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Frequently Asked Questions
Which currencies do you offer for regular payment plans?
We accept all major currencies. For the other currencies please speak to one of our accredited dealers. For beneficiary payments, we will pay funds in most currencies - however this is subject to any third party fees* that may be applied to these receipts. The client is liable to pay these fees and must be considered when entering into a regular payment agreement.
Do I need to pay a deposit and if so, how much?
No deposit is necessary for non-fixed payment plans. For fixed payment plans, a deposit is necessary to cover any market risk exposure we may face. The deposit is the equivalent of one instalment. You will need to transfer it together with your first instalment. Please note that the deposit is not a fee and we will use it to pay off the last instalment of your regular payment plan.
How much does it cost to set up a regular payment with UKForex?
There are no transaction costs or fees involved. You simply pay your regular instalments and the deposit as agreed in the payment plan and we will convert and transfer at the agreed rate.
How do I set up a regular payment plan with UKForex?
- Call us today and one of our dealers will offer you a quote and a payment plan according to your individual needs
- Once you accept the quote, you pay the first installment and a deposit in the amount of one installment
- We will then transfer the agreed amount to your beneficiary account
- You can set up Direct Debit or make regular electronic funds transfers to us in order to ensure regular payments
- As soon as we have received your payments, we will in turn pay out to your beneficiary account as agreed in the payment plan
Can I cancel a regular payment plan anytime? What are the conditions?
If a contract is cancelled or terminated, the Company will sell the balance of the purchased currency (if any) and buy back the balance of the original currency. The deposit will be returned minus any losses that may have resulted as a result of variations on the exchange rate.
How many payments can we enter into?
Regular payment plans can be set up for a maximum of 12 months and they can recur fortnightly, monthly or quarterly. Shortly before your plan is due to finish, one of our accredited dealers will contact you to discuss renewing or changing the plan depending on your requirements.
*Third party fees include but are not limited to fees, costs, duties and taxes charged by beneficiary (receiving) banks. In some cases, the intermediary banks we use to process payments may deduct transaction fees that we have not anticipated and, in some jurisdictions, the receiving bank could charge a receiving bank fee - however we will try to send money through a low value network to avoid such fee deductions. We will try and notify you of these additional fees, but as they are outside our control, we cannot always do so in advance.
You may find in some cases, that the total amount you expect to receive in your Beneficiary Account is slightly less because such fees have been deducted. You should bear this in mind if you are paying the precise amount of an invoice, for example. If you have any questions regarding the likelihood of third party transaction fees being levied by intermediary banks for your transaction, you should ask one of our dealers when you enter into a regular payment plan/book a transaction. We will be more than happy to indicate from our experience the type of third party transaction fees that may be charged in the jurisdiction where your nominated Beneficiary Account is held and with regard to the currency being exchanged.
