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. Our goal is to give you better rates than banks and other FX brokers. 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, and there is no obligation to use it. Pricing is clear, and the margin (the live rate you can trade at vs. the interbank rate) is fixed from the outset. For deals below £5,000 in value there is flat £10 trading fee. We are charged £10 per payment but if your trade is larger than £5,000 we cover it. If you make multiple payments from one trade we will agree terms when the account is open. It will never be more than £10 per payment.
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 and The Currency Cloud depending on the account you have with us. They are both authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Reference Number 900797 and 900199 respectively) Ebury and the Currency Cloud 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, Ebury or The Currency Cloud for operating costs.
How do I open an account?
Click on the relevant button on the Homepage for either a personal or Corporate account.