Foreign Exchange - Money Transfers - ONLINE & WORLDWIDE

By-pass your bank for a better deal, saving time and money.

This excellent service, with great rates and high quality customer service, by linking to the very best Foreign Exchange Platform – Currency UK

Questions and Answers

Currency UK - Key Facts

• Send & receive International payments online 24/7
• Track from start to finish
• Bank beating exchange rates
• Free registration without obligation (helps YOU to find out more)
• Fully Regulated by UK Financial Conduct Authority (FCA) & 100% secure
• Part of the Currencies Direct Group 

What does Currency UK do?

Currency UK   allows you to exchange currencies at market leading exchange rates. Currency UK will transfer your purchased currency to your nominated bank account anywhere in the world.

What does Currency UK NOT do?

Currency UK does not provide facilities for you to gamble on the currency exchange markets. Currency UK does not provide travel money for your holidays.

How can YOU get the the best exchange rate?

Currency UK  has developed smart technology to reduce the costs of trading currencies. We pass these cost savings onto our clients. Other currency brokers employ teams of highly paid traders to talk to clients and convince them to deal through their brokerage. This is an expensive way to run a foreign exchange trading company and the costs are passed onto their clients. Banks have a long established history of charging high fees and providing poor rates of exchange which nets them fat profits at the expense of their clients

What hours are Currency UK open for business?

Currency UK is open for online trading 24 hours per day, 7 days per week, 365 days per year . Currency UK is open for telephone based trading between the hours of 9am and 5pm British standard time.

How can I get help or support?

Currency UK is fanatical about providing a fantastic support to our clients. Between the hours of 9am and 5pm British standard time, call us on +44 (0)203 004 4444. Email us 24 x 7 there is always someone ready to respond.

How do I open an account with Currency UK ?

Any private individual or company can open an account  through  Currency UK. Click the 'Open Account' button on any of the Currency UK pages. You will need to fill in a few pieces of information but it is a very quick process. In fact, we aim to open your account and have you up and trading within 5 minutes of you clicking the open account button. Note that we do have strong anti-money laundering procedures in place.

What are the fees, charges and commissions?

Opening an account is FREE. Trading amounts over £3000 is FREE. Currency UK will wire your purchased currency to your nominated bank account anywhere in the world for FREE. Fixing a rate for the future is FREE. Placing an order to be executed if the currency exchange rate reaches a particular level is FREE, even if you cancel the order 5 minutes later. Currency UK does not apply any hidden commissions or fees. The only fee ever charged is if you exchange an amount below £3000. In this case we will charge you £10 for the telegraphic transfer fee to deliver your purchased funds to your destination account. Currency UK earns revenue by applying a small price difference between the exchange rate at which we buy currencies and the exchange rate at which we sell currencies.

What are the maximum & minimum amounts that can be traded ?

You can trade any amount from £100 or equivalent upwards.

How will I know the status of a trade or payment?

We confirm by email when you have agreed a trade. We confirm by email when we have received your payment to fund the trade. We confirm by email when we have sent your purchased currency to your nominated account. You can log into your account 24 hours per day, 7 days per week to review the status of your trade. You can contact us anytime to request a status.

Can I trade on-line?

Yes, Currency UK has developed a unique online trading system which is easy to use yet very powerful. This system is not available through any other currency broker or bank and is unique.

Can I trade via telephone?

Yes, some of our clients don't like to trade online and prefer to call or email us.

Can I fix a rate for the future?

Yes, there is no need to be exposed to future currency fluctuations. You can fix a rate for all major currencies up to one year. When you fix a rate for the future, we require you to put down a 10% deposit to secure the future rate. We have to do this in case the exchange rate moves against us and a client defaults on the trade. Surprisingly, future exchange rates can sometimes be cheaper than the current exchange rate. It is always worth checking the future rate of exchange.

Can you predict future exchange rates for me?

