Open a Foreign Exchange account

It is very easy to open a foreign exchange account with FX-foreign exchange and Global Currency Exchange Network.

There are just 3 simple steps :

• 1. Visit fx-foreignexchange.com and follow the simple form to open an account. Once you have pressed “submit”, fx-foreign exchange will receive your application immediately.
• 2. Scan a copy of your driving licence or passport and email it to fx foreign exchange , together with a copy of a household utility bill that is no older than 3 months. You can fax the copies instead to 0044 1480 433881.
• 3. Fx Foreign Exchange will contact you to confirm that the account is open and will give you a Client Number so you can begin trading straight away and we will be able to quote you the best foreign money exchange rates today.

Now you have your foreign exchange account, you can take advantage of the best currency exchange rates available and you can protect yourself from the ups-and-downs of the foreign currency market by buying a forward currency contract. More information on buying a forward currency contract here.

There is no commitment to use fx Foreign Exchange once you have a currency account open and there is no cost to have the account.

To talk to someone helpful, just call us on 0044 (0)1480 458400 in the UK.

Tags: aed, aud, best exchange rates, cad, currency transactions, dhm, eur, forward contract, forward currency contracts, gbp, types of foreign exchange deals, usd, zar

Today’s global currency conversion exchange rates from this morning. If you would like to be kept informed of any particular currency exchange rate, just fill the form in at the end of this article.

We trade commercial amounts at commercial rates.

We make larger money transfers for businesses and private individuals. Our speciality is commercial transfers for larger sums including regular payroll transfers overseas, payments for international property, supplier payments in foreign currency and currency conversions for hedge funds.

Read the daily market comment here. Currencies rise and fall on many economic triggers, read about today’s economic announcements.

Global Currency Exchange Network, bring you daily currency exchange rates. For currency conversion, and money transfers, go to our website to create a free money transfer account

GLOBAL CURRENCY EXCHANGE NETWORK - Base currency British Pound

NB Rates as of:Monday 26th January 2009

Just call our Head Office on +44 (0) 1480 458 400 if outside the UK,

or 01480 458400 ( in the Uk).

We will quote you the best exchange rate for Euro, usd, gbp, aed and more.

Currency Exchange conversion is all we do, so let us handle your commercial money transfers overseas.

LET US QUOTE YOU…..

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Tags: Australian Dollars, brazilian real, canadian dollar, dirham, dollar, euro, gbp, indian rupee, pound, sterling

Managing financial risk with hedging, and use of foreign exchange fluctuations to mitigate likely losses when trading abroad.

If you’re in business, then you are involved risk management. An often overlooked area of risk management is the skill of managing your supplier payments when purchasing other currencies.

Most CEO’s, Finance directors, or MD’s simply pick the phone up and call their bank for a spot price on a currency exchange rate and make one comparison. Inevitably, they choose their own bank for one of the following reasons,

• It’s faster
• They quoted a cheaper rate
• They could book the currency conversion over the phone

However, some Finance Directors who use us already have benefited in fiscal savings and time.

ALL of the above can be performed better by a currency conversion specialist, and the Client / Company can make considerable savings.

It’s faster:

Well, it isn’t really. Once cleared funds are in our account, we make the exchange and send the currency straight out, unless we have instructions to the contrary.

They quoted a cheaper rate:

Of course they did! If you just ring for a rate, most banks will quote the “Inter-bank” rate until you ask them to specifically quote you. This leaves you with the impression that you can buy, or sell, at the rate they quote. No-one can buy at that rate. When you call them back to deal at that rate, they will tell you the ACTUAL rate you can deal at which could be significantly different.

Banks will charge for the overseas money transfer. In most cases, we don’t

Banks charge a commission. We don’t.

They could book the currency conversion over the phone:

So do we! Once you have registered online, you will be given a client number and security information. You can call our head office and book your currency over the phone, no paperwork.

How we can help

Our Corporate team will provide suggestions to mitigate your Company’s risk when exposed to fluctuations in currency exchange rates.

Here are some ways that we can help to mitigate your financial risk when trading overseas:

Spot Contracts:

This is simply a contract to buy, or sell, currency at a rate of exchange that is fixed at that moment, and is for delivery in two working days’ time.

