Frequently Asked Questions
Foreign Exchange
Do you charge commission?
No, we never charge commission.
Do I need to open an account with you?
No, for smaller cash transactions you are welcome to call into either of our offices (Enniskillen or Lisnaskea) and conduct any business you wish. For larger cash transactions, or for any business involving cheques or money transmission, you simply need to complete our New Customer Registration Form which lays out our Terms & Conditions, and provide us with identification.
What identification do I need to provide?
For any transaction over £5000.00 (or currency equivalent), we will need a copy of your passport, driving licence, or other photographic identification. For amounts over STG £9000.00 (or currency equivalent), or if you intend to do regular business with us, we will also need address verification by way of a second form of identification, such as a recent bank statement or utility bill.
Why do I need to provide identification?
In line with HMRC regulations relating to anti money laundering / terrorist financing, we must verify your identity, your address and the source of the funds which you are using if any transaction or series of transactions exceed the amounts indicated above.
How do I save money?
Because we don't have the massive overheads or complicated structures that your bank or post office have, we can set our rates much more competitively than them. We specialize in foreign exchange and we will always endeavour to quote you a better exchange rate than your bank. Savings can be anything from 0.25% up to 4% depending on the amount being exchanged.
Will I get the same rate I see on Teletext or the Internet?
The rate will depend on the amount being exchanged and the date you want the funds to arrive. The rates on Teletext and certain internet sites are "mid rates" for transactions over £5,000,000. This means they are an indicative rate halfway between the buy rate and the sell rate and no-one can trade at these rates. We believe, however, that Currency Xtra will quote you an exchange rate closer to these mid rates than anywhere else. You can see indicative exchange rates on our currency converter though please note these are the "interbank" rates for amounts over £5,000,000 so our buying and selling rates will always be either side of these rates.
Can you send money anywhere in the world?
Yes, we can send money to any nominated bank account in any permissible country, provided you have all the details required, such as account numbers and bank codes etc. Further details are available on request.
Can I fix an exchange rate for a future date?
Yes, this is called a "Forward Transaction". You can fix a rate today for any date from 1 week up to 1 year in the future. A deposit will be required for forward transactions and you will pay us the balance two working days before the pre-agreed future date.
What amounts can I transact with Currency Xtra?
We do not have minimum or maximum amounts. Whether you are looking for a small amount of Euro to fill your car with diesel in RoI or you're buying a property abroad, nothing is too small for us and nothing is too big for us.
What security do I have and is Currency Xtra regulated?
Currency Xtra is regulated by HM Customs & Excise and is registered as a Money Service Business, Cheque Casher and Money Transmitter. Our Registration Number is 12234123. This can be verified with them by calling 0845 010 9000.