Save money on currency payments worth as little as £100Alana Parsons, Head of the Caxton FX FastPay service, explains how simple the procedure can be
Don’t confuse currency traders or speculators with a currency specialist. Caxton FX is a currency service and, as Alana Parsons explains, ‘we are very happy to work with clients who need to pay invoices as small as £100’. They are not the city dealers who talk in terms of billions, but are there to assist with the physical delivery of payments in currency.
The service is not only that convenient, but produces significant savings. Alana maintains that ‘our exchange rates are more favourable than the banks and we do not ask for transfer fees’.
For security rea-sons and to comply with statutory requirements to prevent money laundering, a prospective client has to register with Caxton FX. An identity check can be completed within two hours and, once this procedure is complete, the client then has access to the FastPay service any time, anywhere.
Naturally, a client wants to be sure that Caxton FX is approved and authorised by the Financial Services Authority (FSA). ‘A client’s funds’, says Alana, ‘are held in client money accounts to provide the safest way to transfer client funds’.
‘When using the FastPay internet service’, says Alana, ‘the client logs on, chooses the currency and indicates the value of the payment and a price is immediately quoted on the screen.
‘The recipient’s details can then be entered and the payment to cover the transaction can be made by debit card or through internet banking if the client wishes the transfer to be actioned immediately.’
Caxton FX can, of course, handle payments well above £20,000, which is the ceiling for FastPay via the internet. In these cases the services of a telephone account manager are provided.