With so many country codes, worldwide, we thought our visitors would find it useful to be able to search currency codes by country.

 Fx-foreignexchange.com provides currency conversion for commercial amounts at commercial rates. Whether you are a business looking to make a regular payroll transfer, payments to your suppliers, or a private person moving a larger sum of money, we can help save you money.

The best rates for British Pound sterling versus other currencies including AED Dirham, euros, USD, Canadian and Australian dollars together with the Brazilian Real.

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Tags: commercial rates, currency codes, currency conversion, payroll transfers abroad

Use a specialist business to make your currency exchange and save a great deal of money. Using a bank to transfer your money abroad can be a costly, as they tend to charge commission and a transfer charge, whereas most specialist currency exchange companies rarely make these charges.

In addition, a high street bank is likely to give you a worse rate of exchange than a currency broker can.

However, currency exchange brokers differ wildly, both in terms of service and value. Like all service providers, they offer services that are similar, but the differences appear subtle yet make a vast difference to your pocket.

Choose a currency broker that is interested in you, or your business. Most foreign exchange businesses will simply take your instructions to make the currency exchange, then transfer your money to the destination account. You need a currency broker who will take a bit more interest in your needs and will then advise on the best way to maximise the net amount from the exchange.

Here are some of the services that you could take advantage of by choosing a currency dealer carefully:

Regular payments:

If you have to make regular payments overseas such as a pension transfer, or maybe a mortgage payment, or payments to overseas suppliers, business partners, franchise operations for example, you could fix the exchange rate for as much as 2 years ahead. You could then set up the payments so that you can concentrate on other matters. The alternative is to use a dedicated currency exchange dealer, who can pick and choose when would be best for you to change your money. Neither of these services have a charge attached when you use fx-foreignexchange.

Stop loss currency exchange:

A “stop loss” contract lets you decide on a rate that you would be happy to make a currency exchange. We can arrange for the money to be exchanged as soon as a particular rate has been achieved. The money is bought automatically.

We can add to this service by placing your details with an individual dealer. That dealer will then contact you as soon as the agreed rate is achieved and you can then decide whether you wish to make the exchange. To take advantage of this particular service, you need to register with us first though as currency rates can change quickly and it takes a few minutes to register. Registration is free.

Fixed currency exchange rates:

For businesses, or individuals, that have to make a money transfer overseas sometime within a few months, it is possible to pay a small deposit and fix the rate of exchange, then pay the final balance nearer the time of the actual transfer.

This is great for cashflow and takes the stress out of situation because you will have already fixed the rate of exchange and have ruled out the possibility of losing a great deal of money if the rate becomes unfavourable. For example, just a few months ago, the rate between the US Dollar and the GB Pound was around 2.04 Dollars to 1 Pound. The rate today is about 1.78 Dollars to the Pound. This is fine if you have dollars to sell and pounds to buy, but imagine you wanted to buy 100,000 Pounds worth of Dollars. If you had fixed the rate in advance, you would have bought $204,000. However, at if you hadn´t fixed the rate and went to change the money today, you would have received $178,000.

The difference in the exchange rate would have resulted in a loss of $26,000 !

Why take the risk? If you are in business, contact us and we will be pleased to allocate you a specific dealer who will take care of all of your foreign currency transactions.

Our UK number is : 0044(0)1480 458400, or just go to CONTACT US.

For more information, please visit fx-foreignexchange.com

Tags: aed, brazilian real, currency conversion, euro, foreign exchange, pound, us dollar, yen, zloty

How to beat the currency exchange system with credit card payments on property purchases.

Pay your overseas property deposit with a credit, or debit, card and get a better rate of exchange than you would by using the card abroad.

If you find yourself in the fortunate position of being able to buy that property abroad, and you need to place a deposit on the property to secure the one you want, then there is an answer.

Pay your initial deposit with your debit, or credit, card.