More on spot contracts…

Forward Currency Contracts:

A “Forward” allows you to fix the exchange rate and make a currency exchange payment, or receipt, at some given point in the future. This is ideal for importers and exporters as this allows them to fix the price of their goods and know a fixed margin that they can sell their goods at.

More on Forward Currency Contracts.. 

Forward Currency Contracts plus Accruals:

Known as a “Forward plus”. It’s a subtle alternative to a “Forward”. It allows you to drip-feed the currency exchange.

Ideal if you have good cash flow and wish to take advantage of a great rate of exchange. This is perfect for overseas payroll payments.

More on Forward Currency Contracts plus Accruals..

Contact fx-foreignexchange for more information on how we can help. Our advice is free of charge.

Other articles on currency exchange services for businesses.

Tags: best foreign exchange rates, conversion, currency exchange, forward currency contracts, spot rates

Types of Contracts in Foreign Exchange

There are many methods of performing currency exchange. Fx-foreignexchange provide currency conversion services for corporations and private clients.

The types of currency contracts mentioned here apply to both business and private clients.

The following are just some of the methods we use to mitigate risk when helping our clients. If you are interested in becoming a client, registration with us is free, and here is no obligation to use our service as we are so confident that you will continue to use us once you have seen the benefits of our expertise.

To find out more about our business currency exchange services

A Spot rate contract.

A Spot Fx Currency Contract is a foreign exchange transaction based on a currency exchange rate at any particular time.

The rate of exchange at that moment is decided by the International market rates.

This is the way that most Company’s buy their currency, but it’s not necessarily the best way. If you believe that the rate is at it’s most beneficial at that very moment, then this is the correct solution, but most businesses seek a more planned strategy to their cash flow.

Forward currency contracts.

A “forward” allows you to protect your business against volatile market swigns n the currency rates that you wish to exchange.

Here are some of the benefits of a “Forward”:

• Fix the currency exchange rate. You can fix the rate of exchange now for either a payment, or receipt, for some date in the future.
• Individual solutions for your business. We can help to devise a currency exchange strategy that will work with your specific needs. Usually, this combines the requirement to retain cash for cash flow against the benefit of buying as much currency forward as possible.
• Certainty. This method provides your business with precise margins. You will not have to wait to see what the exchange rate does at some future point, or lose out by buying too early.
• Flexibility. It is possible to buy your currency using a method known as a “time option” on a standard forward contract. This allows your business to range your settlement dates. This is ideal if you are an importer, for example, and you don’t yet have specific dates of arrival.

Forward Plus Contracts.

A Forward Plus Contract has all of the benefits of a Forward currency contract, but is designed to limit your foreign exchange risk, and to maximise the potential gains in spot rates of exchange.

Example: Your Company has won a contract to supply a company with goods over the next 12 months. These goods can be bought and supplied on a monthly basis.

They will have to be paid for in an alternate currency.

To safeguard your business from currency fluctuations, you have based your profit margin on a particular rate of exchange. Fix that rate with a “Forward Plus Contract” to protect your business from the fluctuations in foreign exchange rates that may erode your profits over the year.

Your profit margin is then protected from currency fluctuations. All you have to worry about now is buying, supply, installation, payroll ……….!

If you are prepared to allow some flexibility then you may wish to consider an “Accrual forward”

Accrual Forward’s offer usually better rates for corporations that prefer to accumulate currency over a given time period. This enables a company to accumulate currency on a drip-feed basis at a rate that is better than the usual Forward Contract rate.

Find out more about fx-foreignexchange.com

Tags: accruals, aed, corporations, currency conversion, currency exchange, dirhams, dollars, euros, foreign exchange, forward currency contracts, fx, pounds, spot rates, yen

Frequently Asked Questions for those seeking providers of Corporate currency transfers in foreign exchange.

Here are some of our more commonly asked questions:

Who are fx-foreignexchange?

Fx-foreignexchange provide access to the most competitive market rates for physical currency exchange. Our dealing division, Global Currency Exchange Network, are part of us and we have been connected with for many years. See our testimonials . More about us on our website.

