Frequently Asked Questions

Enquiries by our customers. Answered.

We have compiled a list of questions we are often asked regarding our services, structure and other helpful subjects.

What are the mid-rate and the interbank rates?

The rates that appear on many internet sites and Teletext as "mid rates" or "interbank rates" only apply to amounts over £5,000,000.

They are an indicative rate halfway between the buy rate and the sell rate and no-one can trade at these rates.

We will quote you an exchange rate closer to these mid rates than any other company. If there is an exchange rate you are trying to achieve, we will watch the market for you and can transact or call if the rate is reached.

You can see indicative exchange rates on our currency converter, but please note that these are interbank rates for amounts over £5,000,000. Smaller amounts will get slightly different rates.

How long does a transfer take?

The time a transfer of funds takes varies, dependent upon a number of factors.

For major currencies transfers can take place the same day, upon receipt of your funds before 12pm. For other currencies it can take 1-3 working days.

Issues that our clients should be aware of are:

  1. Bank holidays or religious holidays in other countries.
    i.e: In some Muslim countries, banks are not open on Fridays.
  2. In some countries, Bank Holidays can effectively create a "non-trading day" on the international currency market.

What moves the foreign currency market?

There are several factors that influence the foreign currency market.

Some of these can be expected or foreseen. However none of them can be absolutely predicted.

At Worldwide Currencies, our currency teams draw on their many years of experience in order to manage and account for the factors that affect the currency markets, such as:

Economic Interest Rate Policy, Interest Rate Yield ("Carry Trades"), Economic Performance, Equity Markets, Political Hedging, Social Unrest, Commodity Prices, Inflation, Mergers & Acquisitions, Inward/Outward Investment, Central Bank Intervention, Reserve Diversification, Intervention (to support a currency), Currency Reserve sell-off, Terrorism, Natural Disasters, and other Unforeseen Factors.

How do you save me money?
Are there any hidden charges?

We will offer you a better exchange rate than your high street bank.

Our service is totally transparent, the rate is all inclusive. There are no commission charges and no transfer fees.

How do I transfer money to Worldwide Currencies?

You can transfer funds to Worldwide Currencies via BACS, CHAPS or Internet transfer

Once you have bought your currency from Worldwide Currencies or your Market Order has been filled, you will receive a trade confirmation (invoice) detailing our bank details and where you should transmit the funds.

Why do I have to register to use your services?

We are required under the strict Anti-Money Laundering Regulations which govern our industry to ensure that we hold on record proof of identity and a current address for all our clients.

The registration process also allows us to identify your needs and allocate an appropriate personal currency consultant, who can best deal with your particular requirements.

Worldwide Currencies aim to keep foreign currency exchange simple, so rather than expect you to plough through a long list of questions and answers, please contact us or request a call back, where one of our highly experienced currency consultants will ensure that you are given clear, jargon free answers to all of your questions.

How can I obtain IBAN Examples in Electronic Format?

We make available a list of European Member States and examples of their IBAN’s.

To ensure all parties involved in European cross-border payments gain the benefits available from the use of IBANs, European directives have been passed to enforce their use.

With effect from 01/01/2006, you must provide the beneficiary's IBAN and receiving bank SWIFTBIC (Bank Identifier Code) for all International Payments in Euros to the 25 EU Member States plus Iceland, Liechtenstein, Norway and Switzerland in accordance with European Directives.

You and your European trading partners may also benefit from reduced charges for payments in Euros between EU Member States if a valid IBAN is quoted in your payment instruction in conjunction with the beneficiary bank’s SWIFTBIC.