However, before you get too excited, consider this. I was in Spain recently and used my UK Bank debit card to draw some Euros at the “Hole in the wall”. I drew money on two consecutive days. The exchange rate between the pound and the euro had barely altered, but one bank gave me 1.19 euros to the pound. The other bank gave a rate of 1.23 euros to the pound. If, like me, you suffer from terrible thirst when it’s hot and you need £200 to pay for the drinks, the difference is €8. “Just €8!” I hear you say.

Well change that figure of £200 to £3000 as a house deposit and the difference between one bank’s foreign exchange rate and the other’s is now €120. Not a huge amount, but still worth saving.

FX-Foreignexchange have a facility, through their currency exchange partners, where you can now pay your initial deposit to secure a property abroad by using your debit or credit card. You get an even better rate than the banks can offer. It’s a safe way to pay and painless.

Just call FX-Foreignexchange on 0044 (0)1480 458400, (or email for them to contact you from here) , register your details with them, give them the details of where you want your deposit to go, and they take the payment in your local currency, change it, and send it to the account you’ve asked for it to be sent to.

Paying your overseas property deposit couldn’t be easier. You may even want to spend the money you save on a special dinner to celebrate how clever you are!

A couple of little things, FX-Foreignexchange can’t take card payments over £10,000, and they can’t take less than £2500. On the basis that most initial deposits for new homes abroad are €3,000, or £2,500, this shouldn’t present a problem.

The other area to consider is if you use the same company to change your further stage payments, the difference when using my example, is €1,200 when you change £30,000.

That’s a bit more interesting than the €8 I saved!

Tags: best currency exchange, credit card deposit, pay property deposit

The euro has been the single currency of the European Union since the 1st of January,1999. It was adopted by 11 European States and other Countries have followed since.The currency exchange rates were fixed for the Euro, along with the last day for the individual currencies of each of the Member States and they were:

Euro Banknotes and Coins Calendar:

· Mid December, 2001: introduction of notes and coins.

· January 1, 2002: new currency becomes legal tender. Old currency can no longer be used for non-cash transactions, such as bank transfers and checks. The individual currencies will remain as legal tender until the dates listed below:

June 30, 2002 was the last day for changing old currency to Euro at any bank for the original twelve member states. Thereafter: old currency can be exchanged at national central banks and some specially designated banks.

Euro Denominations:

Notes: 500, 200, 100, 50, 20, 10, 5

Coins: 2, 1, 50, 20, 10, 5, 2, 1

To buy, or sell, Euros at the best rates, without commission or transfer charges, contact us here:

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Tags: euro, euros, gcen

F.A.Q`s on getting the best currency rates.

Q How will I save and make more money?
A.We guarantee to quote you a better exchange rate than your bank. The savings you make can vary but are often as high as 4% of the amount being transferred. For example, a client transferring 100,000p pounds into Euros was recently quoted 1.22 euros to 1 GBP, by their bank. They would have received 122,000 Euros. We quoted 1.25 euros to the pound, and paid them 125,000 Euros. Using FX-ForeignExchange.com, made them another 3000.00 Euros on one deal!

Q Do you charge a commission for currency exchange?
A. No, we don´t charge commission and there are no other hidden fees or account charges. Our Global Currency Exchange is completely transparent and you will be faxed, or emailed, the dealt ticket (as we call it), to confirm the currency exchange, before we buy change the money for you. On that deal ticket are the full costs of the currency exchange.

Q. Explain why it´s better to use a Global Currency Exchange service rather than a bank?
A. GCEN ( Global Currency Exchange Network ) is able to offer the bestt foreign currency exchange rates to its clients; we achieve this by offering ‘wholesale’ rates compared to the banks ‘retail’ rates. Our aim is to give a simple easy to use service ensuring our clients have total peace of mind at all times. In addition, GCEN don´t charge the commission charges and bank transfer charges that the banks do. You save money each time.

