Frequently Asked Questions

Here are some of the most common questions we are asked at Currency Index. If you'd rather speak to us, just pick up the phone and we will be happy to help.

  • What rate will I be offered?
    We don't publish live rates, because they are misleading either being impossible to achieve (the 'interbank' rate which is not available to anybody) or uncompetitive (most fixed online rates). Our rates are based on, but always slightly below, the 'interbank' rate. The actual rate we can offer will depend on the currency, the volume being traded (although we do not have 'bands' and will always offer the best we can), and market conditions. Currency Index has a number of counterparties so although an online quote may seem convenient, the best rates are usually available by picking up the phone to us directly.
  • How do I place an order?
    Once registered, we can offer you an exact quote for your currency transfer, and if you would like to proceed you can instruct us by phone to buy on your behalf. We will then email or fax you a contract note confirming your oder and requesting settlement of your 'selling' currency (this will be the payment you make to us, for example in sterling if you are transferring Pounds to Euros). You can settle with us by bank transfer or personal cheque. Once funds are received and cleared, we will send your currency out at your instruction the same day, or the next day if your payment arrives with us after 3.30pm.
  • The exchange rate is good at the moment but I don't need my currency yet. How do I secure a rate now?
    You can use a Forward Contract to secure a rate now, for delivery in the future. In this case, you only need to pay a deposit (typically 10%) after the order is placed, with the other 90% being payable before your currency is released. A great way to ensure that you are not open to adverse market movement making your currency more expensive!
  • Can I fix a rate for all my requirements in the coming months?
    Yes - many corporate clients use a Time Option contract, to secure an advantageous exchange rate for the coming months' business requirements. Using this type of contract, currency can be drawn down at a fixed rate as and when needed over the length of the contract. A perfect way to manage your cashflow and cost base, without committing to an exact series of payments to suppliers.
  • Payment is coming from my spouse / business / lawyer - is that OK?
    Currency Index can accept payments on your behalf from third parties, however we will need to ask for some additional information to comply with HMRC anti-money laundering regulations. Usually this will be the full name, address and date of birth of anyone sending us funds on your behalf, and the reason for the transfer (eg sale of a property). Please ask before making a payment to us if you are unsure.
  • Is my money safe with you?
    Yes - Currency Index is an "Authorised Payment Institution" under FCA regulations (you can check this on the FCA website). This means that your funds are held in "safeguarded" client accounts whilst in our care. These accounts are separate to our business banking accounts, and in the very unlikely event of any problems, your funds would not be accessible to creditors. In addition, Currency Index is required to keep a significant amount of its own capital at all times, and does not lend or borrow money under any circumstances. You can see more on our Regulatory Controls page, using the link at the bottom of the page.
  • How do I save money using your service?
    Buying through Currency Index is like having direct access to the wholesale currency markets. As all we do is buy and sell currency on a daily basis, we can use our buying power to offer rates to all our clients which are much better than those typically offered by the banks with their expensive overheads and branches to fund. There are no commissions to pay, and our transfer fees are less than the banks charge too - or free if you are sending over £30,000-worth of any currency.
  • When will my money arrive?
    Your payment will be sent by the fastest transfer method available, which in most cases will arrive with the receiving bank the same day it is sent. Some currencies and countries take up to 2 working days due to limitations of the international banking system, and for Eurozone payments we can send either same-day or next-day using a SEPA payment to reduce charges. Please see our specific country advice pages for more information.
  • Is there a minimum or maximum amount I can transfer?
    No, although for smaller payments (under £1,000) the saving against your bank will obviously be significantly less than for larger amounts. We also deal only in bank-to-bank transfers, not cash. There is no maximum amount you can send through Currency Index, and savings made on larger transfers can run into thousands of pounds.
  • Are there any charges?
    Currency Index does not charge directly for its services, as we derive a small exchange rate margin on each transaction, so you do not need to pay commission and the rate we quote is the rate you get. International transfers for over £30,000-worth of currency are also free, but for payments under this amount, we charge £12 to cover our banking costs (reduced to £7 for Eurozone SEPA payments). We can also produce proof of payment (IPR) for transfers, which attracts an optional charge of £8. Some foreign banks will charge a small fee to route or receive your money, which is outside the control of Currency Index.
  • Which countries can I send to, and using which currencies?
    You will find a comprehensive list of currencies and countries in our help section. In general we can send payments to any country in the world, except where disallowed due to international sanctions (please note for some countries we will also require extra information on the nature of the payment). We deal in all major currencies and many more 'exotic' currencies too, so whatever your requirements we should be able to help.
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Currency Compare
GBP Rate | 26 May 2017
Currency Pairs
EUR 1.15561
CAD 1.74085
AUD 1.73122
ZAR 16.74989
CHF 1.26210
INR 84.06138
USD 1.29779
AED 4.76715
NZD 1.84217
THB 44.53985
JPY 144.74759
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