Better Exchange Rates Than the Bank!
See how you can make fast, international payments with our fast, international money transfer service from fast, international Seven Seas Worldwide. We’ll stop saying that now.
We guarantee low transfer fees with no commission or bank charges. Our partner company Moneycorp has been trading foreign currencies since 1979, which is a really long time ago. It has been certified to ISO 9000 Quality Assurance since 1996, which is also a long time ago. Last year it traded in excess of £11 billion in currencies. This is why we’re buddies with them.
Have a look at the FAQs and see how we can help you send money overseas:
Can I hold for a particular rate?
Of course. You can instruct us the moment the rates change to your desired level. Just make sure you are realistic about the rate you are looking for and be prepared to play the waiting game – which is essentially not as much fun as other games. Like Scrabble.
How do I pay for my currency?
After booking an exchange rate, you will need to transfer funds to your client account. The easiest and quickest way is by CHAPS - no, not the article of fashionable clothing for horse-riders, the Clearing House Automated Payment System - or BACS (Bankers’ Automated Clearing Services). Remember any cheque you send will have to clear before funds can be sent. Once your cleared funds are received your currency will be transferred to the account of your choice.
How do I purchase currency?
Easy. Once you have set up your account with us you will be able to buy currency over the telephone.
How long will my funds take to transfer to an overseas bank account?
The Electronic Funds Transfer will be used which, generally speaking, can get the funds into the destination account a good deal quicker than a high street bank. We have a ‘same-day’ transfer service to most European countries and North America with a ‘next-day’ service for other destinations. Bear in mind that there is sometimes a short delay at the receiving bank before your account is credited – but fear not. This can usually be overcome with a ‘proof of payment’ document that can be provided on request.
What if the rate is good now but I don’t need to or can’t make payment for 3 months?
You can fix an exchange rate for up to two years to make it easier to plan the cost your currency payments. This is particularly useful if you are buying a new property ‘off plan’ (buying an overseas property at the planning stage before construction). Forward buying your currency can be very straightforward. Simply book an exchange rate and send your dealer a deposit, usually 10% of the contract value. The 90% balance of your currency contract is payable when you wish to have funds transferred overseas.
What will it cost to send money abroad?
Generally speaking, the more money you wish to convert the better the rate. Depending on your bank, there will be a transaction charge per transfer of funds. Our team can save you up to 60% on the transaction charge per transfer which, we’re sure you’ll agree, is not bad at all. What is more no commission is charged on your transaction. It’s a good idea to compare the total cost of a currency trade as some currency dealers do not charge a transfer fee but more than make up for this difference in the exchange rate they quote; make sure you don’t get stung.
It’s always a bit tricky knowing when to make your international payments because currency markets are constantly fluctuating. And of course, after the economic problems of the last few years, it’s been more important than ever to make the most of your money. The key to making your money go a long way is to seek expert guidance on the currency markets. Take a quick look below to find out the tools and products that a Foreign Exchange specialist is likely to offer.
Book to buy/sell your currency in the future, at a rate you fix today. Forward contracts can help protect against adverse currency movements and can be used to lock into favourable exchange rates.
Set a higher target exchange rate at which you will buy/sell your currency. Your order will be fulfilled automatically if this rate is reached in the markets. This will guarantee a maximum rate at which your currency will be exchanged.
If you run a limit order in parallel with a stop loss order, the exchange rate at which you trade is guaranteed within a given range. This means you can plan ahead more effectively.
If you need to make regular international payments, you can arrange an automated ‘regular payment plan’.
Buy or sell a currency for immediate delivery. Spot contracts are suitable if you want to receive your currency quickly and efficiently.
Stop loss orders:
Set a minimum level at which you will buy/sell your currency. Your order will be fulfilled automatically if this rate is reached in the markets. As opposed to the Limit orders, this will guarantee a minimum rate at which your currency will be exchanged.
Now did you follow all that? Hope so. If there’s anything you’re not sure about, give us a call on 0800 21 66 98.