July 30, 2010, 10:26 pm
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Brilliant Bookkeeping
Brilliant Exchange Services FAQ
Q. Is this money transfer service for private individuals and businesses?
A. This foreign exchange service can be provided for both private client money transfers as well as corporate forex provided that they abide by the terms and conditions and are a registered client.
Q. What are the benefits of using Exchange4free as opposed to a bank?
A. Banks will charge their clients the following for this service:
- Huge spreads and margins on the exchange rate - Transfer fees of $30-$50 - Commission on the transfer - Your receiving bank may also charge you a deposit fee for receiving your money! - You will also need to spend time going into your bank branch to transfer funds
Exchange4free offer the following:
- Guaranteed best exchange rates where we will beat any quote - Free money transfers - Zero commissions - No deposit fees at receiving banks - Book a live exchange rate online - Secure online system 24/7 - Registered Money Service Business (MSB) in the UK
Q. Why don't I just use my bank?
A. Private individuals transact their foreign exchange through banks that don’t have access to the interbank market. These bank branches are only in a position to offer their clients retail rates, which are extremely uncompetitive and usually on a huge spread, which is then passed onto unsuspecting clients. In addition to these huge spreads, banks will also charge their clients a hefty transfer fee, as well as inflated commission. Clients may also then have to pay a deposit fee at the bank that receives their money abroad.
You may be looking for a better Euro to Pound foreign exchange rate to buy property abroad. Or perhaps you’re searching for an improved New Zealand or Australian Dollar, Turkish Lira or Swiss Franc exchange rate for a family holiday. Check our currency converter to match your destination with your money, and use Exchange4free’s services for favourable foreign exchange. Exchange4free takes pride in offering a clear, transparent foreign exchange service with great rates, low costs and zero commissions. From the AUD to the ZAR, your best interests are our concern.
Q. When can I start using Exchange4free?
A. You can use our money transfer service as soon as you have completed the Registration process and we have opened your account.
You would need to complete Step 2 by sending us a clear copy of your passport and proof of address.
Clients will receive a Member ID and Password which they can use to send money online or call our dealers for a foreign exchange quote.
Q. What are the required ID documents in order to register?
A. ID is required in order to meet anti-money laundering regulations.
Exchange4free may conduct additional checks on their clients and any case of deliberately misleading or deceiving Exchange4free will be referred to the relevant authorities.
We are unable to transfer money until we have satisfied the above regulations and done relevant checks.
Q. Why do I need to submit these documents to Exchange4free?
A. This is to satisfy Her Majesty's Revenue and Customs and Money Laundering Regulations relating to international money transfers.
More can be found on http://customs.hmrc.gov.uk Follow the link and search for "Money Laundering".
Q. Do Exchange4free charge any fees at all and are there any hidden costs?
A. The following charges apply when transferring money through Exchange4free:
- Money transfers to South Africa, Europe, United Kingdom, New Zealand and Australia:
All transfers above AUD $200 are free with no transfer or deposit fees!
For all transfers below AUD $200 there is a AUD $4 transfer fee
- Transfer money to all other destinations (such as USD, AED, INR, etc):
All transfers above AUD $1000 are free with no charges whatsoever!
There is a charge of AUD $15 for all transfers below AUD $1000.
Exchange4free send money to a wide variety of destinations throughout the world including Africa, South America, Oceania, South East Asia and America.
Q. How come Exchange4free charges no commission?
A. Exchange4free have very strong relationships in the foreign currency exchange markets, which allow us to trade at the very best rates available, from South Africa, Australia and New Zealand to the UK. We make our money by quoting the client a spread over and above the rate at which we execute our trade in the market. Our position allows us to transfer these excellent dealing rates onto our clients.
Are you travelling, emigrating, buying property or transferring funds overseas? Contact Exchange4free for a quote and secure the best foreign currency exchange service on the market. Because we understand that the exchange of foreign currency online is one of the smartest and quickest ways of making the most of your money, Exchange4free takes zero commissions from you.
Our primary aim is to grow into the leading transferor of currencies, guaranteeing that our online exchange system is safe, secure and involves no messy deposits or settlements with your bank. Whether you’re looking for Pounds, Euros, Rupees or Dollars, rest assured that with Exchange4free you will receive the greatest value for your currency exchange. Don’t search far and wide for excellent Euro or Australian currency exchange with no dodgy hidden costs. As registered money transfer agents, we’re qualified to ensure top transfers that are risk-free and swift, time and again. Contact Us today for a free quote or Log In to begin your free currency exchange with Exchange4free.
