Our rates are extremely competitive due to the size of our daily FX transfers. This enables us to negotiate favourable rates with our liquidity providers and pass these down to our clients. The typical savings can be up to 3% compared to the high-street bank.
As an Authorised Payment Institution we need to adhere to regulations set by the FCA (Financial Conduct Authority) to safeguard client’s funds and as such, all monies held by us need to be kept in segregated client accounts. We can be found on the FCA register under FCA number 504494 and are supervised by the Financial Conduct Authority under the Money Laundering Regulations 2017.
A rate of exchange is agreed between us and the client. We then buy the currency and wait for the deal to be settled. Spot deals should be settled by wire transfer within two working days, whilst a forward deal can have a maturity deal for up to 12 months. Once the deal has been paid for, Cornhill will process the payment and monies will be sent by SWIFT transfer. A deal ticket will be sent after the rate has been agreed and confirmation will be sent when we release the money.
We transfer all payments as a SWIFT payment, so funds are often with the beneficiary the same day or the following day from when we the deal is settled. Exotic currencies may take longer.
Yes, we are unable to facilitate clients who have not registered with us. We need to complete full identity checks and a KYC profile (know your client) as part of our onboarding process. This is needed as per our FCA authorisation and will have to be re-assessed should you currency requirements change.
Cornhill FX has been trading with a clean history dating back to its inception back in 2008.
Yes, we can help you price-in the cost of a future payment. We can also help you to hedge your risk through the option of forward contracts. This way, should the rate move out of favour it won’t affect the amount you pay as the currency has already been pre-bought. A forward contract can be used for your full requirement, or to secure a percentage of your exposure. One of the traders can provide a thorough analysis of your requirements and put a plan of action in place.