International Payments FAQs
Q. How do I know that my money is safe in eurochange’s hands?
A. eurochange Ltd is authorised and regulated by the Financial Conduct Authority (FCA). This means that we are required to meet certain standards provided for in the Payment Services Regulations 2009 including among others, the requirement to segregate traded funds from the company's own funds. This provides you with added protection for your funds.
As a business we are very proud of our long history and our financial stability. We are also proud of our commitment to be open with our customers, to demonstrate this we publish details of our Financial Accounts on our website for our customers and potential customers to review.
Q. How does my money get to my beneficiary?
A. Eurochange uses the Barclays Bank international payments processing system.
Q. What are recipient fees?
A. Some banks charge fees for receiving payments from overseas in their own currency. Unfortunately these are fees that eurochange has no control over as they are standard bank fees charged by the recipient's bank.
Q. How do I know what exchange rate I will get for my payment?
A. For customers that have a Private Client International Payments account set up with us we operate a tiered exchange rate policy dependant on the total annual volume of your transactions with us. You will be made aware of our charges when you set up your account.
Please speak to a member of our team to obtain quotations at any time.
For customers that use the Quick Transfer service, our exchange rates are displayed on our website. Our normal fee of £5 is waived for Quick Transfer payments in excess of £2,000.
We believe that we offer our customers exceptional value for money when coupled with our fee structure of no more than £5 per payment but fee free for the vast majority of payments.
In addition you may wish to secure an exchange rate for future use, such as for a pending house purchase. Please ask our staff for details on how best to get the best value for your requirements.
Q. When will you transfer my money?
A. Providing that cleared funds are received before our cut off time of 1pm, your payment will be made the same day. Payments received by Direct Debit are required to complete the clearing cycle before being released.
Q. Why do you require documentation and proof of source of funds?
A. Our International Payments business is authorised and regulated by the Financial Conduct Authority (FCA). We take our commitments regarding this regulation and money laundering regulations very seriously and as a result may ask for further supporting documentation or information from time to time.
Q. How can I make payments to you?
A. We can offer you several different payment methods for your International Payments including BACS, via Online Banking, through eurochange branches or by Standing Order.
Please ask our staff for further details on how to set up your payment method.