Answering some of the most frequently asked questions.
What is foreign exchange [FX]?
Every time you exchange one currency for another is a foreign exchange [FX] transaction.
How do I pay for the currency I am buying?
By making an online payment or bank transfer to the account details we provide you with. You can trade first and pay by the settlement date, or deposit funds first and then use them to settle trades. You must send us the funds required to settle your trade. (Forward trades will typically require a 5-10% deposit, with the balance due on the settlement date.)
What are Same Day, Next Day, Spot and Forward contracts?
Certain currencies (GBP, Euros and USD for example) can be bought for immediate settlement/delivery = same day, or for the next working day. A Spot trade means the settlement and delivery date is two working days after the trade. A currency bought for delivery beyond two working days and up to two years is called a Forward contract. Forward contracts can be used to lock in an exchange rate today for a later date.
How does HampdenFX pay my beneficiary, and when will the money be received?
On receipt of cleared funds, payments are released to the beneficiary account details you have supplied. The funds will credit their account on the same day if in Western Europe or the US, and on the next working day for most other currencies/locations. Our payments team can advise you of what timings are possible for the currency you wish to purchase and send.
How does HampdenFX save me money?
We enable you to access exchange rates very close to the mid-market price which you wouldn’t normally be able to acquire yourself. This means you save money compared to who you might normally use to convert currencies and make international payments. Transparent pricing and fast settlements save you time and money. Say goodbye to bank charges, expensive currency accounts and poor exchange rates.
What are the costs, and are there any other fees?
Setting up an account and having your own named currency account costs nothing. All costs are included in the exchange rate. The exchange rate you are offered compared to the live interbank rate is agreed when the account is set up. There are no further fees, commissions or payment fees unless previously agreed when your account is set up.
Can HampdenFX receive foreign currency on my behalf?
Yes we can. We have over 70 different currency accounts which we can receive funds into. You can also have an account in your own name if you expect to receive several payments from third parties and would like to use your name and account details on your invoices.
Is money safe with HampdenFX, are you regulated?
HampdenFX’s Payment and Foreign Currency Exchange Services are provided by Ebury Partners UK Ltd. Ebury Partners UK Ltd are authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Reference Number 900797) registered in England and Wales (registration number 7088713) and The Currency Cloud Limited is registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199)' Both Ebury Partners UK Ltd and The Currency cloud are the FCA regulated entities who handle all your funds, manage all compliance and anti-money laundering requirements that regulate our business. All funds are held in segregated bank accounts and can therefore not be used by us or either Ebury or The Currency Cloud for operating costs.
How do I open an account?
Click on the relevant button on the HampdenFX homepage depending on the type of account you require.