No and please don't trust anyone that says they can. Anyone who could accurately predict the currency exchange rates would have a limitless supply of money and would be living on their own island somewhere. Currency exchange rates are acknowledged as the most difficult rates to predict within the financial markets. Treat them with respect and reduce your exposure to currency fluctuations where ever possible by fixing a rate for the future.

How do I pay for my purchased currency?

The best way to pay for your purchased currency is through electronic bank wire. Contact your bank and ask them to transfer the required amount to Currency UK
bank account held at Barclays Bank in London. Our bank account details can be found by logging onto our system. If you are based in the UK, your bank can provide the FASTER PAYMENT SYSTEM and this normally takes less than two hours. If you are based outside of the UK, your bank can provide a SWIFT payment.

How do I receive my purchased currency?

Currency UK will transfer your purchased currency to your nominated bank account anywhere in the world using the fastest electronic bank wire method available for the receiving country. Outgoing payments are cleared the same day in the UK and same or next day in the US and Europe. Allow 1-2 days for payments to clear outside of the UK, Europe and the US. However, we are always seeking to improve our service to clients and recently we have cleared payments to China the same day so don't be surprised if your payment arrives earlier than expected.

 Financial Pages in Spain

Though Financial Pages in Spain is a website and Blog for British and Irish expats and property owners in Spain, we can also offer trading in Worldwide currencies through our preferred supplier Currency UK 

YOUR link Currency UK

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

April Review 2012 - Financial Pages in Spain

Topical issues

At the end of the calendar month, I like to reflect on the main issues and topics on ‘Financial Pages in Spain’ during April 2012. The issues which were most read during the month covered these subjects

• New Generation QROPS 2012

• Professional Advice

• Tax Avoidance and Tax Evasion

These are the issues that contributed the most readership. I’m always pleased to receive emails either to seek further advice or to comment on my articles.

Using the statistics provided by my service contractor, I can also indicate the most popular posts in terms of the number of people who visited the pages. They were, in order;

1. New Generation QROPS 2012

Major changes have been made by the UK Government to the rules and regulations about Qualifying Recognised Overseas Pension Schemes (QROPS). Though only formally announced on 21^st March 2012, these changes became effective from the start of the new UK Tax Year on 6^th April 2012.

New Generation QROPS shows more detail.

     

2. Getting Professional Advice

I have been contacted by three expats in Spain who have been victims of appalling advice, bordering on fraud. Had these cases happened in the UK I would have referred them to either the Financial Services Authority (FSA) or the Financial Services Ombudsman.

But Spain is different and largely unregulated. It is still possible to get properly authorised and qualified advice.

     

I regularly refer readers of Financial Pages in Spain to authorised advisers that I have checked out.  Please email me for a referral

I deal, not just with financial advisers but also the following professionals;

·                                             Suitably qualified accountants

·                                             Professional lawyers

·                                             Chartered surveyors in Spain

·                                             Property professionals (AIPP)

·                                             Company formation for property ownership specialists

Getting Professional Advice is the detailed post.

3. Tax Avoidance and Tax Evasion

Question : What is the difference between Tax Avoidance and tax Evasion?

Answer : A prison cell

Somewhat dramatic but since tax evasion is illegal and can lead to a prison sentence (in Spain, Ireland or the UK) it is well worth remembering. Tax avoidance, though not illegal does sometimes come into sharp focus, as organisations seek to find loopholes in legislation.

Tax Avoidance and Tax Evasion is the detailed post, including definitions

* * * * * * *

Financial Pages in Spain continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from many other countries including Germany, France, Malta and Canada.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

REMINDER from Financial Pages in Spain

I’ve owned property in Spain since 2002 and hate to think how much I’ve wasted on exorbitant bank charges on foreign exchange of the years!

So I’ve linked up for a new foreign exchange service. It is available in any major currency around the world but doesn’t offer cash transactions. This is a bank to bank arrangement and is priced to beat the major banks.

But you can test it for yourself! Get a quote from your normal supplier, and then get a quote from La Torre Fx.

