| When making an overseas purchase, currency exchange may not be the first thing on your list. It can be equally as important as the purchase price though, as the exchange rate has a direct and noticeable impact on your bank balance.
FOR EXAMPLE
A property costing 250,000 Euros, purchased on the 24 June would have cost £165,175. However the same 250,000 Euros purchased on the 21 July, less than one month later would have cost £174,775. A difference of £9,600.
The extraordinary increase in price is due to movements in the foreign exchange market, a highly complex system of banks and trading companies working continually to speculate on, and control, our global economy.
Although you have no control over this market our dedicated team of brokers, analysts and support staff are working non stop to ensure that you are aware of its movements while offering you the products and services that will save you both time and money.
LEGAL INFORMATION
In order for Sterling Exchange to trade on your behalf, we must adhere to the regulations laid down by H.M Customs and Excise in the Money Laundering Regulations Act 1991/2003 and the Proceeds of Crime Act 2002.
The law states that we must adequately legitimise your identity as well as the source and destination of your funds and, should we not be satisfied inform the relevant authority. i.e. the National Criminal Investigation service (NICS). Sterling Exchange fully comply with the regulations and our registration number is 12161465. We also strictly follow and adhere to the Bank of England guidelines in relation to all FX related activities.
As well as the regulation by these external bodies, our principle bankers are governed by the Financial Services Act. This ensures that their clients i.e. Sterling Exchange are conducting their business in a safe and honourable manor. This is generally done through the banks internal compliance department with whom we have regular contact.
Using Sterling Exchange couldn't be easier.
Follow the three steps below for an efficient, free service.
Step 1. Open an account
This is done by simply returning the application form to us along with two forms of ID. One must be photographic, and the other must contain proof of residence. Once received and processed, a currency planner will contact you within an hour. He or she will then ask what your requirements are in order to suggest the best course of action.
Step 2. Buy your currency
Speak to your designated currency planner and they will give you the current market rate. If you are happy with the quotation we will buy the currency on your behalf. We will then confirm this trade in writing by way of a deal receipt and provide instructions on how, and when, to make payment for your currency.
Step 3. Get your currency
Once we have received your cleared funds we will promptly transfer your exchanged currency to any bank account of your choice, worldwide, the same day. The typical spot transaction takes between two days and two weeks depending on your method of payment
FOR MORE IMFORMATION ON THIS SERVICE.
CALL KEVIN GUNNING ON +44 02073299977
FAX NO +44 02073299332
STERLING EXCHANGE LTD
45 LUDGATE HILL, LONDON EC4M 7JU,
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