Frequently Asked Questions...
Q. How will Smart benefit me?
A. Smart Currency Exchange offer better-than-bank money exchange rates, a
quick registration process, hassle free currency and transfer operations AND free
resources to help you make the best decisions with your international transfers.
All in all - by using Smart, you will save money and avoid the risk of a payment
Q. How does Smart create a savings for their clients?
A. Rather than you having to accept an uncompetitive rate from
your bank, a Smart Trader will call the currency trading floors directly to negotiate
an excellent rate on your behalf. In many cases, a specialist is able to get rates
that are 4% better than offered by a bank. On a £100,000 this can equate to
a whopping £4,000 saving. In addition to better rates, Smart Tranders
know and understand the payment system and can often eliminate or reduce the various
fees associated to international transfers.
Q. How does Smart make money?
A. Similar to the bank, Smart Currency takes a margin between the
buy and sell rate of the currency, however the margin taken by Smart is far less
than the one taken by the bank.
Q. Why should I use Smart rather than my bank?
A. The Smart Team consists of foreign exchange and international payment
specialists. The staff at your high street bank have neither the
expertise or market knowledge necessary to offer you the most competitive exchange
rates or to monitor the currency markets on your behalf. Furthermore, banks often
set the exchange rates in the morning whereas a Smart specialist will call the market
floor (on your behalf) and get the very best live rate available at the time. Why
pay more than necessary?
Q. What bank does Smart use when exchanging and transfering funds and how safe
is that bank?
A. All client funds are held seperately in segregated client accounts
with the Bank of Ireland in the United Kingdom, with whom we have had a business
relationship since 2004. All client funds go into a client account in the Bank of
Ireland (est. 1782) and are exchanged and transferred out immediately on receipt
of cleared funds (Note: Accounts are set up in accordance with the FCA regulations).
Q. Does Smart charge commission on the money I want to purchase?
A. Smart is one of the only currency organisations in the UK where the currency
traders are not paid on commission. When the directors set up the company,
they knew that the industry was rife with the “greedy individual” rather
than team approach. In an effort to ensure that clients not only get a great service,
but to actually receive the best possible rates, the owners set up a business model
that enables team work - and the greatest good for the client. When contacting Smart,
there will never be any pressure to transact or that the rate you receive has been
increased to add to the trader’s pay packet!
Q. Is there an minimum amount that I can exchange?
A. Many currency organisations have minimum amounts that they’ll transfer.
Some won’t move anything under £5,000 or £3,000 unless it’s
a regular payment. At Smart, no transfer is too small for our clients. Smart is
very focused and rather than offer insurance or mortgages or other products, Smart
works hard at continuously improving and providing an easy stream-lined, money saving
Q. How long does it take to set up a Smart account?
A. Smart’s systems allow for an extremely fast registration process.
Completed entirely over the internet, a new client can have a trading facility up
and running within 2 hours of applying online. Many organisations take days to open
an account or even return a phone call, for that matter. Swamped by burdensome antiquated
processes and procedures, larger institutions are no longer able to serve the client.
At Smart, the client always comes first.
Q. Does Smart Currency exchange and transfer money for transactions other than for
A. YES! We can assist you with all your money exchange needs including, but
not limited to, buying automotives, boats, aeroplanes, commercial purchases (exporting
& importing) and so on. However, our speciality is in providing a super added-value
service for property buyers.
Q. How can I make sure you're a legitimate company?
A. Smart Currency Exchange is regulated by Customs and Excise (MLR 12198457).
To contact Customs and Excise, their direct number is 0845 010 9000. Our company
number is 5282305 - you can check this with Companies House. Smart Currency Exchange
Ltd is authorised by the Financial Conduct Authority under the Payment Services
Regulations 2009 (FRN 504509) for the provision of payment services. For more information
on the safety of using Smart, check out our
Q. How can I feel sure that Smart will beat my bank rates?
A. Call your bank! In fact - we urge you to do so before calling us. Doing
so will allow you to see your savings.
Q. How can I learn more about Currency Exchange in general?
A. If you're buying an overseas property, check out our free report entitled,
"When Property Investor, Mr Reed Purchased an Overseas Property, he Made Three Mistakes
that Cost Him ?10,256...Learn How YOU Can Avoid Making these Same Mistakes" click here!
Q. How are the popular currencies performing now?
A. Check out our Smart Blog's
Q. What information does Smart offer their clients?
A. Smart offers a huge amount of educational information that can
be received through the post, in email or communicated over the phone. A special
10 page guide outlines the common mistakes that are made and how to avoid them.
There is a currency worksheet that allows overseas property buyers to budget and
even plan how to hedge for risks when it comes to stage payments. Daily and weekly
currency exchange rates and reports are sent regularly along with special announcements
when something has made a large impact on exchange rates. And representatives are
always on hand to answer questions, outline market information and take each client
step by step through the international payment process. Smart can even be followed
on Twitter now! To request information, give us a ring on 0808 163 0102.