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Foreign Currency Direct PLC

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Obtaining the Best in a Foreign Currency Transaction
When Buying Your Property Abroad

Advice from BritsinCrete and Foreign Currency Direct

This is Gerald, webmaster at Crete Property Uncovered and BritsinCrete.�

You have arrived at one of the most important resource pages you will be reading in connection with any financial transaction outside your home country.

Let me ask you a typical question: Did you intend to take a trip to your local building society or bank branch to arrange your payment in foreign currency to pay for your overseas property?

If the answer is Yes, then I wish to guide you with these thoughts:� When you need your teeth fixed you go to a dentist; for your hip replacement, an orthopaedic surgeon, so likewise when you need to convert currencies you need a specialist dealer who does nothing else.

That is exactly what Foreign Currency Direct plc does. They are a licensed, UK professional currency dealing firm.�

It is important to understand just how much FDC can save you by working with them. By all means ask for a quote from your local bank branch. Compare if you wish.� You will hear all the reasons why others are the best.. but the bottom line is "total cost". And FCD are hard to beat.� The bottom line is not just about money, it is the level of personal attention by a specialist, and FCD gives that personal touch.

I am personally recommending the team at Foreign Currency Direct plc as a reliable partner for foreign currency transactions.

Personally Yours,


Register with Foreign Currency Direct Here

Foreign Currency Direct� plc helps answer those typical questions :

Q. Why use Foreign Currency Direct plc rather than my bank?
A. FCD will save you money and provide you with a more personal and efficient service than your bank.� FCD are a foreign exchange specialist. This means that the volume of currency trades and lower operating costs allows them to pass significant savings onto their clients.� At FCD, each client is assigned a personal dealer as their main contact who will �hold your hand� through the whole procedure from start to finish.
One of the key factors to making significant savings on your currency exchange is timing. Your FCD personal dealer will keep you informed of market activity which could enhance your savings further.

Q. How long does it take to transfer my funds abroad?
A. For the major currencies (GBP, EUR, USD, AUD, JPY, RBL, CHF) same day and next day transfers are to be expected. FCD uses priority SWIFT method for all transfers , which is the quickest and safest way to transfer funds worldwide. As with all bank to bank transfers, the time it takes to receive the funds in the beneficiary account is also dependent on the receiving financial institution which can sometimes cause delay. With this in mind, we are the only company to provide an IPD (Irrevocable Payment Document). This is a globally recognised proof of payment.

Q. What rate will I be offered?
A. Our rates are based on live 'interbank' prices (the price at which one bank sells to another). These are aggregated from a number of sources and are quoted in real time. As we do not have expensive branches to maintain, we are able to offer more competitive prices than are typically quoted by the high street banks and building societies.

Q. How do I begin trading with Foreign Currency Direct plc?
A. Once you have opened an account, for which there is no cost or obligation, you are in a position to secure rates by telephone. If we offer you a rate which you accept we will immediately fax, email or post confirmation of the contract. You may email or return by fax or post the onward payment details of your currency as a section of the contract� note allows this.

Q. What happens to my money?
A. Payments are lodged in transaction accounts with Lloyds TSB Bank plc. These accounts are designated for the receipt of inward payments.

Q. How do I pay for the contract?
A. By personal or building society cheque, or by CHAPS payment to the account details on your contract note. Payment is required within two working days in the case of Spot Contracts and deposits for Forward Contracts. The balance of Forward Contracts should be received no later than the maturity date of the contract. Sadly, we are unable to accept payments in cash.

Q. When will the currency be paid out?
A. On maturity of the contract and receipt of cleared funds. Funds received by electronic transfer and showing in our account before 12.00pm (noon) will be sent out the same day. A copy of the transfer document will be sent to you by post (and fax if requested). For security reasons, we are unable to email this document. We need to allow (7) seven working days in the case of personal and building society cheques .

Q. What are your charges?
Where a transaction value is under �50,000 we levy a simple �15.00 charge for a Priority International Transfer � otherwise we allow one free transfer per transaction. Should you require a copy of the IPD (Irrevocable Payment Document) this can be faxed or posted to you or the beneficiary for an additional cost of just �12.00.

Q. Do you pay interest?
A. As clients' funds are generally only held for short periods, our client transaction accounts do not pay interest. With Forward Contracts, however, the current level of base rates can mean that a loss of interest on the deposit lodged with us could be negligible in comparison to the loss incurred if the market were to move adversely and rates had not been secured, by virtue of the fact that the deposit represents a small percentage of the overall sum, yet the interest lost is only on the deposit.

Q. What happens if my circumstances change?
A. On occasion, due to unforeseen circumstances, plans change. In the case where you have secured a Forward Contract but find you will no longer require to take delivery of the currency at the maturity date, you may sell the contract back to the market.

Q. Can I fix my exchange rate now for a future purchase?
A. Yes, an exchange rate can be fixed for up to 2 years in the future. This means that you can determine exactly how much you need to spend on a future purchase without having to worry about fluctuations in exchange rates. This type of contract is called a called a Forward Contract. Please contact FCD for more details.

    Q. What affects currency exchange rates?
    A. Exchange rate movement relies solely on macroeconomic factors.� Significant movements in exchange rates can be attributed to three main factors:
    • Interest rates
      Each currency has a central bank and the central bank issues an overnight lending rate. This is a gauge of a currency�s value. Historically, low interest rates result in the devaluation of a currency.
    • Unemployment rate
      This is a strong indicator of a country�s economic strength. When unemployment is high, the economy may be weak and therefore, its currency may fall in value.
    • Geopolitical Events
      Like all markets, the currency market is affected by what is going on in the world. Key political events can have a big impact on an economy and the value of its respective currency.

Click To Find Out More or to Register with FCD Here

logo Foreign Currency Direct
Recommended and Trusted by Crete Property Uncovered and its parent, Brits in Crete
as their Preferred Currency Dealer.
If you talk to FCD, let them know CPU/BritsinCrete introduced you..

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