At the Forex Group we periodically like to share answers to some of the frequently asked questions we encounter.
Here are some of those that have come in recently.
If you need to get foreign currency from A to B quickly, you may be wondering just what is involved and how fast things can move.
Although it has received much less prominent media coverage over the last year or so, we are still occasionally getting questions from our clients about the European economy and the “Euro currency crisis”.
Here we will give you our personal take on the subject but keep in mind we are experts in currency exchange rates and Forex Services rather than politics!
The answer to the above question depends very much on how you are currently doing things.
We at the Forex Group are proud to share with our customers just how much bureaucracy we have taken out of foreign exchange dealings and how efficiently streamlined we are.
We pass on those benefits and savings to you through some of the keenest prices and best services around.
However, even we need to ask for certain information relating to identity checking and opening an account prior to making a foreign currency payment.
Why? The answer is very simple – it’s largely to do with global money laundering legislation.
Although we have covered extensively on our site the nature of different types of Forex contract, one of the commonest questions we get relates to the differences between them.
So, by way of a refresher, we’ll briefly outline here again the nature of spot contracts.
The first thing to keep in mind is that the term ‘spot contracts’ means a slightly different thing to the published ‘spot rate’.