FAQs: Questions about Trading
How do I pay for the currency I've ordered?
There are three payment methods to settle a trade:
CHAPS - This is a same day transfer. Your bank may charge you to transfer money using this method.
BACS - This includes online payments and can take 3-4 days.
CHEQUE- This will take up to 10 days to clear on receipt.
VFX DOES NOT ACCEPT CASH PAYMENTS UNDER ANY CIRCUMSTANCES
Please Note: Methods above are not applicable to all value/settlement dates.
How long do I have to make payment to VFX for my trade?
Same day transaction - Payment required by 12pm on the working day.
Spot transactions - Standard is 2 workings days. VFX provides flexibility of up to 5 working days if required and arranged when you book your transaction.
Forward and Forward Time options - 10% deposit is required within 2 working days. 90% required 24 hours before completion/maturity date.
Payments are always made as per agreed value or settlement date agreed with your broker or online. Please note late payment may incur extra costs.
What happens if I am unable to pay for my trade?
If you cannot make settlement for a transaction, VFX will have to close out the contract by selling the related currency back to the market. Losses and charges incurred will then be covered by the client.
Do you charge for payments/wire transfers?
VFX charge a maximum of £15 per payment. VFX will automatically send credit, debit and payment confirmations.
Once I have paid, how is the currency transferred?
Your funds are sent via priority telegraphic transfer anywhere in the world directly into the bank account of your instruction. This method is the quickest, safest and most effective way of transferring funds. We send CHAPS payment for sterling, domestic UK payments.
How long does it take VFX to make payments?
VFX make automatic payments on receipt of your funds and beneficiary bank details. We will then email or fax payment confirmation. Most currencies can be credited to an account same day. However, depending on the currency and destination country will determine the settlement period.
What if I need my money before or after the forward transaction date?
Your foreign exchange contract will be booked with a value or settlement date. This is the date by which the transaction needs to be paid for. This is always agreed before you book a trade. If you should need your currency sooner than expected, we can 'draw down' the currency for early delivery. If you need funds after the value date, VFX can 'roll over' or extend the value date. In both cases, your original exchange rate may be subject to adjustment and extra costs.
Do banks charge to receive funds?
Depending on the country and bank recipient fees may occur when funds arrive in the beneficiary account. These are also know as 'agent fees'. VFX will advise you on how to minimize these costs.
How are payments quicker and more efficient with VFX?
All currency payments are sent by SWIFT telegraphic transfer with most currencies being credited the same day we receive client funds, removing any time delays. For all UK domestic payments we send payments by same day CHAPS. We always retain beneficiary bank details to avoid any need to email or fax details every transaction you complete. As a much smaller company than a High St bank communication if far easy with VFX.
Can a wire be recalled?
No, once a wire is initiated, payment is guaranteed by the bank. However, if there is inconsistent or incorrect information on the client OPI, the transaction may be reversed or be delayed in crediting an account.
Do you pay interest on outstanding balances?
VFX is not an interest bearing bank. Unfortunately we are not authorized to pay clients interest on balances held on account.