Q. What rate will I get? Will I get the same rate I see on the TV or the Internet?
A. The rate will depend on the amount being transferred and the date you want the funds to arrive. The rates on the TV and some internet sites are “mid rates” for transactions over 5,000,000. This means they are an indicative rate halfway between the buy rate and the sell rate and no-one can trade at these rates. At Global Currency Exchange Network, we believe we will quote you the best exchange rate today. If there is a particular exchange rate you are trying to achieve, we are always happy to watch currency exchange prices for clients and can transact for you or call you if the rate is reached.

Q. How long will it take before I can trade?
A. As soon as you have registered as a client you will be able to trade. Because we are bound by money laundering rules, we will need copies of items like your passport and one other form on ID like a recent utility bill.

Q. How will I pay?
A. There are several ways to pay: BACS, CHAPS / telegraphic transfer. Please note though, We can not accept cash as payment, although a cheque is fine.

Q. What happens to my money?
A. Your funds will be held in a client account with HSBC for the short time it takes to complete the transaction.

Q. How will I receive my currency?
A. Once your payment has been cleared, your foreign currency will be transferred to the account that you gave us when you ordered the currency exchange, by CHAPS payment. Some overseas banks may charge to receive funds, but if you are transferring to a country where Global Currency Exchange Network trades regularly, it´s likely that we will be able to save you the receiving fees as well.

Q. How many times can I use this service?
A. You can make as many transactions as you like, once you have opened an account with us. All you need to do is call your allocated currency dealer in our office and he / she will handle everything for you as we will already have you on our records.

For more information about making a money transfer, or terms about currency exchange, GO HERE

Tags: FAQ on currency exchange, gcen, global currency, money transfer

Some basic currency facts ….

• EUROS are the currency for 12 European countries. Many more countries are expected to adopt the Euro over the next few years.
• International money payments can be made with a wire transfer or bank draft.
• A Wire Transfer, more commonly described as a Money Transfer, can take from 3 to 10 business days. Money Transfers sent to politically unstable countries could take up to a month as the clearance process is considerably slower.
• An International Draft is a bank cheque written in the beneficiary’s local currrency. The International Bank draftis sometimes referred to as an international money order, International Bank Drafts can be deposited directly into a foreign bank account.If the amount is for a large sum, it may be better to use a currency broker and have them make the currency exchange, then transfer the foreign currency to the beneficiary’s bank.
• A Foreign Currency Draft can be used to pay your suppliers or vendors internationally. Although, these are less common now. Most businesses prefer to use a currency exchange broker as the exchange rate is usually better.
• Global Currency Exchange Network, professional, reliable, currency brokers.
  To receive a personal service for all of your future currency purchases, visit our foreign exchange site.

Tags: Currency, currency exchange, International draft, money order, money transfer

5 ways to make a money transfer.The world is getting smaller financially, and with more business deals between the West and the East, the cost of making a money transfer is becoming more important to all, including small start-up importers, large established concerns, and even travellers who need more spending money transferred to a local account.

The problem is the cost of the money transfer. On small amounts, the charge made by a high street bank, to make a money transfer, can almost wipe out the amount being sent. This is especially true when you add on the charge made by the receiving bank.

To put it bluntly, if you are making a regular money transfer abroad, you need to seek out less expensive ways to do it. Commonly, a British Bank will charge over 30 GB Pounds just to initiate the transfer, then they take a large slice of your cash with an expensive foreign exchange rate. Then… the bank at the receiving end makes a charge as well!

Global Currency Exchange Network, a specialist foreign exchange brokerage, can limit these expenses greatly by not charging for the money transfer, giving a more competitive exchange rate, and in some cases, arranging with the bank overseas to waive their recipient charges.

There are various different ways to make a money transfer, here are a few:

SWIFT
This is the most common method of money transfer. Your local bank is likely to charge you anything from 12-35 GBP. Add on the foreign exchange commission and the possible charge at the destination bank. This normally takes working days but you can request an urgent SWIFT transfer, for an extra cost. It reduces the time for the money transfer to between 3 and 5 working days.