What currency services do we provide?

We provide a foreign exchange service for importers, exporters, managed funds, and individuals. We provide access to the best exchange rates on the market and help businesses, and individuals, Worldwide to become more profitable by saving them time and money with their foreign exchange requirements.

How long have Fx-foreignexchange been in business?

The company started trading in 2007 so this is our second year of business. However our currency dealing partner has been providing currency conversion and money transfer services for about 7 years. See our testimonials. See our lawyers and accountancy service providers.

Which bank do we use?

HSBC. We use HSBC as our foreign currency treasury providers. They are also one of our regulators.

How do I know my money is safe?

• Our foreign currency treasury provider, and regulator, is HSBC in the UK.
• We do not operate overdraft facilities or have loans or mortgages with any bank or lending institution.
• All accounts are run in credit and your payments are strictly to refund us for your foreign exchange order.
• Combine this with online settling systems and the international SWIFT system all deals are fully traceable.
• Our latest published business accounts and trading history is available for any interested party.

If you wish, some of our client testimonials can be seen here and our accountancy and legal services providers can be seen here.

How do we provide the best exchange rates?

Because of the volume of currency transactions we deliver, we have access to the best currency exchange rates. We can pass on significant savings to companies and individuals by keeping our margin narrow.

How do fx-foreignexchange make money? 

We receive a small fraction of the difference in the beneficial rate we are able to achieve. Exchange rates are provided to all clients on an equal volume basis to eliminate the shading system the banks use. Therefore a company with realtively small monthly volume can achieve the same beneficial exchange rates as if their volume was the size of a corporate conglomerate..

How do we go about changing from our current Foreign Exchange provider?

In the first instance you can do any one of 3 actions:

1. Call us and ask for the business manager. We are in the UK. 0044 (0) 1480 458400
2. e: business@fx-foreignexchange.com
3. fill in a short online registration form and we will get back to you. Your business is very important to us, so a fast response is guaranteed.

By registering with us, there is no charge or requirement to use our foreign currency services. However, it does allow us to provide you with actual rates that you can trade rather than the commonly quoted “interbank rates”, which no business or indiviual can buy at.

Do you have a website with more information?

Yes. http://www.foreignexchange.com

Tags: business currency transfers, corporate currency dealers, currency exchange providers, exporters, foreign exchange businesses, forward currency contracts, importers

Our Currency Conversion Services for Businesses……

Fx-foreign exchange makes currency conversions and transfers for businesses each working day.

Our aim to to save our busy business clients time and money.

Once you are registered with us (this only takes a few moments and can be done online), you can book your currency deals through us on the telephone. This makes our service considerably easier than most banks and currency dealers.

When you register with us, a dedicated business manager will contact you to discuss how we can help save you time and money. You can call the business manager prior to registering if you prefer, on 0044 (0)1480 458400. Although we are based in the UK, we have strategically placed International offices.

Our business manager will recommend methods that will suit your business model and will assist in making any foreign currency transactions a smooth process.

Here are some aspects of fx-foreign exchange that makes our business-to-business currency conversion, and money transfer services, the right choice for you:

1. Free money transfers to most worldwide destinations
2. No commission charges.
3. Access to some of the best exchange rates on the market.
4. Overnight ordering systems.
5. Telephone ordering system.
6. Managing transaction exposure.
7. Review of your banking currency conversion charges.
8. Meeting attendance to discuss currency conversion strategies that will suit your business
9. Assistance with establishing dealing lines
10. Access to a personal broker/consultant.
11. we provide pension transfers overseas and regular payroll transfers.

More about business services from fx-foreignexchange

Tags: currency conversion, currency exchange, fx, global currency exchange, international money, money transfers

Currency conversion is all we do. We trade many millions of Pounds sterling, US / Canadian / Australian dollars, Euros, Japanese Yen, UAE AED Dirhams in every week, on behalf of our clients. Of course, these are just some of the global currencies that we exchange.

Businesses seeking complete physical currency exchange at the very best market rates, use our services and save a considerable amount of money. They also save time.

