What are the “mid rate” and the “interbank rate”?
The rates that appear on many internet sites and Teletext are “mid rates” or “interbank rates”. These rates only apply to amounts over £5,000,000. They are an indicative rate halfway between the buy rate and the sell rate and no-one can trade at these rates. Worldwide Currencies will quote you an exchange rate closer to these mid rates than any other company. If there is a exchange rate you are trying to achieve, we will watch the market for clients and can transact or call you if the rate is reached. You can see indicative exchange rates on our currency converter though please note these are the “interbank” rates for amounts over £5,000,000 so smaller amounts will get slightly lower rates.

How long does a transfer take?
The time a transfer of funds takes varies and depends on a number of factors. For major currencies transfers can take place the same day, upon receipt of your funds before 12pm. For other currencies it can take 1-3 working days. Issues that our clients should be aware of are, Bank holidays or religious holidays in other countries, for example; in some Muslim countries banks are not open on Fridays. Also, Bank Holidays in some countries can affectively create a “non trading day” on the international currency market.

What moves the foreign currency market?
There are several factors that influence the foreign currency market. Some of these can be expected or foreseen; however none of them can be absolutely predicted. At Worldwide Currencies, our currency teams draw on their many years of experience in order to manage and account for the factors that affect the currency markets.

These factors include; Economic Interest Rate Policy, Interest Rate Yield (“Carry Trades”), Economic Performance, Equity Markets, Political, Internal/External unrest, Commodity Prices, Inflation and political hedge Mergers & Acquisitions (M&A´s), Inward/Outward Investment Central Bank Intervention/ Reserve Diversification Intervention to support a currency, The selling of currency reserves, Unforeseen Factors, Terrorism, Natural Disasters.

Is My Money Safe?
All client funds are held in a fully segregated client account at one of the main UK clearing banks.

Should you require a status enquiry/bank reference, we will be more than happy to supply you with the required contact details to enable you to make such enquiries.

How much does it cost to exchange my currency and send it to destination?
There are absolutely no costs, commissions or fees involved as we cover all UK transfer fees (please note USA correspondent bank fees are not under our control and there may be a small charge to receive fund).

We earn our income solely from retaining a very small amount of the difference between the price that we pay for currency and the price that we sell it to you for. This amount is already contained within the exchange rate that you are quoted by us.

Why do I have to register to use your services?
We are required under the strict Anti-Money Laundering Regulations which govern our industry to ensure that we hold on record proof of identity and current address for all our clients.

Additionally, the registration process allows us to preliminarily identify your needs and to allocate an appropriate specialist personal currency consultant who is best suited to deal with your particular requirements.

Worldwide Currencies aim to keep foreign currency exchange simple, so rather than expect you to plough through a long list of questions and answers, please call us on +44 (0)20 3326 4444, where one of our highly experienced currency consultants will ensure that you are given clear, jargon free answers to all of your questions.

or, if you prefer, email us info@worldwidecurrencies.com