What costs are involved in opening a Foreign Exchange account?
Our services are free and there are no costs or obligations when opening an account.
How do I pay for my currency?
- Cheque, please note it will take 5 working days for the cheques to clear before Baydonhill FX can remit your currency.
- Online transfer, this can take up to 3 days to be received and is normally free of charge however the majority of banks limit daily transfers up to £10,000
- Bank transfer, this is received by Baydonhill FX the same day but does attract transfer costs from your bank
- Please note that we do not accept cash for settlement.
How long do currency transfers take to be received?
- Transfer times are subject to time zones and local banking hours and therefore depend on where you are sending your funds.
- Transfers to the US and Western Europe take 1 to 2 days.
- Payments to countries outside of the US and Western Europe can take up to 3 days to be received by the beneficiary bank.
- Payments made from your overseas bank account to Baydonhill FX will typically take 3 to 5 working days to be received
How much does it cost to transfer my funds?
Once Baydonhill FX has received your cleared funds we will send your currency via electronic transfer to the bank account specified by you. There are currently no charges for these services, however, for transfers under £5,000.00 we reserve the right to charge an administration fee.
Are my funds safe?
Yes, on receipt of your funds they will be held in a secure segregated client account. This account is specifically used to lodge client funds until we receive written confirmation from you indicating where you want your funds to be transferred. Baydonhill FX does not speculate on the currency markets with clients funds.
What is the minimum amount?
We will be able to offer a competitive rate of exchange on any amount upwards of £5,000.00. Please note that amounts below this level can be subject to transfer costs.
Will I work with a dedicated dealer?
Yes, you will be allocated your own personal “Private Client Foreign Exchange Dealer” who will be your eyes and ears into the currency market.
Can you watch the currency markets for me?
Yes, our “rate watch” service allows you to place limit orders to help take advantage of favourable market movement or attain a specific rate which you have indicated you would like.