We take currency conversion bookings over the phone at our dealing head office as all trading bookings are recorded. All you need to do in the first instance is register your business with us. This is free and there is no requirement to trade. It simply allows us to provide you with actual rates that you can buy and sell at.

“Better currency management…”

We provide a bespoke currency exchange partnership with our business clients.

We strive to understand the needs of our business clients and then suggest strategies that we believe will suit their business model AND save them money.

Some of our Services:

• Best foreign exchange rates on the market, consistently.
• A smooth transfer from your foreign exchange provider to Fx-foreignexchange by using our dedicated business manager.
• Customized strategies and tailored plans to suit your company.
• Immediate access to our personal dealing lines.
• Pension and International Payroll transfers

More information on our currency exchange services for businesses

Testimonials

Our Treasury provider

Our Lawyers and accountants

Tags: corporate, currency businesses, currency exchange, currency onversion, currency rate, exporters, importers

Fx-foreignexchange.com offer a bespoke business-to-business currency conversion and money transfer service.

Each business client has a dedicated foreign currency broker who they can call at any time during business hours to discuss any aspect of currency transfer and foreign exchange conversion.

Most businesses who use foreign currency services, use their own bankers. This is often because they already have an established business relationship and commonly believe that their bank will offer them a competitive currency exchange rate.

However, in almost all cases, our business-to-business foreign currency services will always be more competitive than a high street bank. we are faster too.

Banks will usually quote a foreign currency exchange rate that is not particularly competitive. They usually make a charge for the international money transfer and they will inevitably charge a commission.

FX-foreignexchange …..

• Make international money transfers without a transfer charge.
• We do not charge a commission.
• We inevitably offer a considerably more competitive currency rate because currency conversion is all we do.

In addition to the considerable savings a business can make by using our foreign currency services, our business relationship is paramount. This is why we dedicate a dealer to you. Our dealer can advise you on where savings can be made with rate alerts straight to your office, email or by text.

The dealer will also offer other savings that may suit your business profile. This may be by offering forward currency contracts, or spot deals when the rate becomes advantagous.

We send out daily emails with the currency rates from that morning as an advisory service. To request daily foreign exchange rates updates, just contact us.

We are confident that our business-to-business currency conversion services will make you savings. To find out how much we could save your business, call our business adviser on 0044 (0)1480 458400 or request a call-back here.

Tags: currency conversion, forward currency contracts, importers, international business, money transfers, payroll transfers abroad, spot rates, strenght of the pound, supplier payments

Get your foreign currencies direct from a commercial currency exchange supplier.

• You get a better currency rate
• Your currencies are dealt with, direct, by a currency dealer. No middlemen.
• Make regular monthly payments easier and less expensive
• No commissions charged, just currencies exchanged, then transferred direct to your nominated bank account.

Why would you use a bank to exchange your foreign currency?

• They are slower…. A currency broker has no motivation to hold onto your money.
• They generally charge a commission… Most currency dealers don’t.
• They offer less competitive exchange rates… By buying your currencies direct from an fx dealer, you nearly always get a better rate as exchanging money is all they do.

A good currency broker will be able to provide a multitude of fx services for private individuals and businesses.

To discuss how a foreign exchange dealer can help you, why not call fx-foreignexchange.com and see how much money a specialist can save you.

UK Head Office: 0044 (0) 1480 458400.

Tags: aed, best rates, currencies direct, currency dealer, dollar, euro, foreign exchange, pound

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.

. more…

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

FX-foreignexchange have a small team of specialist currency dealers, together with a support team, who cater for larger business clients such as trust fund companies, larger conglomerates with separate businesses in different financial zones around the world.

Often, these businesses have a long term arrangement to make regular money transfers. The individuals involved have other tasks to perform within the operation so they regularly go down the line of least resistance. They use their banks! Clearly, if you are a good customer, the bank will offer you a favourable rate but rarely will a bank offer the level of personal service that fx-foreignexchange can offer.

We were recently introduced to a Finance Director who had the task of transferring in the region of 1.4M Euros every month to his European counterparts. He had negotiated the costs with his bank and rang them to negotiate the rate each time he needed to make the transfer, so he felt that he had got the best deal for his business.

