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FAQ

 

 

Why should I use Farmers Forex over my bank?

 

We keep our margins low so we can give you a much more competitive rate of exchange compared to your bank.

You can login to your account and book a currency exchange at any time of the day or night.

We keep our fees to a minimum with just a £10 processing fee if your currency exchange is under £3,000 and no fees if it’s over £3,000 (or currency equivalent).

 

Our handy tools enable you to manage your currency risk. For example, you can place an Order to select the rate of exchange you would like to achieve or book a Forward to secure today’s exchange rate for up to 12 months.

 

Our friendly and knowledgeable Support Team are available 24/7 by telephone and email if you have any queries.

 

Getting Started

 

Q.

What can I not use my Farmers Forex account for?

Answer

We can’t provide you with cash; we only transfer your currency into a nominated beneficiary bank account.

You can’t use your account to partake in any kind of gambling.

 

Q.

What information do you need from me to set up a Business account?

Answer

We will require your basic personal details, your company address and company number (if applicable).

If you are a UK registered company, we carry out our security checks using information from Companies House.

If you are not registered in the UK, we require a Certificate of Incorporation and two forms of identification for each company Director, Beneficial Owner (>25%) and anyone authorised to book payments. This information will be detailed in the “Welcome” email you will receive upon registration.

The security checks we carry out are not a credit check.

 

Q.

What if I don't receive my SMS or email?

Answer

If you don't receive your PIN number, please contact us on +44 (0)20 3603 8940 and we can provide this for you.

If you do not receive your "Welcome" email, firstly please check your Junk/Spam folder and then contact us.

 

Q.

What can I use my Farmers Forex account for?

Answer

You can make international money transfers to the bank account of your choice, anytime, at market leading exchange rates.

Your account is free and you can use it to make one off or regular payments

 

Q.

How do I Register?

Answer

Click the “Register” button on our Home Page  to complete a Personal or Business application.

Once you have registered we will send you your login details by SMS and email.

 

Q.

What information do you need from me to set up a Personal account?

Answer

We require your basic personal details such as your full name, date of birth and home address.

If you are a UK resident, we will carry out automated security checks based on this information. Providing it is approved, we will not require anything further.

If your details are not approved or if you are not a UK resident, we will require up to two forms of identification from you. This will be detailed in the “Welcome” email you will receive once you have registered.

The security checks we carry out are not a credit check.

 

About our partner FTT Global Security

 

Q.

How do I know that your partner FTT Global is a safe company to use?

Answer

They have been in business since 2005 and assist hundreds of thousands of their own clients with their international payments on a daily basis. To support this they are regulated by the following:

 

Registered in the United Kingdom - Company Number 5685288

Regulated by FSA - Registration Number FRN 503228

Regulated by HMRC - Registration Number 12231114

Registered for Client Data Protection - ICO Number Z9470988

Underwritten by 'A' rated Insurer

Corporate Bankers - Barclays Bank PLC

 

All funds FTT Global hold on behalf of our clients are ring-fenced in segregated client accounts with Barclays. This means your funds are entirely protected as they are held in Trust for you and not subject to the actions of Administration.

 

You can request information on FTT Security Guide for further information on their safety and security.

 

 

 

Making Payments

 

Q.

How do I pay for my purchased currency?

Answer

Once you have booked your exchange we will email you our Barclays bank account details and a unique reference code. You will need to make a bank transfer across to us including this reference to pay for your purchased currency.

We only accept payment via a bank transfer; we cannot accept cash, cheques, debit or credit cards.

 

Q.

Once I've made a booking, will the rate change if my funds are delayed reaching you?

Answer

No, the rate is locked in as soon as you book your exchange.  If your payment is delayed, the rate will not alter.

Please contact us if you think your funds will be delayed so we can update your account.

 

Q.

How quickly will my funds reach the beneficiary account?

Answer

This depends on the currency you are sending. British Pounds Sterling, US Dollars, Euros and Canadian Dollars are all a same day transfer if we receive your funds by midday.

All other currencies take 2-3 working days to reach the beneficiary account.

Please note, your payment could be affected when there is a banking or religious holiday.

 

Q.

How does the process of making a payment work?