Even on a transfer from the UK branch to the Spanish branch of my own bank, I made a big saving using La Torre Fx. It costs nothing to get a quote. But if it’s a better deal for YOU the application process is quite straightforward. Check here

Thank you for previous feedback and requests for referral

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

Seeking professional advice

First anniversary week – Day one

This is the first of five posts on major issues affecting British and Irish expats and property owners in Spain. On first view it may not look like a major issue but I know from emails received that it certainly is.

No trick question but where do think is the best place to seek advice?

• A man in a pub. The classic quote I hear so often is ‘I heard somewhere………’
• An unauthorised, non regulated and unqualified person or company who calls themselves an ‘adviser’
• A properly trained, fully qualified, authorised and regulated, individual or company who not only give you the best advice, but as part of their professionalism carry PI (professional indemnity) cover in case things go wrong.

Is there really a choice?

Why would you not use a professional?

Apart from owning property in Spain for nine years and struggling to find professional advice, in the last year my Blog has lead me to many professionals. If you need advice, please email me.

My own connections included the following professionals;

• Regulated financial advisers( FSA, CNMV, DGS)
• Suitably qualified accountants
• Professional lawyers
• Chartered surveyors in Spain
• Members of the Association of Property Professionals
• Company formation for property ownership specialists

If you email please let me know your question and where you live. I may be able to answer myself, just point you in the right direction or refer you to a suitably qualified person.

For more detailed reading you may wish to look at previous posts to my Blog

http://expatsfrombritain.blogspot.com/2011/04/professional-connections.html

http://expatsfrombritain.blogspot.com/2010/11/unauthorised-advisers-about.html

Please remember that my Blog is about unbiased, factual financial information. You can look elsewhere for information but remember that an advert will certainly be biased towards the company who paid for it. I have no problem with that but remember it’s biased!

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

Explaining Pensions Terms and Expressions

·         Cut through the jargon

·         Get a professional Adviser

·         Understanding QROPS & QNUPS

This is a straightforward alphabetical list which helps to cut through the jargon often used when discussing pensions.

A Day
6 April 2006 was the day the UK Government pension simplification rules came into effect.

ASP - Alternatively secured pensions

At the age of 75 an alternatively secured pension would allow an individual withdrawal of income, similar to an unsecured pension fund such as income drawdown

Since 6^th April 2011, no new ASP can be commenced but existing ones can continue until the next review date. The existing ASP fund can be transferred to Income Drawdown (Unsecured Pension) plan or an annuity commenced.

AVCs – Additional Voluntary Contributions
A pension top-up for an occupational pension scheme. The scheme members pay contributions into an arrangement run by the employer to boost the main pension.

FSAVCs – Free-Standing Additional Voluntary Contributions
A pension top-up policy for an occupational pension, but separate from the employer’s pension scheme and normally run by an insurance firm.

CNMV

Comision Nacional del Mercado del Valores is the principal financial services regulator in Spain and responsible for authorising investment products. A CNMV adviser can be recommended, please click here

DGS

Direccion General de Seguros y Fondos de Pensions is the Spanish regulator for insurance products which can be marketed in Spain. Email me to be referred to an authorised adviser

FSA
The Financial Services Authority - the UK's financial services regulator. The FSA also ‘passports’ authorised advisers to operate in Spain. For a recommended adviser click here

Group Personal Pension
A type of personal pension offered by some employers but not classified as occupational (see money purchase pension).

Lifetime allowance

This is a limit on the value of retirement benefits that you can draw from approved pension schemes before tax penalties apply. The Lifetime Allowance is £1.8m in the 2010/11 tax year.

Lifetime annuity

A lifetime annuity converts money from a pension fund into pension income, which is taxable. There are different types to suit different circumstances and generally treated favourably for tax purposes in Spain.

Money purchase pensions
Some occupational pensions and all personal, group personal, stakeholder, FSAVCs and some AVCs are money purchase pensions. The contributions are invested in, for example, the stockmarket or bonds. The size of the fund depends on the contributions and how well the investments perform. At retirement, there is a choice of options to provide you with a retirement income.

Occupational pension
These are only available through employers and run by pension scheme trustees. There are two types – salary-related (defined benefit) and money purchase (defined contribution).