Euro CHAPS.
This is a method used to make the money transfer to select European Countries for around 25 GBP, plus the foreign exchange commission. This normally takes between 2 and 3 working days. Charges can also include the (by now familiar) receiving charges as well.

TIPANET
Unless you ask for this, most banks won´t offer it. Tipanet is a system where, for a small charge (around 10 GBP), plus the foreign exchange commission, you can make a money transfer to 6 countries. There are limits to the amounts you can send though and it usually takes 5 working days. The receiving bank may charge you for receiving funds.

Online Payment Services
By now you´ve probably heard of most of these.. PayPal MoneyBookers etc. These are now well established online banks and they offer various online payment options. Moneybookers, claim that you just need the email address of the recipient in order to make a no-commission transfer, which will cost no more than 0.50. However these sytems are mostly used to make very small payments as most people prefer to deal with a business that is accountable when transferring larger sums of money.

Paypal and Neteller are better known services. If you open an account with them, you can send money within minutes to other account holders. You may pay no fees for the transfer, but you pay a fee on the foreign exchange rate. Paypal, for example, charges 2.5%. Also, the recipient often has to pay a fee as well. the exchange rates can be uncompetitive at times.

Foreign currency brokerage specialists
These businesses are perfect for anything from making regular overseas pension transfers, right through to transfers in the millions. They offer a highly peronal service and a good broker can become an integral part of any business which regularly imports or exports. Some brokerage specialists, such as Global Currency Exchange Network offer a commission free service.

They also make the transfers for free. And, in some cases, they can pre-arrange for the receiving bank to waive their recipient fee. While this is useful for larger amounts being transferred, the regular money transfers for transactions like pensions and mortgage payments, can be almost wiped out by the charges that banks made.
Couple this with the speed of the transfer, usually 2 working days from receipt of cleared funds, it´s difficult to understand why someone would use their local bank.

To read more about making money transfers …

Read more on Foreign Exchange Terms …

Tags: currency exchange, foreign exchange rates, money transfer

Case studies of types of currency exchange transactions.

Before we show the examples, you may wonder why you would want to buy your currency in different ways. Every person, and each business, has different needs, Our function is to best match those needs to the best type of transaction that gives our clients the best value from the currency exchange.

Some people just want to buy the foreign exchange NOW. That one is easy, just call us, we’ll quote you a great FX rate and you do the deal straight away. However, some people ( or businesses) would prefer to fix rates for some time ahead. Well, Global Currency Exchange Network can do that as well. It gives the client peace of mind, that the rate is fixed and they can’t lose on a difference of exchange rates between now and the time set for the future deal.

There are various types of foreign exchange transaction. To help you through the maze a little, here are some examples of various different types of deals our currency exchange dealers can do for you.

Spot Contract:

Mr Craven has just bought a property in Spain for EUR 145,950. His high street bank offered him an exchange rate of 1.245 Euros to £1GBP. We were able to offer Mr Craven a better exchange rate at 1.253. Mr Craven saved a vast £1167.60 just by using Global Currency Exchange Network.

Regular Monthly Payments:

Mr and Mrs Williams have retired to their villa in Lanzarote, but they need to pay a small mortgage payment of 500 Euro’s per month and they have a regular monthly pension paid to them in the Uk, but they need it in Lanzarote. The total of the two amounts is £767 GBP.

The High street bank offered to make the regular money transfer, but advised them that some payments could take up to 10 days. And, as it was a relatively small amount, they would charge for the transfer payment together. Couple this with the additional charge that the local bank would make for just receiving the money, regular monthly payments were not looking like a sensible way to make transfers.

Global Currency Exchange Network don’t charge for the transfers, we have arrangements with most banks abroad so that the receiving charges are waived and, in this case we were able to offer a much better exchange rate. During the course of a year, Mr and Mrs Williams were able to save over £900.

