Frequently asked questions on how to transfer money online with 1st Contact Forex
Here are some of the most common questions we receive about our excellent international money exchange service.
- Once registered, how long does it take to activate my account?
- How are your exchange rates determined? Why are they better than the banks’ rates?
- Why can't I get the exchange rate I see on TV?
- Between which countries can I send funds?
- What are the transfer fees?
- Can I send money to a credit card?
- How long does a transfer take to be processed?
- What are the minimum and maximum amounts that can be transferred?
- What methods of payment can I use to transfer the funds to your account?
- What happens when I use a debit card as my preferred payment method?
- What happens when I use internet banking as my preferred payment method?
- How can I be sure that my funds will be correctly allocated?
- Are there any hidden charges or receiving bank charges?
- What are the requirements of a registered Money Service Business?
- How secure is this site?
1. Once registered, how long does it take to activate my account?
As soon as we have received a copy of your passport and proof of residential address (signed and dated by yourself), we will activate your account on the same business day. If your transfer exceeds £10,000, we will request a few additional documents.
2. How are your exchange rates determined? Why are they better than the banks’ rate?
To get you the best rates, we canvass the market on your behalf, add a small margin to the rates we obtain and pass that rate on to you.
The exchange rates we offer fall between the interbank rate (the truest exchange rate) and the rate offered by high street banks and bureaux de change. We are able to undercut the high street banks and pass that saving on to you in the form of great rates. While the rates on our site are updated throughout the day, they must be viewed as indicative only.
3. Why can't I get the exchange rate listed on TV?
The rate you see in the media is the interbank rate, which is the rate at which banks trade with each other. No individual can secure this rate. Rates are often misleadingly displayed by banks and competitors in order to portray a higher rate level, which is simply not possible in reality. We pride ourselves on being transparent and will only quote rates that we are able to give you.
4. Between which countries can I send funds?
We can transfer funds to just about any worldwide destination. Our most popular destinations are Australia, New Zealand, Poland, South Africa, Canada, the United States and the Eurozone. If your country is not specifically listed as an option on our website, please give us a call and we’ll help you out with your transfer.
5. What are the transfer fees?
Our fees are dependent on the size and destination of your transfer. Any transfer above £2,000 is automatically processed free of charge. If you are transferring below £2,000 the table below will provide you with general information on the fees for some of our most popular destinations.
Fees to transfer from the UK
|UK to Australia
|UK to Eurozone destination
|UK to New Zealand
|UK to Poland
|UK to South Africa
|UK to UAE, USA and Canada
|Australia to the UK
|Eurozone destinations to the UK
|New Zealand to the UK
|Poland to the UK
|South Africa to the UK
Remember, these are simply our most popular destinations, we can transfer to others so if yours isn’t on the list, please contact us.
6. Can I send money to a credit card?
We can send money to South African credit cards only. At present, we cannot transfer money to Australian, New Zealand or UK based credit cards.
7. How long does a transfer take to be processed?
Once we have received all the necessary documentation associated with the transaction and your funds have cleared in our client account, the converted funds will be credited to your nominated overseas account within one to three working days.
8. What are the minimum and maximum amounts that can be transferred?
There is no minimum or maximum amount when you transfer money with us. There are, however, certain benefits to sending larger amounts. To find out more about the benefits of sending a larger amounts click here.
Please note, when transferring £10,000 (or foreign currency equivalent) or more in a single currency transaction, or £30,000 (or foreign currency equivalent) in a number of transactions over a 12 month rolling period, 1st Contact Forex requires proof of “source of funds” as prescribed by HMRC’s Money Laundering Regulations.
9. What methods of payment can I use to transfer the funds to your account?
We accept GBP denominated UK debit card and internet banking payments. Your name and surname must be used as the reference when paying via internet banking. If a name and surname are not supplied, proof of payment must be emailed to us in order for us to allocate your funds for transfer.
10. What happens when I use a debit card as my preferred payment method?
The easiest way to transfer money with us is to use your UK debit card on our website.
First, enter in the amount that you wish to transfer as well as your debit card details. Then enter in the overseas recipient bank account details of the destination to which you wish the money to be transferred. This process is completely under your control and you don’t need to set foot in a bank or log on to an internet banking portal.
As soon as you submit your request online, your money is transferred from your account into ours. As the funds are transferred out of your account, the exchange rate will be secured for your transfer. This is how we ensure the rate you see when you request the transfer is the rate you get.
11. What happens when I use internet banking as my preferred payment method?
If you have chosen internet banking as your preferred payment method, you will need to complete two stages to affect a transfer. Firstly, you will need to upload your transfer instruction onto our website. This tells us the amount of money, destination to which and date on which you want the funds to be sent. After this, you will have to log in to your internet banking account and transfer the requested amount to the relevant 1st Contact client account, using your name and surname as the payment reference.
The appropriate details for our client holding account will appear when you upload your transfer request on our website.
12. How can I be sure that my funds will be correctly allocated?
If you are using internet banking, it is imperative that you ensure that your funds will clear under your name and surname. If you use your name and surname as the payment reference, we will know that the funds are from you and we can process your transfer as soon as the funds clear.
If the funds will be clearing under a reference other than your own name and surname, please send an email to firstname.lastname@example.org, informing us as to what name the funds should clear under. Following these guidelines will decrease the likelihood of a delay.
13. Are there any hidden charges or receiving bank charges?
Not at all. One of the main advantages of using our money transfer service is that we charge a flat fee. You should also know that there are no receiving bank fees when you transfer to accounts in the UK, Australia, New Zealand, South Africa, Poland and Eurozone-based accounts.
14. What are the requirements of a registered Money Service Business?
The law requires us to monitor any unusual or suspicious transactions of any size taking place where we have reason to believe the money is derived from illegal activity. We will report any suspicious international money transfers to the authorities.
The law also requires us to keep full records of all transactions, together with copies of identification provided. We are unable to process any transaction where this information is withheld. Proof of address and proof of funds may be required in certain cases – please see our “know your customer” guidelines for more information.
15. How secure is the site?
Our site uses Secure Socket Layer (SSL) 128 bit encryption to protect your transaction details. This 128 bit encryption is the latest and strongest data encryption technique commercially available for securing information between you, our client, and our website.
SSL works by encrypting/scrambling data from our website to your computer. The data is encrypted on our web server and can only be decrypted/unscrambled by the person with the correct decrypt/unscramble key. You can visually verify our site’s use of SSL in two places: The "s" in https in the site’s web address and by the padlock on the left hand side of the address bar.