Foreign Currency Transfers

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We work with carefully chosen referral partners who are independent foreign exchange brokers, allowing individuals and companies to achieve a valued service and competitive currency exchange rates from one of the top payment service providers in the market. 

Whether you wish to obtain more for your money, reduce currency risk or simply be assured of reliable payments service our partners can take care of all your currency requirements.

This can be of great use to many of our clients such as:

  • Paid salary/bonus payments in a foreign currency
  • Foreign nationals transferring savings from abroad for their mortgage deposit
  • Clients being gifted their mortgage deposit from loved ones abroad
  • Buying / selling / making ongoing mortgage payments for a property overseas
  • Own or manage a business with international activity

For example, if you were looking to buy a home in the UK but your deposit is coming from family from abroad, our partners can ensure you receive the best available exchange rate and pay reduced fees compared to sending the money via your own bank. This could boost the amount of actual deposit available in British pounds when received, or reduce the cost to the sender.

Services and benefits offered by our Foreign Currency Transfer partners:

Collection accounts

Their Collection Accounts with multi-currency IBANS offer a more efficient and cost-effective way for their clients to receive foreign currencies when selling their products or services. These named accounts can be set up in any company name without the time-consuming bureaucracy that is typically involved. With Collection Accounts, their clients’ customers can make payments in their own currency to a local bank account, creating a more seamless trustworthy process.

Fast Payment

Your payments are sent through the most efficient and secure routes via their international money transfer service. Enabled by our SWIFT membership and global banking partners, your international suppliers can trust that they’ll get paid on time.

Full Audit Trail

They provide transaction receipts online and by email so you have a fully auditable payment trail. You can review your account history online as well as keep up-to-date with any outstanding balances.

Multi-Payment:

Bulk pay multiple recipients across multiple currencies through a simple file upload Online or through your dealer, reducing time spent on administration.

Secure:

They take the security of your payments and business seriously by safeguarding your funds through our accredited FCA-regulated facility.

Security and Payment facilities:

Transact in 36 currencies allowing you to send domestic and international payments to over 180 countries.

Limit Order:

If you’re looking to achieve a specific rate, they can arrange a limit order. This allows you to target a specific rate of exchange. They monitor the markets on your behalf and should the market reach your predetermined exchange rate, your currency is bought or sold automatically. Your order can be amended or cancelled at any time prior to the transaction taking place. There’s no charge or fee involved in arranging a limit order.

Stop Order:

A stop loss order works in exactly the same way as a limit order but offers you protection should the exchange rate start to move in the wrong direction for you. You can set a stop loss order as an insurance tool, meaning that if the rate moves against you and in the opposite direction to the market trend, you are guaranteed that a worst-case scenario rate is secured at a pre-agreed level so there is no risk of the rate continuing to drop below your budget level.

One Cancels Other (OCO):

This is a combination of a limit and a stop order. During certain market conditions it may seem ideal to place a limit order and try to achieve a rate better than the current market position, however there is always a chance that it may not be achieved and the exchange rate could move against you. The OCO trade allows you to set a best- and worst-case scenario and the rate is secured whichever level is achieved first.

Please note that those products and services promoted here are not part of the Openwork offering and are offered in our own right and those of the firms referred to. Openwork Limited accept no responsibility for this aspect of our business.

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