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FAQ

Why should I use PSG Foreign Exchange as opposed to my bank?
PSG buys currency directly from treasury, therefore we cut out the middle man. The rates we offer are only slightly lower than the mid-market rate (the rate available for inter-bank transfers) and unlike banks we have price flexibility, therefore we guarantee to better any rate quoted by your bank. We offer a personal professional service and specialize in foreign exchange.

How does PSG Foreign Exchange save me money?
As we purchase currency for all of our clients we are able through bulk transactions to negotiate better rates. This allows us to provide you with a better rate and make a small profit. Our business works much the same as a Superstore but our product is currency. Additionally High street banks will charge outrages fees of up to £40, quote you expensive exchange rates where they have no discretion to give discounts and you will also get struck with fees by the receiving bank. The purpose is always to get you more foreign currency for less. We do NOT charge a commission.

How do I set up an account with PSG Foreign Exchange?
It is simple! You register online or alternatively, please phone or email a consultant who will assist you in the process. Opening an account is easy and will only take 2 minutes of your time. Once your account is open you have no obligation to use it. Please also note that as we are a registered MSB (Money Services Business) and comply with HM Revenue and Customs regulations, we will need certain documents such as proof of identity and address.

What documents do you need and why?
We need certain KYC (Know-Your-Client) documents to comply with UK Anti Money Laundering Regulations. These include a passport copy, utility bill (preferably bank statement) and signed and returned terms and conditions. Should our compliance team require more information, we will be in contact.

How long do transfers take?
Once we have received your cleared funds, transfers will take between 1 and 4 days to clear, depending on the currency and the amount.

Can I transfer funds to PSG’s account using the internet?
Yes, it is as simple as adding PSG FX as a beneficiary to your internet banking. Once PSG FX has been setup as beneficiary you can transfer funds to our segregated client accounts. If you do a normal internet payment there will be no transfer fee between banks.

How much will this cost me?
PSG FX charges no commission. The only cost to you will be a £15 onward payment fee. For transfers over £10 000 there will be no costs whatsoever!

How secure is PSG Foreign Exchange?
PSG Foreign Exchange is regulated by HM Customs & Excise as a Money Services Business. Our Registration Number is 12249525. This can be verified with them by calling 0845 010 9000. For more information, please read our About Us page. We will not pay out client transfers until clients have paid PSG Foreign Exchange; as such we have no settlement risk on transfers. We bank with major financial institutions.

What is the rate I will receive?
We will quote you an indicative rate which would depend on the amount being transferred and the mid-market rate. If we have your cleared funds, we will be able to book this rate for you. We believe that the rate you will receive through PSG Foreign Exchange will be better than any bank and we are always happy to try our utmost to match or better rates you receive from competitors!

How do customers pay funds to PSG?
You can transfer your funds to us via internet transfer or at your bank's branch. You can use the CHAPS (1 day transfer) or BACS (3 day transfer) systems to send funds to our account. Please note that your bank may charge you for a CHAPS payment. If you are unsure, please speak to a consultant who will be happy to help you. Most UK high street banks are in the process of replacing the old BACS 3 day payments with a new same day payments system among high street banks. Initial changes started on the 27th of May 2008.

Can I use PSG Foreign Exchange for my Business?
Absolutely! With our corporate foreign exchange, you can experience the same savings and service that have made us so popular. Our treasury service will ensure your business benefits form the market know how and analysis of our professional currency managers. Contact a consultant to find out more!