an
efficient, free service.
Opening an
account
This is done
by simply returning the application form to us along with two forms of ID; one
must be photographic (a passport or driving licence) and the other must contain
proof of address (a recent utility bill or bank statement).
Once we have
received and processed your application, a currency planner will contact you
within 1 hour. After discussing your requirements, your currency planner will
suggest the best course of action to save you time and money. You will also be
informed of your account number and name of your currency planner in writing.
Buying your
currency
Your
designated currency planner will be on hand to give you the current market
rate. If you are happy with the quote and wish to proceed, we will then go
ahead and purchase the currency on your behalf.
Should the
market rate not be suitable, we will monitor the rate and contact you at the
appropriate time.
Once a trade
has been agreed we will promptly send you a deal receipt, this will contain
details of your trade and also provide instructions on how and when to make
payment for your currency.
Page one of
the deal receipts should be checked signed and returned to us swiftly. Page two
asks you to complete the details of where you wish to transfer the purchased
currency.
We do not
require these details at the time of trading but do require them 1 working day
before maturity of your contract.
Paying for
your currency
Payment is
usually made by cheque or bank transfer, details of which are contained in the
deal receipt.
Cheques should be posted to the accounts department and bank transfers directed
to the account stated on the deal receipt. Please note that all cheques and bankers
drafts take six working days to clear. A bank transfer will take no longer than
three working days.
Getting your
Currency
Once we have received and cleared your funds we will transfer
the purchased currency to any bank account of your choice the same day. This
service is offered free of charge to all clients. A typical transaction will
take three working days to complete.