How can Moneyway save me money?
How should I pay for my currency?
What fees will I be charged?
When I have paid, where do my funds go?
Are my funds secure with Moneyway?
Why do I pay a 12.5% deposit on a forward contract?
Will I get similar rates to those quoted on BBC Ceefax page 241?
How can Moneyway save me money?
Fixing a rate by way of a forward contract (something that the high street banks do not usually mention is available) can also be beneficial. For example, on 16 September 2002 we booked a forward contract for EUR 115,425 at GBP 1 = EUR 1.5713, for maturity in December 2002. This cost the customer GBP 73,458.28. Had the customer waited until he required the money, a spot rate available (for example) on 27 November 2002 would have been GBP 1 = EUR 1.5501. The same Euro amount would have cost him GBP 74,462.94. This produced a saving of GBP 1,004.66.
Please note that both of the above are actual examples, however the savings available in specific individual cases will be governed by the prevailing market rate at the time of contract. Please always call us with your specific requirements.
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How should I pay for my currency?
You may pay by TT/Chaps or BACS or simply post a cheque. We will explain the payment procedures to you in more detail prior to securing a rate.
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What fees will I be charged by MoneyWay?
You will be charged no exchange commission fees as such. Any charges will already have been accounted for in the rate we give you. The only additional cost to you will be a £15.00 fee for telegraphic transfers or foreign drafts.
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When I have paid, where do my funds go?
All client funds received by Moneyway will be held in a dedicated client account by our bankers. The following working day after funds have cleared they will be transmitted to the relevant bank account specified by you on the contract note.
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Are my funds secure with Moneyway?
Many customers wonder if their funds are secure. There are many reasons why they are.
These include the following:
1) Moneyway runs two types of accounts. These are personal accounts and business accounts. All of our accounts are held with Barclays Bank Plc.
a) Client Accounts - Our client accounts are no different to those of Solicitors, Accountants or even estate agents. All clients' monies are kept there for the purpose of dealing on behalf of clients. This account is monitored strictly by Barclays Bank, and also by our accountants and auditors. No matter what happens to Moneyway all your monies are safe within the Client Accounts. Furthermore, we have taken additional steps so that further to your instructions of where to send funds two signatories are required to check that your instructions match those of our instructions to Barclays Bank.
b) Business Accounts - Our business account is used for only the day to day running of the Business. No clients' funds are accepted into this account.
2) Moneyway is monitored by HM Customs and Excise under the provision of the Money Laundering Regulation Act. This is a very stringent regulation, which requires companies to have full details of all their customers and to have documented records of all their transactions. We therefore have to comply with all instructions supplied by our customers on their Deal Tickets. If we deviate from this it means that we will be liable to prosecution by HM Customs.
3) Because Moneyway sends out your funds by Express TT your monies should be within your designated account within 24 hours. However, usually your funds appear in your account within the same days if we send your funds before 1pm. This applies to US and European Bank accounts only. If, however, you are bank uses a third party correspondence bank this may take up to 3 days. This usually only applies very small banks and banks in developing countries.
4) Moneyway is a multi-million pound business and is proud to have some of the most prominent individuals and corporations in the UK as its customers. Our clients are dear to us and we are proud to call them our friends. We wish to have long term relationships with them and help them to achieve their goals of increased wealth. Their success is our success.
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Why do I pay a 12.5% deposit on a forward contract?
The 12.5% deposit acts as a security on the forward contract guaranteeing the rate for delivery at a future date. The remaining balance must be settled a minimum of 48 hour prior to the value date stated on the contract.
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Will I get similar rates to those quoted on BBC Ceefax page 241?
No. The figures are mid prices for amounts in excess of £1,000,000.00 and are indicative of the interbank rate. Consumer rates will traditionally be offered between 3% and 4% in excess of these figures.
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