Answer

Making a payment using our online system couldn't be easier. Simply:

 

Book your exchange online or over the phone, telling us where you would like your purchased currency to be sent.

We will email you our bank account details and a unique reference code to include when sending us your funds.

Send us your funds by bank transfer to our Barclays account.

We will send your purchased currency to the beneficiary bank account you specified when booking your exchange.

View our video demonstration on how to make a payment.

 

Q.

Can I use my account to receive currency from abroad?

Answer

Yes. You can use your account to accept multiple payments in multiple currencies.

Please ensure that when the sender transfers us your currency, they include your unique reference code.  This is generated and given to you when you book a currency exchange.

If your currency is sent to us before you book an exchange, please ensure your full name is in the reference field of the payment so we can quickly identify the funds as yours.

 

Q.

My bank won’t let me transfer the whole amount of currency I want to exchange to you in one go. Is this ok?

Answer

Many banks have a restriction on the amount of money you can move in one day.  

If you are not able to transfer the total amount you need to send us, you can make part payments over a few days.

We will email you confirmation each time we receive a payment.

Please ensure you include your unique reference code (generated once a payment is booked) or your full name when sending your payments to us.

Your currency will be sent once we receive the full amount you have booked the exchange for.

 

Q.

What is the minimum and maximum amount of currency I can exchange?

Answer

There are no restrictions on the amount of currency you can exchange.  You can exchange as little or as much as you need to.

 

Q.

When I send my money to you, how do you know it’s mine?

Answer

When you book a currency exchange, a confirmation email will be sent to you which contains our bank account details and your reference code.

When sending your funds to us, include this code in the reference field of your payment.

If you are sending us your funds before booking a payment, please use your full name in the payment reference.

 

Q.

How do I know when you’ve received my funds and sent them out?

Answer

Each time we receive or send a payment for you we will send you a confirmation email.

You can track the progress of a payment by logging into your account and selecting the option “Review Payments”.

 

 

Fees and Charges

 

Q.

What fees does FTT Global charge?

Answer

The only fee we charge is £10 if your exchange is under £3,000 (or currency equivalent).

There are no fees for any exchange which is above £3,000.

 

Q.

Will my bank charge me a fee for sending or receiving funds?

Answer

Banks across the world tend to have different procedures and fees, so we would advise that you check this information with them directly.

 

Contact Us

 

Q.

How do I get help or support?

Answer

You can email us 24/7 on support@fttglobal.com.

During UK office hours you can call us on +44 203 6038940.

 

Other products and currency information

 

Q.

Do you have any bank accounts abroad?

Answer

All of our bank accounts are domiciled in the UK; we do not currently have any currency accounts abroad.

For example, when you are sending us Euros you will need to send these to our Euro account which is held with Barclays in the UK.

 

Q.

What is a Forward Contract?

Answer

A Forward contract allows you to lock in today’s rate for up to 1 year with a deposit of up to 10%.

You can pay us the deposit in either currency you will be exchanging. This amount is refunded back to you once the transaction is settled or you can pay the remaining 90% due upon settlement of the exchange.

 

Q.

What is a rate alert?

Answer

Choose the exchange rate you would like to achieve and we will monitor the market for you 24/7.  

If your rate becomes available at any time, we will notify you either by email or SMS.

 

Q.

Can I receive and send my currency to any country?

Answer

We are not able to receive funds from or send funds to the following countries due to UK government regulations:

 

Iraq

Iran

Nigeria

We can send Indian Rupee’s to India; however because of Indian government restrictions on moving the currency out of the country, we are not able to receive Rupee payments.

 

Q.

What is an Order?

Answer

An Order allows you to select the rate of exchange you want to achieve. We will monitor the market for you 24/7 and send you a confirmation email if your selected rate fills.

 

There are two types of Order's available:

 

Profit Order - achieve an exchange rate better than what the current market is offering.

Stop-Loss Order – when the market is falling select an exchange rate to trigger at the lowest rate you want to accept.

Placing both types of Orders will allow you to “Collar the market”.

Once your Order fills your rate is locked in and you are committed to honouring the exchange

 

Q.

What currencies can I exchange?

Answer

We currently offer 26 different currencies; please ask for details