Sending Foreign Currency - How Does It Work?

It couldn't be simpler. Login (or call FTT) and set the amount of foreign currency you need. FTT will instantly tell you the best rate of exchange. You accept and FTT guarantee it. You then send FTT your domestic currency and they send the agreed foreign currency to the bank account you specified.

•   How long does it take? It's fast. You can register with FTT in 2 minutes and set up a payment immediately. As soon as FTT receive your funds they send your foreign currency out the same day. British Pounds, US Dollars and Euros arrive the same day, anywhere in the world. Most other currencies will clear in the specified account the next working day.
•   How do I get my funds to FTT? Sending your funds to FTT could not be simpler. FTT sends you an email that confirms the exchange rate they agreed and also tells you their bank account details. Contact your bank or use your internet banking and send your domestic currency to FTT. This can happen the same day or (if your bank is not up to date) can take 3 days. Don't worry though, your exchange rate is fixed whilst FTT waits for the bank to deliver the money.
•   Will I save money? Yes. FTT is the most cost efficient way to send money overseas. They have much lower overheads that banks or brokers and pass these savings on to our clients, saving you up to 4% of the amount transferred.
•   How much does it cost? Making an international payment through FTT is free. There are no fees or hidden commissions. FTT makes a small amount on each payment in the difference between the exchange rate they get and the exchange rate you get. Payments below £3,000 carry a small processing charge to cover FTT's costs.
•   Can I use my bank? You can use your bank instead of FTT but you will get far less foreign currency for your money than FTT will give you. Banks also normally charge you a fee to make the payment. They will probably ask you to fax confirmation of your needs. Usually the bank won't tell you the rate until after the payment is booked. Who's rate would you trust?
•   Am I eligible for an account? Anyone can open an FTT Account. FTT caters for both individuals and companies. They will check all the customers' details to ensure they are only sending money for genuine people.
•   Is it safe? Absolutely. Your money is completely secure in the FTT Client Segregated accounts with Barclays Bank Plc and insured up to £1m per transaction by Hiscox Plc. FTT has have never lost a penny of their clients' funds and has made thousands of payments totalling many millions of pounds.
•   Are there minimum or maximum amounts? FTT can transfer any amount for you, no matter how big or small. However, if the amount is below £3000 FTT has to charge a small processing fee to cover their costs. This is up to £12 which is still much cheaper than banks.
•   Can I cancel a payment? If you need to cancel a payment because your situation changes, please call FTT immediately on the number above and they will do all they can. When FTT cancels a payment they have to sell the currency they had bought for you. If this is at a loss, then FTT would ask you to cover the costs.
•   Will I know the rate up front? Yes. Unlike your bank, FTT tells you the rate before they do the exchange. Unlike any other currency broker, FTT tells you the real rate you would get before you register with them. FTT is proud of how good their rates are and don't need to hide them from you. They are FTT's best selling tool!

Receiving Foreign Currency - How Does It Work?

It couldn't be simpler. FTT provides you with their foreign currency bank details and a unique ID number. You provide these to whoever is sending you the foreign currency. When the funds arrive, the FTT system emails you to let you know. FTT converts the currency into your domestic currency at the best rate of exchange and sends your domestic currency to the bank account you specified.

•   How long does it take? It is fast. As soon as FTT gets the foreign currency funds that belong to you they send your domestic currency the same day. British Pounds, US Dollars and Euros arrive the same day, anywhere in the world. Most other currencies will clear in the specified account the next working day.
•   How do I get my funds to FTT? Send the FTT bank details to whoever owes you foreign currency (this may be by email or put on an invoice). They will then send the foreign currency to the FTT bank account in the UK by international wire or transfer. FTT holds accounts in the UK for over 40 currencies.
•   Will I save money? Yes. FTT is the most cost efficient way to receive foreign currency. FTT has much lower overheads that banks or brokers and pass these savings on to our clients, saving you up to 5% of the amount transferred.
•   How much does it cost? Receiving an international payment through FTT is free. There are no fees or hidden commissions. FTT makes a small amount on each payment in the difference between the exchange rate they get and the exchange rate you get. Payments below £3,000 carry a small processing charge to cover their costs.
•   Can I use my bank? You can use your bank instead but you will get far less domestic currency for your money than FTT will give you and they will charge you a fee to make the payment. In most cases, if someone tries to pay foreign currency into your UK bank account directly you will lose up to 5% of the amount due to bad exchange rates from your bank.
•   Am I eligible for an account? Anyone can open an FTT Account. FTT will check all their customers' details to ensure they are only sending money for genuine people.
•   Is it safe? Absolutely. Once the funds arrive with FTT your money is completely secure in their Client Segregated accounts with Barclays Bank Plc and insured up to £1m per transaction by Hiscox Plc. FTT has never lost a penny of their clients' funds and has made thousands or payments totaling many millions of pounds.
•   Are there minimum or maximum amounts? FTT can receive any amount for you, no matter how big or small. However, if the amount is below £3000 FTT has to charge a small processing fee to cover their costs. This is up to £12 which is still much cheaper than banks.
•   Can I cancel a payment? If you need to cancel a payment because your situation changes, please call FTT immediately on the number above and they will do all they can. When FTT cancels a payment they have to sell the currency they had bought for you. If this is at a loss, then FTT would ask you to cover the costs.
•   Will I know the rate up front? As soon as FTT has your funds they can set the exchange rate for you. This will always be at the best market rate available to FTTat the time.