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Private clients - Frequently asked questions

Why should I use International Currency Network?

ICN are specialist in Foreign Exchange and our dealers have over have over 50 years experience in the Currency Markets. Our rates are amongst the most competitive and we offer our customers a dedicated personal service with peace of mind that their money is totally secure.

Where Do I Start?

You will need to complete a simple registration form and provide us with photo ID (for example a passport) and a recent utility bill showing your current address. This will ensure your account with us complies with regulations laid down by HM Customs and Excise.

Am I committed to exchange currency after my account is opened?

There is no obligation to buy currency after registration. As registration is free we recommend that you open your account now even if you are not ready to trade. This ensures that at the appropriate time there will be no delay in sending your money abroad.

Are there any hidden charges?

Our services are free of charge. Any transactions over 10,000 are free of transfer charges. All amounts under 10,000 will incur a 15 telegraphic transfer fee.

What rate of exchange will I get?

Our rates are based on real time/live inter-bank money market rates. We can therefore offer our clients superb commercial rates of exchange compared to the inferior tourist rates offered by High Street Banks.

How safe is my money?

Clients’ money is received into a segregated Client Holding Account at Barclays Bank PLC (similar to a Solicitor Client Account) the money is held there in the client’s name. We simply convert the money into the currency of the client’s choice and transfer the funds to the account at a specified bank abroad, nominated in writing by the client.

How do I pay for my currency?

By BACS or CHAPS/Telegraphic Transfer from your bank or building society.

Once my account is opened how can I trade?

You can contact our dealers by phone and discuss your requirements there and then.  Once your instruction has been given and accepted by our dealer you will have formed a contract between yourself and ICN.  A Contract Note will be issued to you by fax, email or posted.

This will confirm the amount of currency purchased and the exchange rate achieved. A Telegraphic Transfer Instruction Form will be included for you to complete so we know where to pay your currency.  These documents need to be signed and returned to us.  The contract Note will also include payment instructions for your bank to forward the payment to our Client Account.  Full payment is required for Spot Contracts within 48 hours.  For Forward Contracts a 10% deposit is required immediately and the balance received 3 working days before the Value Date.