FAQ's

Here are just some of the questions most frequently asked. If your question isn’t answered here, please contact us as you are no more than a few moments away from a friendly and helpful voice.

Click on a question for more information.

Q. What services do FirstFX offer?

A. We offer a range fo services including FX currency cash, currency cards, money transfers and corporate currency cards and normally guarantee to quote you a better exchange rate than your bank or the main high street providers. We will ensure you save not just a few pounds but very significant savings usually on the cost of the amount being transferred. For example, a client transferring £200,000 into euros was recently quoted 1.18 by their bank and would have received €236,000. We quoted 1.20 and paid €240,000. Just get in touch to compare your bank's rate with ours. The larger the amount generally the better rate we can provide to you.


Q. How do I save money?

A. We normally guarantee to quote you a better exchange rate than your bank. We will ensure you save not just a few pounds but very significant savings usually on the cost of the amount being transferred. For example, a client transferring £200,000 into euros was recently quoted 1.18 by their bank and would have received €236,000. We quoted 1.20 and paid €240,000. Just get in touch to compare your bank's rate with ours. The larger the amount generally the better rate we can provide to you.

Q. Do you charge commission or charge a fee for wire payments and wire transfers?

A. No, we never charge commission or fees on normal business. And there are no other hidden fees or account charges, we will absorb the wire or payment charges for all transactions when sending your money from the UK to abroad or vice versa.  To enable us to do this we have a minimum £500 transfer amount. 

Q. How does FirstFX make money?

A. Banks and large financial institutions trade with each other in large amounts (e.g. amounts over £1m) at a rate called the interbank rate. We make money on the tiny difference between the rate we quote you and the interbank rate. This is known as a spread. We can pass this advantage on to our clients by generally taking a far smaller spread than the banks. In addition there normally is no hidden fee on top of the rate that we quote you as explained above, which is contrary to banks who almost always levy a charge.

Q. How does FirstFX manage to make any money on such small spreads?

A. The answer is state of the art secure technology and rapid processing, which enables us to go into the market looking for the best rates and pass them on to our clients.

Q. How much can I transact with FirstFX?

A. Open an account and place the order in the Make a money transfer secure area of our platform and we will take care of the rest. All orders can be placed online or or through contact with one of our friendly, helpful staff in client services or dealers and they will be happy to discuss anything from account opening to advising on our current exchange rates. The larger the amount you want to transact, the better the rate we can generally provide to you.

Q. How do I open an account with you?  How long will it take?

A. Whether you are a private individual, business or prospective FirstFX agent your account can be opened in 3 easy steps in 3 minutes or less. We use the latest online technology to help you open your account quickly and easily using our prompts, links and drop down lists for you to “click” your way through the process. You simply need a current 'driving licence' or 'passport' as ID - we need these details online to comply with UK Money Laundering Regulations. No document scanning, posting or copying is necessary. It all can be done online!
 
Once you have completed the online process we open your account to enable you to make place your first order or gain access to our FirstFX Logistics platform usually within an hour or as soon as possible. When you set up an account with FirstFX you’re under no obligation to transact with us. But you’ll get a great rate whenever you do use us.

Q. Can I transact online?

A. Yes you can. FirstFX Logistics - our secure online platform allows you to manage all your foreign exchange transactions and payments whenever it suits you. With FirstFX Logistics you are in charge, and you can:
 
• Use our FX Rate calculator to check our rates on a “no obligation” basis and if you like a rate book an international money transfer transaction and use our FX Rate Alert function to ensure you get an email message when a rate you want is available in the market;
 
• Make a money transfer and retain the details for future use. This is useful if you have a recurring transfer on a regular basis and manage all payments, beneficiaries, bank details. Just set them up to use time and time again in future transfers and update your security and personal details;
 
• If you are a FirstFX Agent - view your personal details, bank accounts set up and clients you have introduced to FirstFX;
 
• View your statement - transactions for the last year and longer and access the system 24/7.
 
