FAQs: Questions about VFX
Commonly asked questions about VFX, who we are and what we do.
Why use VFX?
VFX provides extremely competitive exchange rates in comparison to banks and other brokers. Executing billions of pounds' worth of transactions a year provides clients access to a range of suppliers including banks and liquidity providers.
Why is it cheaper with you than with my bank?
It's simple. We make money on the exchange rate spread, the difference between the buy and the sell rate. The only difference is that we charge a smaller margin and profit than other brokers and banks. We also eliminate extra fees, charges and commissions. It is also important to highlight that, unlike major banks and financial institutions, we don't have large overheads.
How is VFX different from other brokers?
We offer premium exchange rates, premier service, groundbreaking technology and online trading.
What is the difference between currency exchange and currency speculation?
We exchange currency. VFX helps you manage the risk associated with exchanging one currency for another. We carry out the buying and selling of currencies on behalf of our clients in the most cost effective way.
Currency speculation, on the other hand, is about day trading currencies for potential profit. The currency speculator is actually willing to take risk. As a client this is precisely the risk you want to avoid.
Am I covered by the Data Protection Act?
We take security of data very seriously indeed and are registered under the Data Protection Act to hold the minimum amount of data necessary to transact on your behalf. We do not provide any details to outside parties other than the details necessary to effect transactions.
Does it take longer to buy through a broker than a bank?
No. Generally as brokers are experienced working in the foreign property market they understand the importance of payments reaching their destination on time. Therefore as soon as funds reach a client account they are automatically sent by international transfer known as SWIFT. It can take as little as a few minutes to deliver funds to an account depending on the destination country.
Why would I want to use a broker when it is so convenient to use my own bank?
Using VFX creates simplicity and convenience by allowing you to outsource the task of facilitating payments or faxing currency orders. With VFX you can buy by phone or even faster online. Our online system has no extra cost and you don't even need to download any software. VFX are specialists focused on one area, foreign exchange. This enables you to obtain information quicker and track your transactions with your dedicated broker from start to finish.
What do I need to do next?
You need to set up an account through our online application. An account enables you to obtain live quotes and order currency online or by phone.
How long does it take to get my account set up?
As soon as we have received your completedd VFX mandate, terms of business, decoumentation we'll then seek authorisation from our compliance department. We will also need to carry out a "Know your client" (KYC) process on all new clients. Your account can then be opened and confirmed by email within minutes.
Why do I have to open an account to use your services?
We are required under the strict Anti-Money Laundering Regulations set by the FSA and HM Revenue and Customs. We are obliged to carry out compliance procedures relating to all our clients.