Personal pension
A pension policy taken out by an individual from an insurance company or another financial institution and into which personal contributions are made. It may also be offered by employers.

Protected rights pension
This is the part of a pension fund which was used to contract out of the UK State Second Pension (SERPS or S2P) that must be used to buy a protected rights annuity.

QNUPS -  Qualifying Non UK Pension Scheme, which means it meets the criteria set by the regulations the UK government brought out in February of 2010. This means that or a UK or non-UK resident, there is an opportunity to make contributions to overseas schemes, established as QNUPS, with the knowledge that those funds will be sheltered from UK IHT. Individual advice should be taken in all circumstances from a regulated and authorised adviser. Please email for a recommendation.

By definition, a QROPS is a QNUPS but the reverse cannot be said.

QROPS - Qualifying Recognised Overseas Pension Schemes

These became available from A-Day. It is a pension scheme set up outside the UK that is regulated and recognised for tax purposes as a pension scheme in the country in which it is located. QROPS have been established in various countries across the world, many in jurisdictions with beneficial tax rules. For specialist advice click here

Salary-related pension scheme (final salary or defined benefit)
A type of occupational pension. The amount of pension you get is worked out on your salary at or near retirement, or when you left employment, and your pensionable service.

Stakeholder pension
A type of personal pension that has to meet certain standards set by the UK Government. An individual can take one out or it may be available through an employer, but is not classified as occupational. 

State Pension
The UK Pension Service (part of the Department for Work and Pensions) will pay the basic State Pension based on an individual’s National Insurance contribution record. In addition, individuals may also qualify for the State Second Pension based on their own earnings and National Insurance contributions.

State Second Pension
The State Second Pension is an additional State pension paid on top of your basic State Pension. This was called SERPS. Self-employed people cannot build up a State Second Pension.

Tax-free lump sum

More accurately this should be called Pension Commencement Lump Sum (PCLS)

An amount of cash set by tax law which you can take at retirement free of tax. Salary-related occupational pension schemes may have different rules on the amount of tax free cash you can take. This is only tax-free to UK residents.

Unsecured Pension (Income Drawdown)

This is an alternative to buying an annuity but provides an income whilst the pension is still invested. At age 75, the unsecured pension must cease and be replaced by either a Lifetime Annuity or ASP. For non UK residents or those intending to become non-resident, QROPS could be another alternative.

Pensions Advisers, including the ones that I recommend, will be happy to cut through the jargon. Email me for a recommendation

Why won’t they disclose commission?

One of the scandals of (some) FSA authorised advisers in Spain

September Update

Three months on and they still won’t give a reason. Commission Disclosure in UK is MANDATORY under FSA rules. But many FSA advisers still refuse to disclose in Spain

Scandal

They pay for big adverts in the newspapers, they proudly say they’ve been around since the year dot, they are authorised by the Financial Services Authority (FSA) but they won’t tell you how much you have to pay them!

They can dress up commission anyway they like but it’s what you pay them! It’s your money.

 Anyone with a story to tell in confidence can contact me by email

·        FSA rules since 1993

·        Commission disclosed in UK but NOT Spain

·        What do they have to hide?

It continues to perplex me, I can’t understand this and quite frankly I think it is wrong!

They advertise in English speaking newspapers, they tell us they are authorised and regulated by the FSA in the UK but they don’t disclose commission which has been an FSA rule since 1993.

Why?

Well this is their chance to tell you. If any of the International Financial Advisers who are authorised and regulated by the Financial Services Authority (FSA) want to explain, I will republish their words without any alteration or redaction. So come on, you know who you are come and tell us!

But if no one takes up that option, I’ll also give that the oxygen of publicity too!

So come on guys tell us, why won’t you disclose commission?

+ + + + + +

Anyone who has anything to tell me about this or any other issue can write to me with details by email. If you want anonymity I will guarantee it.

If you work for an International Financial Adviser or maybe you did in the past, with a whistleblowing story to tell, I will protect my source.