We were happy to demonstrate over 3 months that he had saved in the region of 20,000 pounds with a combination of spot rate buying, forward buying and stop-loss orders.

Of course, he didn´t have time to keep an eye on the rates. And, he certainly didn´t get a call from his account manager at the bank every time the rate was favourable. He didn´t even get a daily FX rate update on his email from his bank. He DID get all of that from us.

It retained company profits and made his job easier. If you would like an informal discussion on how we can help your business to retain more profit when dealing overseas, please call us and ask for David Osborne.

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

For more information, please visit fx-foreignexchange.com

Tags: aed, best rates, currency conversion, dirham, euro, foreign exchange, pound

Time to Sell your Dollars and Buy Euros?

The US Dollar has climbed back to a six-month high against the Euro. With continuing fears that the European economy is transferring from a gentle slow-down to a full-blown recession, the Dollar has made vast gains in the foreign exchange rate.

The German economy seems to be the largest cause for concern, with a low of $1.4571 to one Euro on Tuesday. Leading market analysts have expressed views that Germany appears to be heading into recession and will likely drag the rest of Europe with it.

The American dollar has taken full advantage of the situation, but European exporters must be pleased with the current situation as their goods will now be cheaper overseas.

Exporters from Europe can take advantage of the fluctuating rates by contacting a currency broker and arranging for forward ordering of currency to be made on their behalf.

Fx-foreignexchange have currency dealers specifically allocated to business accounts. The currency dealers develop an insight into their client’s needs and buy, or sell, foreign exchange accordingly leaving their clients to do what they do best while saving money.

Tags: dollar, eur, euro, foreign exchange, usd

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

Looking to buy, or sell AED’s?

• Get the best exchange rates through us.
• We have an office in Dubai for UAE dirham currency conversion.
• Save money through us. Currency transfers are usually made for free. We offer better exchange rates and we will be pleased to quote to handle your regular money transfers in AED, euro, dollars, pounds and more.
• Secure money transfers made using our treasury provider, HSBC.

Contact us by phone   +44 1480 458400,   or please fill in the short form and we will come back to you with a great currency exchange rate.

Remember to let us know whether you wish to buy or sell dirhams:

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Tags: aed, best rates, Currency, dirhams, dubai, gcen, global currency

The UAE dirham and international money transfers

About the AED:
AED, or dhs / dirhams, is fixed to the US Dollar. As a result, the recent decline in the value of the US Dollar against the Euro and the GB Pound has had an obvious effect on the AED rate when trading currency in Europe.The UAE dirham (AED) is divided into 100 fils. Coins are in 5, 10, 25 and 50 fils and AED 1. Notes are in denominations of AED 5, 10, 20, 50, 100, 200, 500 and 1,000. $1 = 3.6722AED and currently £1 = 7.2504AED.

Currency exchange between Dubai and London:
With the opening of the Gatehouse Bank Plc in Central London, a fully compliant shariah bank, there is likely to be an influx of interest in exchanging AED´s for Pounds.
There are no restrictions on the import and export of money into, and out of, Dubai.

Everyone holding a residence visa in Dubai is allowed to open a bank account and to import and export funds, although it’s unusual for people to bring funds into the country with the current excepion of foreign funds being used to buy property in Dubai. Accounts held overseas are of no interest to the fiscal administrations in any of the states. No declarations of currency are required when entering any of the territories, so travellers can move currencies in and out without restriction and in any form that they choose.

International bank transfers are something the Dubai currency exchange brokers handle comfortably. The money transfers out of Dubai have long been a lucrative business, particularly since the property boom began in recent years. The large number of expats who have moved to Dubai regularly exchange their money, and make transfers abroad to their home country.

How to transfer aed and get the best exchange rates:
All the retail banks will transfer money to any destination and in any currency. Many people find it convenient to use their own bank to transfer money overseas, but there are plenty of currency dealers offering this service, so shop around to obtain the best currency deal. The main factors involved in transferring funds overseas are the exchange rate offered and any commission charges plus the money transfer charge. The rate quoted by a high street bank may look attractive, but if the combined charges are high, you might be better off with a company like fx-foreignexchange. In addition, many overseas receiving banks will make a recipient charge. Using fx-foreignexchange, there will not be any receiving charges in most cases.

