Frequently Asked Questions
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Why Frank eXchange?
I joined the foreign exchange industry in 1997 with Thomas Cook Financial Services. This was pre-internet and there were the banks and a few non-banks operating in the UK. Today there are hundreds of providers, the inter-bank rates can be seen on the internet, and it is now a very competitive market. All the major players in the market claim to be the oldest and the largest, everyone claims to provide the best rates and to be totally service and customer focused.
We formed Frank eXchange because we believe that the majority of these providers have not moved into the 21st century and come to terms with the information on the internet and the number of providers competing for each company’s transactions. In comparison the businesses operating in this market have become far more knowledgeable about the foreign exchange market and the way providers operate to the point where many now compare rates with numerous providers before transacting to ensure that they get a good rate and competitive margin. Based upon this background and many years spent seeing providers offer unsustainable margins and rates to gain a company’s trust then move over a period of time to excessive margins we founded Frank eXchange.
Our offering is simple, transparent and easy to use as we will show you the “time stamped” inter-bank rate when you quote or order so you can see that our margins and your rates are competitive and sustainable. You can trade online or over the phone which ever arrangement suits you best.
Who are “The Currency Cloud”?
Established in early 2012, The Currency Cloud is a FinTech company in the heart of London. Their Mission is to power next-generation enterprises with a transparent, fast, easy-to-use and secure payments engine that will transform the way businesses move money around the world.
Today, they work with over 100 platform customers and their service has reached more than 40,000 end-customers. With £9,000,000 cash showing on their 2013 accounts they now process in excess of $5bn in payments every year, across more than 40 currencies in 212 countries.
The senior executive team combined has over 100 years’ worth of experience in the financial services and technology sectors. They have worked for pioneering companies large (including Microsoft, American Express, rackspace, IBM) and small (FX Capital Group, Iris Financial, HiFX Venda and Triaina).
The Currency Cloud is backed by four leading FinTech investment firms – Atlas, Anthemis Group, Notion Capital and X’ Ange – and has rised $10m in funding as of January 2014.
The legal entity The Currency Cloud Limited (which all client funds pass through) is regulated as follows:
Registered in England and Wales, registration number 6323311.
Authorised by the Financial Conduct Authority (FRN 531019) for the provision of payment services.
Registered with HM Revenue & Customs as a Money Services Business MSB (Reg. No. 12272696).
Registered with the UK Data Protection Act – Registration Number Z155033.
Authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 and the Payment Services Regulations for the issuing of electronic money and the provision of payment services with FCA register number 900199.
What Is The Relationship Between Frank eXchange And The Currency Cloud?
Payment services for Frank eXchange Limited are provided by The Currency Cloud. This means that Frank eXchange solely sell and market the payment services provided by The Currency Cloud and The Currency Cloud provide the Online platform, dealing services, currency accounts and bank accounts.
Are My Funds Safe?
All client funds are handled and paid to “The Currency Cloud” and never to Frank eXchange. They are received into segregated client trust accounts, held at stable, tier-1 banks (e.g. Barclays). At no point do client funds mix with firm’s capital giving you complete piece of mind over the security of your funds.
How do I Pay For My Transactions?
How Can I Trade?
You can trade using our simple Online Platform or over the phone. Our Online Ordering Platform was devolved by The Currency Cloud and is easy to explain and use.
Transactions can be made using a:-
Spot rate – This is most common choice for making your day to day payments or receipts
Forward Contract – By securing your foreign exchange exposure using a forward contract you can fix your rate based upon the prevailing spot rate for delivery at any time up to twelve months in-advance. This is a brilliant way for your company to secure its profit margins against future market fluctuations.
Market Order – The majority of people do not have the time to constantly monitor the movements in the foreign change markets alongside their normal day to day schedules. So if you place a Market Order one of our dealers will monitor the markets for you and when the rate you nominated is achieved the dealer will book the transaction for you.
How Long Will It take For My Funds To Arrive?
As soon as The Currency Cloud receives your payment they will give instructions for your currency to be released and then depending which country the beneficiaries bank is in it normally takes 24 to 48 hours to be delivered.
What if I Have Several Payments To Make?
When ordering Online you can nominate how many payments the trade is to be split into which means that you can bulk order your invoices together which means that you will achieve a better rate by paying a lesser margin.
I Compare With Numerous Providers, How Can You Help me?
Many of our customers used to compare with up to five or six providers at any time to try and achieve a better margin and exchange rate. They now solely use Frank eXchange because of our transparent service they have seen that our margins and rates are consistent and sustainable negating the need to compare with multiple providers.
What If I Receive Currency?
We believe that every customer should be in control of their own finances and currency so we do not receive currency direct from your customers as this would give us complete control over margins and the rates we offer you. Our advice is to open a currency account and have the currency paid direct into there and then you will have control over what happens.
My Relationship With My Suppliers Is Key To My Business
We agree that the relationship you have with your suppliers and customers is key to the success of your business. There are many reasons why you choose to work with a supplier, based around price and quality. Foreign exchange is no different and the place we fill in your supply chain is vital to the success of your business and we recognize that fact. As a family business based in Nottingham we are totally customer focused as every customer is vital to our success.