Foreign Exchange in United Kingdom
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Total Posts: 1 Last post by Angelika
Total Posts: 1 Last post by Angelika
Foreign Exchange in the UK
When doing business in the UK or looking to set up there, one key thing to consider is how to make payments to and from the UK and how the exchange rate (between British Pounds Stirling and your current home currency) can affect your costs, profits and budgeting. We save time and money on all international payments and transfers by you using our secure and seamless online service.
The official currency of the United Kingdom is British Pound Sterling, also known as the Great Britain Pound or GBP.
Foreign exchange is, simply, the trading of one kind of currency for another. The foreign exchange market has no central exchange, and is run primarily 'over-the-counter' by banks, companies and ordinary people who are constantly trading currencies. Investors and entrepreneurs can respond instantly, 24 hours a day, to changes in the foreign exchange market, which are invariably affected by economic, social and political occurrences.
There isn't a single exchange rate, but rather a number of different rates or prices depending on what banks or market makers are trading, and where they are doing so.
Among others, the main participants in the foreign exchange market are:
- Commercial companies
- Hedge funds
- Foreign exchange brokers
- Investment management companies
Factors which influence the foreign exchange market are:
- Government deficits or surpluses
- Trade levels and trends
- Inflation levels and trends
- Economic growth and health
- Political Conditions
- Market Psychology
In order to obtain a good deal on the exchange using a currency broker is advisable. Not only can a currency broker provide a competitive exchange rate, they don't have the excess costs of high street bureaus or banks.
You can also use a 'watch' service, which allows you to set a target exchange rate, and, once that rate is reached, your broker will exchange the currency for you. Exchange rates fluctuate every minute and hour of the day, and a broker will always have their finger on the pulse, ensuring you get the best deal at the right time.
How to send money to the UK
Simply register online and follow our straightforward booking process. You will need to have the following details handy to make a transfer to UK;
- Beneficiary name – Please enter the full beneficiary name to enable the bank to accept the payment. No nicknames.
- Bank name – Please enter the full name of financial institution.
- Swift code – The SWIFT is an international standard for identifying a bank and it is 8 or 11 characters long.
- IBAN - IBAN is an international standard for identifying an account and it consists of up to 34 alphanumeric characters, it is an extension of your existing account number.
- You may want to add a reference that is relevant to your payment.
Organisations that can assist with Foreign Exchange
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