Different transfer systems are available, and the speed of transfer is the main determinant of the charge levied. The methods are postal, bank-to-bank, telex, telegraphic and SWIFT (or similar titles). For an explanation of currency terms, visit this page.

If you intend to send significant amounts of money abroad for business transactions, such as buying a property, or making a payroll payment on a monthly basis, ensure that you’re given the commercial rate of exchange. The tourist rate or standard rate that you see quoted in your newspaper or posted on the bank’s currency exchange board can be considerably bettered for large exchanges and transfers.

Fx-foreignexchange have a currency trading office in Dubai.

Get a quote for the best aed, eor, gbp currency exchange rate today, just call +44 (0) 1480 458 400
or simpy fill in the form:

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Tags: aed, currency exchange, dubai, gcen

A Payment Management System (PMS) for overseas payroll payments has been developed for the London based Global Currency Exchange Network Ltd. (GCEN). GCEN provides worldwide payment and currency services for individuals and businesses for purchasing of Overseas property, emigration, business payment transfers, payroll processing; any function requiring the transfer of funds in a variety of currencies.

The overseas payroll payment system is designed to integrate, and automate, the payroll transfer service offered to clients worldwide. This service allows companies with staff from around the world, to provide their employees with the ability to transfer money to their banks in their home, or other, countries. Clients such as shipping lines, cruise lines, airlines, currently make use of this to provide enhanced payroll service for their employees to transfer allotments to a spouse or other family members, home mortgage or other loan payments, while they are away from home.

Because Global Currency Exchange Network aggregates large amounts of currency exchange, they can negotiate favorable exchange and process rates with global clearing banks such as HSBC. Using these favourable bulk rates, GCEN can offer their clients exchange services at rates significantly below what the individual client could obtain on their own and still make a profit on the exchange. This allows the client to provide a valuable service to their employees at a reasonable cost.

GCEN currently performs this function using a wide variety of different mechanisms for clients including Cunard Lines, Carnival Cruise Lines, Steiner Transocean, and others. PMS allows Global currency exchange to standardize all stages of the processing, and allows their clients to use a standard Internet access to enter employee and payee data along with payroll and contract transactions. This information is collected and grouped by client, currency and destination bank account. GCEN then enters the financial factors and the system calculates the exchange rate and the resulting amount to transfer for each payee and currency. When this is completed the data is exported in any of a number of formats for use by various bank clearing houses worldwide and the funds are then transferred to the payee accounts in the correct currency.

PMS also provides funding requirements and transaction detail data for each client for the various payment transactions that tells the clients not only the aggregate amount they must fund to GCEN for the transfer, but also the individual transaction details for each employee. Reports can be generated at each stage of the process beginning with Employee and Beneficiary import, Transaction import, approval and release to processing, GCEN processing and funding, etc. Data is available to the client and their employees showing current and historical transactions for each employee.

System configuration allows Global Currency Exchange Network to customize the function and appearance of the system for each client including features such as client logo, whether employee data is stored on the system or regenerated with every payroll cycle (some clients prefer this for operational and security reasons) and other client specific details.

This system is ideal for all businesses who employee personnel who wish to receive all, or part, of their monthly wages in a currency other than the employer´s bank. The business management is handled at fx-foreignexchange. For more about the company, view the website.

This Personnel Payment System is perfect for cruise ship companies, airlines, large corporate company´s with major work forces worldwide, seasonal immigrant workforces such as fruit and vegetable pickers.

To discuss how fx-foreignexchange can improve your Company´s profitability and aid your workforce, contact us on +44(0)1480 458 400 or fill in the contact form below.

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Tags: global, global currency exchange, overseas, payroll, wage transfers

Get the best currency exchange rate available today…

Just call our Head Office on

+44 (0) 1480 458 400 if outside the UK,

or 01480 458400 ( in the Uk) and we’ll quote you the best exchange rate for Euro, usd, gbp, aed and more.

Alternatively, fill in the short form below, and we will get back to you with the best foreign currency exchange rate.

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See today’s currency exchange rates for aed, usd, gbp, pounds here.

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