You need an account with us to be able to use FirstFX Logistics. If you don't have one, it's easy to set up and free of charge. If you already have an account give us a call on +44 (0) 207 778 9368 or email us at clientservices@firstfx.co.uk  and we'll get you set up or answer any queries you may have.

Q. How safe is my money? Is FirstFX regulated?

A. Our registered company number is 08433786 FIRSTFX Limited and by processing all transactions through our partner FairFX, who are authorised and regulated by the FCA (Financial Conduct Authority) under the Payment Services Regulations 2009 (FRN 192815) for the provision of payment services, our client’s funds are protected. All funds are secure and go from bank to bank and into a client account which is entirely separate from any operating bank accounts.  Click here to see more about your security.

Q. How long does a transfer take?

A. This depends on a few factors including the currency you are sending or buying, the bank you use and the size of the transaction.
 

  • Sterling, US dollars or Euros
 
We will usually make a same-day payment when we receive your funds. This will arrive fully cleared with your bank the same day though they may not credit your account until the next business day.
 

  • Other currencies
 
Once we have received your funds, please allow around one additional day for your payment overseas to reach the beneficiary. The length of time depends on the currency. For example for Swedish kroner, it will be additional one day; for East Caribbean Dollars please allow an additional day or so. We will send rapidly once you have paid us but cannot guarantee exactly when the overseas bank will credit the funds to your beneficiaries account.
 
If you need funds to arrive by a particular date please call us for advice and accurate information for the country you are sending funds to and we will be very happy to advise you.

 

Q. What rate will I get?  - Will I get the same rate I see online?

A. The rate will depend on the amount being transferred and the date you want the funds to arrive.
 
Generally, the rates you find online are mid rates based on the inter-bank rate. This means they are an indicative rate halfway between the buy rate and the sell rate. No-one can trade at these rates. FirstFX however, will quote you an exchange rate closer to these mid rates. If there is a particular exchange rate you are trying to achieve, we watch the rate for you and do the deal or let you know if the rate is reached. Please contact us.
 
Indicative exchange rates are on our FirstFX web site homepage currency converter and this provides an indicator only of market rate movements. Remember that these are the interbank rates for very significant amounts in millions traded between the banks. Smaller amounts will get slightly lower rates, however FirstFX will seek to get the best available in the market for these amounts.
 
Rates quoted on FirstFX Logistics
 
The rates quoted on FirstFX Logistics are linked to the live foreign exchange market and incorporate our spread. When the market is open you can enter orders (during our working hours) the rate will constantly fluctuate throughout the booking process on our platform until you click ‘Make a Money Transfer” and submit your order. At this point the rate is fixed and sent to our dealers who will book the transaction at this or the closest rate to it and send you a confirmation.

Q. Can I fix an exchange rate for a future date?

A. Yes, this is called a forward contract. You can fix a rate today for any future date from one week up to one year. You might need to pay a deposit and pay the balance a day before the pre-agreed future date. This can be ideal if you have to pay the balance on a foreign property in three months’ time and you want to know exactly how much your property will cost in pounds sterling. This arrangement is also very popular with our business clients when managing their FX rate risk on foreign contracts or future currency cash flows in or out of the business. Our dealers have significant expertise and experience in this area and will be happy to advise you. Please contact them.

Q. Will FirstFX accept funds from a different source / account?

A. Yes, we can receive funds from an account in a different name to yours, but for AML (anti money laundering) regulations we will need to verify the source. Please contact our compliance team for more details.

Q. What are the differences between using FirstFX and someone else?

A. We believe there are a number of real tangible benefits to using FirstFX versus your bank or another currency company:
 
• FirstFX rates are amongst the best available in the market. We don't charge commission and there are no other hidden fees or charges unlike many of our competitors;
 
• You can transact securely online using FirstFX Logistics or on the phone, it’s your choice and whatever you find more convenient. Our goal is to make the whole process straightforward and stress free;
                                         
• We can tailor and customise all our FX products just for you on request - We aim to rapidly and securely process your international money transfer and get the funds to your beneficiary when and where you want them. Please contact us and explain your requirements and we will help you customise our service to meet your needs;
 
• We believe our quality client service will truly impress you and sincerely hope that you will make FirstFX your FX service provider of choice. We urge you to choose FirstFX whenever you need FX assistance. We resolutely encourage you to compare us to your bank or existing currency company -We are confident you will be impressed with our rates and our service.

