Frequently Asked Questions
Are my funds safe?
Totally. As well as being FSA regulated, your money is never actually used in the currency exchange transaction. We use
our own business funds to buy or sell the currency you have instructed us to buy or sell. After we have done that with our own funds, you make payment to us. When your payment
to us clears, we then transfer the currency you bought or sold to your nominated account. In essence we take the risk that you don’t pay us!
All payments received from you are held in a segregated Autoline Client Trust bank account, to clearly identify the source.
How can you provide this service cheaper than the bank?
We cut out the layers of middle men, and the high overheads involved in foreign currency departments at high street banks. We work directly in
the currency interbank market in London and therefore are able to cut out all the in between costs, and the spread between buy and sell for
currency. We pass this on to our customers with no hidden costs or fees. The increasing volume of business we are taking from high street banks allows us to make a margin.
How much can I expect to save if I do my business through you?
We have back tested data from clients using Northern Ireland banks during 2010, and the average saving on a £25,000 currency transfer (£/€) was £187. On other currencies and larger sums the savings are even greater. Over the course of a year, an active business with import/export
activities can easily save tens of thousands of pounds of revenue that would otherwise be lost in translation.
What is the minimum amount?
We will be able to offer an ultra competitive rate of exchange on any amount > £5,000.
What costs are involved in opening a Foreign Exchange account?
There are no hidden costs, or fees and no obligations.
How do I pay for my currency?
- Cheque: It will take 5 working days for the cheques to clear before we can remit your currency.
- Online transfers/eBanking: This typically takes up to 3 days to be received, and is normally free of charge.
- Bank transfer (TT): this is received the same day but does tend to attract a small fee from your own bank
- Please note that we can never accept cash for settlement
How long does it take for currency transfers to be received?
Transfer times are subject to international time zones and local banking hours, and therefore depend on where you are sending your funds.
- Transfers to the US and Western Europe take 1 to 2 days.
- Payments to countries outside of the US and Western Europe can take up to 3 days to be received by your nominated beneficiary bank.
- Payments made from a foreign bank account to us will typically take 3 to 5 working days to be received
How much does it cost to transfer my funds?
Once we have received your cleared funds we will send your currency via electronic transfer to the bank account specified by you. There are no charges for this service as long as the amount is › £5,000. For sums ‹ £5,000 there may be a small administration fee.
Will I have access to a dedicated dealer?
If you are a regular client, you will be allocated your own personal Private Client Foreign Exchange Dealer who will also be willing to provide you with market intelligence on the currency market.
Can you watch the currency markets for me?
Yes, we can take a “pre set” order to your instruction. .