Q. Will I be charged a settlement fee to deposit my funds in another country?
A. No. You will not be charged settlement fees to transfer money and this can save as much as $50! South African Banks charge up to R600 just to receive money from overseas. Our clients who send money to South Africa will not be charged this ZAR amount.
Q. What may affect the price of the exchange rate that I get?
A. It is important to realise that currency exchange rates can be extremely volatile, and change with almost every second of the day. Various economic and political factors, as well as speculators trying to make money in the markets, affect these movements. The foreign exchange market is generally an efficient place to trade currency at good rates, as it’s inhabited by a number of corporate banks that deal in large instalments. Because the market is unpredictable, Exchange4free cannot set the exchange rate for your money until the moment that we decide to enter the international market and buy/sell that currency for you. We do, however, guarantee that we will provide you with the best possible rate at the time that the transaction was dealt in the market. Exchange4free will then add on a margin to this rate in order to pay for our service. It is one thing to pay more for champagne in another country, but it’s entirely another to lose money on expensive and complicated transfers. Call us now to ensure that you receive the most beneficial current rate of exchange on all global currencies, including the Euro, Australian Dollar, New Zealand Dollar, South African Rand, Swiss Franc, Turkish Lira, Czech Koruna and Pound. Exchange4free is a leading exchange rate surveyor in the UK, empowering us to offer you the promise of favourable foreign money exchange.
Q. What is a beneficiary account?
A. A beneficiary account is the overseas bank account into which you would like your money to be transferred. Clients will need to login to our online money transfer system and create the beneficiary bank account into which you will send money. If you need to send funds to a loved one, or to a foreign destination where you are buying property overseas, simply call our dealers for commission free currency exchange.
Q. When creating a beneficiary account what address do I need to put in?
A. You need to put in the address of the beneficiary bank into which you are sending money.
Q. Is my money transfer guaranteed to arrive in my beneficiary account?
A. Yes. Given that all your beneficiary account details are correctly provided to Exchange4free, then your money is guaranteed to arrive safely in your chosen beneficiary account. We offer retail clients, as well as corporate clients, the opportunity to send money to the UK and EU, including France, Poland, Spain, as well as South Africa, New Zealand and Australia below the equator.
Q. What happens if I give you the incorrect beneficiary account number?
A. It is the clients’ responsibility to provide Exchange4free with the correct beneficiary bank account details when booking their money transfer online. In the event that funds are sent to an account that doesn't exist then the funds will bounce back. If we send money into the wrong account, then Exchange4free will try our best to retrieve them for you. It is thus important for you to ensure that you provide Exchange4free with the correct beneficiary details before transferring money worldwide.
Q. When will I know the funds have cleared into my beneficiary account?
A. The foreign currency will be paid into your account within 1-2 days of us receiving your local currency. The easiest way is to check your beneficiaries account via online banking. Exchange4free will send you a 'Completed' e-mail once the funds have left our bank account and it usually takes 1-2 days to clear into your beneficiaries account from this date.
Q. Will Exchange4free pay out cash to a beneficiary?
A. No. Exchange4free does not offer a sending cash service, as we only pay funds into a beneficiary’s bank account. Sending money overseas or back home via online transfers is a simple way to ensure that you make the most of your cash when travelling or working in foreign countries. Contact Us today for a money transfer quote at the best exchange rate available.
Q. How do I transfer money through Exchange4free?
A. Sending money through Exchange4free is cheap, quick and easy. We have developed a great online system which clients can use to send money home, book live exchange rates and even monitor all historical money transfers.
In order to transfer money through Exchange4free just follow the 3 simple steps:
* Register for free in just a few minutes * Login and book a live exchange rate online or call our FX dealers for a currency quote * Deposit your funds with Exchange4free
As soon as we receive your money then we will pay it out to your beneficiary account that you have created on our system.
Q. Can I cancel a transfer request or change the details of my transfer (amount or beneficiary)?
A. NO, once you have booked an exchange rate online or fixed a rate through our FX dealers then you are committed to that rate and sending your funds to Exchange4free.
We liaise with you directly to ensure that when sending a money order or looking to purchase funds in another currency, you’re able to make convenient arrangements. Because we’re a flexible international money order company based in the UK and South Africa, we’re able to offer our clients an online platform to buy, send and transfer funds no matter how often the details change.
We take pride in achieving the best exchange rates for sending and receiving money orders in Australian Dollars, South African Rands, Swiss Francs, Euros, Pounds and more. You can submit your money orders through Exchange4free UK simply by registering as a client directly on our website. Our transfer services are expanding daily, although at this stage we do not offer UK postal money orders. However, you can send international money orders from the UK to virtually any country, at a low cost to you, simply by registering online with Exchange4free.