Q. What happens if my funds don’t arrive?

A. This will be extremely rare but if your funds don’t arrive within the expected timescale, then let us know as soon as possible so that we can set up an investigation with our bank. We will continue to liaise with our bank until the issue has been resolved and the beneficiary has received the funds, and we promise to keep you informed every step of the way.
 
Contact us:
 
+44 (0) 207 778 9368 or e mail us at clientservices@firstfx.co.uk or request a call back.

Q. What if I am unhappy with the service I receive from FirstFX?

A. This is also very rare. We strive to ensure that every client receives the best possible service from us. However, if you are unhappy with any aspect of your transaction with us, please contact your dedicated dealer. This will always be investigated and you will receive a formal response. We appreciate all feedback, both positive and negative, as it will help us to tailor our services towards your requirements in the future.
 
Contact us:
 
+44 (0) 207 778 9368 or email us at clientservices@firstfx.xo.uk or request a call back.

Q. What is a Founder Client?

A. At FirstFX, we recognised that establishing strong, lasting and close relationships with our Founder Clients – whether you are a business or an individual – is an integral part of our on-going success. In return for your valued commitment to us - as one of our very select FirstFX Founder Clients, we promise to treat you in a unique and privileged way.
We promise you your very own bespoke service by making available to you one of our dedicated FirstFX Dealers.  Your FirstFX Dealer will be at your disposal to provide you with advice and whatever assistance you may require. 
For instance:  Whether you go on line or by phone to place a FirstFX  order, we will ensure that you receive a privileged Founder Client rate – which is always over and above our already unbeatable rates!  It doesn’t matter if you are ordering £5k or £5m – this extra discount Founder Client rate is always available to you. 
As a result of Founder Clients being also registered as a FirstFX Agent., any new business introduced to us will earn you up to 10% on the revenue that is brought to us from that client introduction – for three years.

Q. How do I earn commission as a FirstFX Agent?

A. FirstFX can help you make money and help your friends, family and business contacts get just about the best FX rates and service in the market. Join our rapidly growing team of foreign currency exchange business introducing agents.
 
We will pay commission of up to 10% every month directly to you for any business that we transact with a client you have introduced to us*. Furthermore we pay you up to 10% of what we earn from each transaction – no hidden deductions, fees, costs taken off.
 
We pay 5% of our revenue on all transactions up to GBP 200,000 equivalent and 10% on transactions over GBP 200,000 equivalent. E.G. if we were to make GBP 2,000 on a transaction where the size is over GBP 200,000 we pay you GBP 200.
So the larger the order placed by the new client you introduce to FirstFX, the more commission you will personally receive.
 
We pay commission to you for the first three years on all transactions conducted by clients you introduce to us*.
 
* Commission will be payable solely on new clients that you introduce to us. The commission will not apply to clients that have previously registered with FirstFX or FairFX Plc and or introduced by another agent.
 
We will pay commission every month by BACS transfer directly into your bank account that you set up online in our FirstFX Logistics secure area. Please click on the link to open an Agent account.



Currency Live Updates

Latest Rates: 23 July 2017 07:30:02
GBP/EUR
1.11400
GBP/USD
1.29950
GBP/AUD
1.63980
GBP/CHF
1.22820
GBP/JPY
144.44830
EUR/USD
1.16660

The currency exchange rates quoted here are mid-market price Interbank Market Rates. These give an indication of current market prices. Open an account or logon to ‘FirstFX Logistics to obtain our competitive rates based on any amount.

View all live rates

Account Sign up today

This account sign up is for INTERNATIONAL MONEY TRANSFER accounts ONLY. Please go to "FX CASH/CURRENCY CARDS" at the bottom right of our Home Page to register and open a separate Travel Cash. Currency Card Account for free with no obligation with delivery directly to your home address. No charges over a minimum amount of currency ordered.

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