Limit order:

John has already bought his dream villa in Barbados. He loves it so much, he lives there most of the time! In order to sustain his lifestyle, he wants to exchange some Euro’s into US Dollars. However, the current rate of $1.585 to EUR 1 isn’t good enough. John isn’t in a rush to transfer the money, so he has asked Global Currency Exchange Network to put in a limit order to buy $25,000 when the exchange rate hits $1.61. John can now relax by his pool, secure in the knowledge that he will get the best deal and ‘Global’ will secure it for him as soon as the desired rate is achieved.

Forward contract:

Jacqui has decided to have a new villa built in France. The total amount of money that she needs to transfer from the uk is €456,000 for the day of the villa completion. However, completion isn’t due for another 12 months and Jacqui is concerned that the exchange rates between the GB Pound and the Euro will not change in her favour over the next 12 months.

In order to protect herself from fluctuations in the exchange rate, Jacqui has asked us to place a Forward Contract for her. This involved Global Currency Exchange Network buying her Euros for her at the price on that day, as a forward contract, at 1.278 EUR to 1 GBP. The price subsequently dropped to 1.234 EUR when she would have needed to exchange the money on the completion day.

Jacqui saved €18,240 ! Enough to buy a new car when she got to her new villa.

Stop Loss Order:

Simon regularly imports goods from America for his Ebay business at about $25,000 each time. The exchange rate at the time of placing his last order was $1.935 to £1 GBP. This equated to £12,920. However, Simon was convinced that the dollar would weaken. He wanted to limit the cost of his goods to £13,000 and still have the flexibility of possibly buying his Dollars at a much better rate.

Simon instructed Global Currency Exchange Network to put in a Stop Loss Order to buy €25,000 at the exchange rate of $1.923 / £1 GBP to fix the worst price he will pay to £13,000. If Simon is right and the rate changes to $1.96 / £1 GBP, he will have saved a great deal of anxiety by fixing the worst price to him, but also gained around $925 on the exchange rate.

Global Currency Exchange Network are a commercial currency brokerage, based in the UK. We care for other people’s money and save clients vast amounts of money daily by offering competitive exchange rates, with no commission attached. In some cases, transfers abroad are free.
For a fast, safe, service go to our site and first open a free account. We will then contact you to discuss how we can help. Alternatively, call +44 (0) 1480 406080.

More articles on Foreign currency terms explained, currency exchange for businesses

Tags: currency exchange, Currency terms explained, types of transactions

What you need to have to make a foreign money transfer. Banks, and specialist foreign currency providers, need to have suitable details in order to make a safe money transfer from one Country to another.There are really just two main sets of numbers commonly required. These are the IBAN and the SWIFT numbers.

The IBAN,or International Bank Account Numbers, have been introduced to standardise the identification of bank accounts. The IBAN is not a new account number. Your existing bank code and account numbers will not be replaced, but additional characters will appear in front of them. IBANs improve the quality of information exchanged between parties involved in European cross border payments and reduce errors and delays.

An issuing bank provides IBANs to its customers who are likely to receive payments from abroad, or make money transfers outbound. The IBANs are derived from the existing domestic account numbers of the customer.

The SWIFT, Society for World-wide Interbank Financial Telecommunications, system is a computer-based message switching system used by most international Banks as a method of making overseas payments or transfers. The minimum information that is required to make a SWIFT transfer is the account number, the name and address of the receiving Bank and the name of the beneficiary. In addition, all Bank’s have a SWIFT code and if this is known for the recipient Bank, this should be quoted.

Making a money transfer abroad for the first time can seem daunting. Providing you provide your bank, or specialist currency exchange broker, with the correct recipient IBAN or SWIFT, then things should go smoothly. To save money and have a smooth money transfer, you may like to consider talking to Global Currency Exchange Network.

Global Currency Exchange Network are specialists in currency exchange. They don’t charge commissions, they have a special arrangement with banks in Spain to avoid expensive receiving charges and offer they best exchange rates. With an annual turnover in excess of £335 Million, they have the power to set the exchange rates very low.
More articles on money transfers, emigrating, glossary of terms, regular monthly payments

Tags: Currency terms explained, iban, swift