Q. What amount of funds can I transfer using Exchange4free?
A. We charge no fees for Euro to Pound and Pound to Euro transfers above AUD $200, and guarantee a better currency exchange than your high street bank and our competitors. You can transfer any amount through Exchange4free but please note the following costs which may apply:
- Money transfer to South Africa, Europe, United Kingdom and New Zealand from Australia:
All transfers above AUD $200 are free with no transfer or deposit fees!
For all transfers below AUD $200 there is a AUD $4 transfer fee
- Transfer money to all other destinations:
All transfers above AUD $1000 are free with no charges whatsoever!
There is a charge of AUD $15 for all transfers below AUD $1000
Start saving money now on all Euro transfers by opening a money transfer account with Exchange4free, where you will be able to get the very best exchange rates on all European transfers out of the UK and other worldwide destinations.
Q. What exchange rate can I expect when using Exchange4free?
A. Clients will receive the exchange rate that they book online or fix through our FX dealers over the phone.
No matter where the market moves, Exchange4free will fix and commit to this rate. If the currency markets go up or down after an FX rate is fixed then it won't matter. You will receive the same rate as you have either booked using our online system or agreed with one of our FX traders over the phone.
Our exchange rates and costs are guaranteed to be better than banks or competitors, and we offer the cheapest way to send funds worldwide.
Q. How long does the average transfer take?
A. It usually takes between 1 and 2 business days for money to be paid into your beneficiary’s account from the day that Exchange4free receives your funds into our client monies account.
Exchange4free assists clients with moving money to and from most destinations worldwide. We help you move your money overseas at the very best exchange rates, and at the lowest costs. We transfer your money for free.
Please remember that failure to provide Exchange4free with the necessary ID documents will delay the transfer process. From the Middle East to Australia, moving money has never been simpler; contact Exchange4free for the best currency conversion available.
Q. How do I transfer my funds from my bank account into Exchange4free?
A. Exchange your currency at the best rates available on the foreign market by using our online transfer system, which is secure and designed for usability and efficiency. Clients can use online or phone banking services to instruct their personal banks to transfer money to Exchange4free's client money account. Please do not deposit cash, as we are unable to accept these types of deposits. It is important for clients to use their transaction reference number (X4F......) to reference their transfer into Exchange4free's bank account, so that we can easily recognize and match your transaction on our system.
Please do not hesitate to contact our money exchange dealers for a quote or advice on your foreign money exchange requirements. Feel free to check our currency converter for upto- date exchange rates for Euros, Pounds, Dollars, Rands and more. We work hard at all times to ensure that our money exchange clients receive the very best rate of currency conversion for their funds.
As a leading currency exchanger on the FX market, we offer both our private money exchange clients, as well as our corporate clients, institutional level exchange rates and conversions, where they are able to convert currency efficiently and successfully.
Q. What reference should I put on my payment to Exchange4free?
A. Please use the DEPOSIT REFERENCE NUMBER given to you during the booking process and emailed to you when depositing money with Exchange4free.
This is important and you money may not be processed in a timely manner if you do not use the EXACT REFERENCE GIVEN TO YOU!
Q. Do you accept cash deposits into Exchange4free's client monies account?
A. No. Exchang4free does not accept cash deposits. We only accept bank to bank transfers done via internet or telephone banking. Clients need to use their internet banking facilities or visit their branch to instruct the money to be paid into our bank account. Once we receive these funds they are converted at the agreed money transfer rate and we then send money overseas for clients at low costs and zero commissions.
Q. Are Exchange4free authorized to take money directly from my bank account?
A. No. Exchange4free DOES NOT withdraw funds from your bank account. After you have submitted your transfer form (this is not an instruction to Exchange4free for a direct debit) then you will need to perform and online or telephone banking transfer instructing your bank to transfer the required funds into Exchange4free's client monies account.
Exchange4free operate worldwide where we offer money transfers to South Africa, Europe, Australia, New Zealand, USA, Canada and the Middle East but in all countries we are unable to withdraw money from your account. You need to send the money directly to use via a bank transfer so we can effect your international money transfer.
Q. Can I withdraw my funds after depositing them with Exchange4free?
A. No. If you have already fixed an exchange rate for you already. An administrative fee will be charged for this service.
Q. Can I pay for my transfer using my credit card?
A. No. Exchange4free does not accept credit card or debit card payments due to our strict adherence to anti-money laundering regulations.
More information can be found on http://customs.hmrc.gov.uk
Follow the link and search for "Money Laundering" or visit the HMRC website
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