Frequently Asked Questions
Foreign Money offers better exchange rates, lower fees, and faster transfers than most traditional banks. We provide tailored support, flexible transfer options, and access to currency tools that banks typically don’t offer. Whether you're moving money for personal or business reasons, we make the process more efficient, cost-effective, and secure.
To register, you’ll complete our onboarding process, which includes necessary AML (Anti-Money Laundering) and KYC (Know Your Customer) checks. Once these are successfully completed, your account will be set up and ready for trading. From there, our FX specialists will support you with your trades every step of the way.
We create personal IBAN accounts for our clients, enabling local collection of funds. This bypasses traditional international SWIFT transfers, resulting in faster, more efficient, and uninterrupted transactions.
Most online transfers are completed within 1 to 2 working days, depending on the currencies involved and the destination country. Some transfers may be processed and received on the same day. We’ll keep you updated on the expected transfer time when you are ready to trade.
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Specialist FX providers typically offer more competitive exchange rates, lower fees, and faster settlement times than traditional banks. Clients also benefit from tailored support, flexible transfer options, and access to risk management tools. This results in greater efficiency and cost savings for both individuals and businesses.
Your funds are handled securely through our payment partner, Currencycloud, which is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. Currencycloud is also backed by Visa, ensuring robust security, compliance, and reliability throughout the payment process.
There is no upper limit on how much you can send abroad through Foreign Money. Additionally, larger transactions enable us to reduce our admin fee and help you save more on your transfers. Our team will guide you through the process to ensure a smooth and compliant transaction regardless of it's size.
Our streamlined onboarding process can get your account set up the same day. Once your account is active, most transfers are completed within 1–2 working days, depending on the currency and destination. In many cases, funds can arrive the same day. We’ll always keep you informed of the expected delivery time when you book a transfer.
To open an account, we typically require a valid photo ID (such as a passport or driver’s licence) and proof of address (such as a utility bill or bank statement dated within the last 3 months). Business clients may need to provide additional documents, such as company registration details and proof of ownership. Our team will guide you through the process to ensure a smooth and quick setup.