Frequently Asked Questions
If you have a question that is not on this list, please email us at: info@currencyguide.co.uk We will respond to your query within 48 hours.
Q1: Banks and brokers are regulated which means they cannot give me a bad deal, can they?
Q3: Currency brokers know which way markets are moving - that is their job, isn't it?
Q4: Is information contained in this guide available on internet?
Q5: How do the currency guide make money?
Q6: How long will it take to read the guide?
Q1: Banks and brokers are regulated which means they cannot give me a bad deal, can they?
A: A recent comment from the Office of Fair Trading said that much of the retail banks' revenue is "derived opaquely", meaning that banks make the most of their revenue through customer ignorance. Many people do not realise that foreign exchange for physical delivery is an unregulated service (Customs and Excise regulations cover anti money laundering only; FX companies need to be registered with the FSA but there is still not the same level of protection as in other financial services areas) therefore there is no recourse if you think you have been mistreated. Industry accreditations that companies often proudly display are little more than a marketing gimmic, so this is really a case of caveat emptor or buyer beware!
Q2: I have been recommended to a good currency broker by my friendly estate agent - shall I use them?
A: Many overseas property agents work with currency brokers who pay the agent an introductory commission when you do business with them. Do you really want to give the agent more money?
Q3: Currency brokers know which way markets are moving - that is their job, isn't it?
A: Do not be fooled by a broker's carefully worded sales pitch, designed to make you agree to an uncompetitive deal. Remember, sale persons might sound like they know what is likely to happen in the currency markets but in reality chances are that you could probably guess the direction of a currency move correctly on as many occasions as the so called experts. When you trade the more 'exotic' currencies you really need to be on the ball because there is definitely a lack of price awareness.
Q4: Is information contained in this guide available on internet?
A: Yes, certainly, but we have brought it all together in the same place for one purpose: to help the consumer. Brad has been at the sharp end for many years; his experience is invaluable and will save you not only money but time wasted researching, checking and negotiating.
Q5: How do the curency guide make money?
A: We primarily deal with businesses and individuals wanting currency investment. Many of those we have dealt with occasionally have a need to actually move money and want to know the best way to do so. By referring clients to carefully chosen partners we are satisfied with, clients will get a good deal and we get a referral fee from that company.
Q6: How long will it take to read the guide?
A: The guide has been put together carefully so that, whatever your situation, you can quickly arm yourself with the information you need in as little as 30 minutes. We have strictly stayed away from industry jargon that brokers normally use to confuse you and we have written the guide in plain English.
