Frequently asked questions about Foreign Exchange
Words by Christian Muller
How can I use IFX services?
Answer: Speak to a member of the team today by calling;
+44(0)20-7889-3000. IFX will then give you access to exchange rates and guide you through your currency purchases and transactions one to one.
How long does it take for my funds to reach my offshore bank account?
Answer: Once we've cleared your funds (cheques 5-7 working days, 2-3 days for BACS and same day for CHAPS), your foreign currency will reach your designated bank account within 1-2 working days.
Are my funds secure?
A. Your funds will be held in a secure bank account, insured by IFX FCA registration (number 900517), which authorises & regulates IFX to carry out payment services under the Payment Services Regulations 2009.
Authorisation: IFX is authorised and regulated by the FCA under the Payment Services Regulations 2009. Registration number is 900517.
How can I achieve lower transfer rates than the banks?
Answer: By working on live exchange rates and monitoring many other treasury providers IFX aim to provide you with the best exchange rate. IFX work on a high volume of client transactions, saving the client money.
Are the rates guaranteed?
Answer: Yes, all clients achieve exchange rates at the time of the transaction, rather than indicative rates as provided by other Money Services Brokers.
How much does it cost to use our currency services?
Answer: No charge. There are no sign up fees, no commissions and no telephone transfer charges. For transfers to Spain we can also no receiving charges at any Spanish Banks.
How do I transfer money?
Answer: If you require money to be transferred quickly you can use a CHAPS or BACS payment method from your bank. It is possible to pay online, or via the telephone using a credit or debit card. We unfortunately do not accept cheques.