Frequently asked questions

If you have a question about our service,  then this section will probably have the answer. Please get in touch if you need any further assistance.

Why should I use Brompton Financial?

Unlike most banks and FX brokers we show you the difference between the exchange rate that we obtain and the exchange rate that we provide you with. We believe you should always know what you are being charged and are confident that we will be able to consistently provide you with a better exchange rate than your current provider.

 

We do not charge a payment fee and have some of the fastest payment turnaround times in the industry.

 

Our market leading online platform is extremely simple to use and is underpinned by a suite of tools that can help you manage your currency exposure more efficiently.

 

There is absolutely no obligation to use Brompton Financial and opening an account is completely free.

 

We are certain that you will like us, so why not register today for a free account or request a call back from one of the team for further information.

Is my money safe with you? Are you regulated?

Yes. Client funds are held in segregated accounts with top tier banks such as Barclays Bank UK, in accordance FCA client money rules. Holding client funds in segregated client accounts means that this money does not form part of our assets. Client funds are completely ring-fenced, secure and retrievable and cannot be claimed by creditors.

 

Payment services are provided by the The Currency Cloud Ltd. The Currency Cloud Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 and the Payment Services Regulations for the issuing of electronic money and the provision of payment services with FCA register number 900199. The Currency Cloud Ltd is also registered with the UK Data Protection Act Registration Number Z1550331.

How does it all work?

It's quite simple really. We act as an alternative to you conducting a currency transfer through your bank and can typically save you up 5% on the transfer amount.

To get started, you must firstly register with Brompton Financial. Registering is completely free and only takes a few minutes. Once your account has been opened, you can conduct a currency conversion online or over the telephone. Once you have booked your trade, your rate is fixed. You will then need to pay for your transaction by making a bank transfer and provide us with your payment instructions online. The whole process is extremely simple, quick and convenient.

What products and services do you offer? How can you help with my currency transfer?

We provide our clients with access to a suite of tools not typically offered by their high street bank. These tools are proven to help save time and money, and are offered to Brompton Financial clients free of charge.

Specifically we offer Spot contracts, Forward contracts, Rate alerts, Limit Orders, Stop-Loss Orders, Online Dealing and much more. Get in touch to learn how we can help.

How much do you charge? Are there any fees?

There are absolutely no hidden charges or payment fees to use our service. We make our money on the difference between the exchange rate that we secure and the exchange rate that we offer you. We will always show you the difference between your exchange rate and the prevailing interbank exchange rate every time you request a quote.

 

Unlike other banks and FX brokers, we do not widen our spreads and will be completely transparent with you at all times. We believe you should always know what you are being charged and are confident that we will be able to consistently provide you with a better exchange rate than your current provider.

How do I open an account with you? How long does it take?

Registering for an account is free and can be done in just a few minutes.

 

You can register for an account online now. Alternatively you can email us at info@bromptonfinancial.com or call us on +44 (0)20 7525 9191 to get started. Once you have registered, we will conduct a few standard KYC (Know your customer) checks and be in touch should we require any further information. Your account will usually be open within 24 hours or sooner.

Is your service simple to use?

Yes. In most cases, we can open your account, conduct your trade and send your payment on a same day basis. Our extremely friendly and knowledgeable UK team are always on hand to deal with your queries.

You can trade online at your convenience or over the telephone via our expert dealing desk. You can also provide us with your payment instructions online via our simple to use platform 24/7.

How is my exchange rate calculated?

The exchange rate that you see advertised in the media is referred to as the 'interbank rate'. This exchange rate is only available to central banks and financial institutions converting billions in foreign currency.

At Brompton Financial, we purchase over £4bn in currencies annually and our buying power means that we have access to the most competitive exchange rates available. Our exchange rate to you will be a fixed transparent percentage away from the interbank exchange rate, whether you trade online or over the phone. Once you confirm your trade, your rate is fixed and doesn’t change.

How can I save money on my international currency transfer?

Put simply, we purchase over £4bn in currencies annually and our buying power means that we have access to the most competitive exchange rates available.Our investment in technology has also enabled us to streamline our operation, enhance our processing efficiency and drive down our costs. This is great news for you, because we pass these savings onto our customers in the form of consistently competitive exchange rates. We don't charge you a transfer fee either, and there are no other hidden costs.

In addition, we provide you with access to a suite of tools that can help you execute your trade at the optimum time, saving you even more. Simple.

How do you make your money?

We make our money on the difference between the exchange rate that we secure and the exchange rate that we offer you. There are no other charges or fees. We will always show you the difference between your exchange rate and the prevailing interbank exchange rate every time you request a quote.

 

Unlike other banks and FX brokers, we do not widen our spreads and will be completely transparent with you at all times. We believe you should always know what you are being charged and are confident that we will be able to consistently provide you with a better exchange rate than your current provider.

Can I fix an exchange rate for a future date?

Yes. A forward contract enables you to lock in today's exchange rate for payment up to 2 years in the future. This tool is suitable for businesses and individuals looking to protect themselves from currency volatility, as well as those looking to fix a particularly favourable exchange rate. A deposit of between 5% and 10% is usually required when executing this type of contract.

What is a spot trade?

If you need to buy currency and make payment within a matter of days, then you will trade for 'Spot' settlement. Depending on the currency being purchased, you will need to pay for your trade within 2 days of booking your deal. Your funds will then be sent on to your nominated beneficiary. If your funds need to be received by the beneficiary very quickly, it is possible for your funds to be sent and received on the same day for most major currencies.

What is a forward trade?

You can protect your bottom line or take advantage of a favourable exchange rate through the use of a forward contract. This excellent risk management tool enables you to secure a rate for delivery up to 2 years in the future. A small deposit of between 5% and 10% of the contract value is usually required and must be paid within 2 days of booking your deal. The contract balance must be settled on your specified maturity date. Even if you don’t feel comfortable covering all of your requirement forward, it's always sensible to cover a certain proportion if the rate has moved in your favour.

How do I conduct a currency transfer?

In order to conduct a currency transfer you must firstly register with Brompton Financial. Registering is free and only takes a few minutes. Once your account has been opened, you can conduct a currency conversion online or over the telephone. Once you have booked your trade, your rate is fixed. You will then need to pay for your transaction by making a bank transfer and provide us with your payment instructions online. The whole process is extremely simple, quick and convenient.

How much can I transfer?

The minimum amount you can transfer is approximately £1,000 or currency equivalent. There is no maximum transfer amount. Some clients transfer thousands, others transfer millions – everyone enjoys a great rate.

How do I pay for my currency transfer?

Once your currency transaction has been booked, we will send you an email confirmation, which will contain our bank account details. You must then make a wire transfer to our bank account and quote the appropriate reference.

When do I pay for my money transfer? What is my settlement date?

You will usually have to pay for spot transactions within 2 days of booking your deal. The date on which we will require payment from you depends on your preference and the currencies that are being exchanged. The required settlement date will be made clear to you at the point of deal booking. If you are booking a forward trade you can specify a settlement date up to 2 years in the future. We will require payment from you on the forward contract maturity date.

When will you send my currency to the beneficiary account?

Provided we have received your funds and payment instructions, we will endeavour to send your funds within 2 hours. Most banks and FX brokers will only operate 1 payment cycle a day meaning that they hold on to your funds for much longer. At Brompton Financial, our investment in technology and operational efficiency enables us to operate 4 payment cycles a day, which means that funds are received by the beneficiary much sooner.

You will receive an automated email notifying you once the payment has been sent. The status of the transfer will update to ‘Completed’ on the platform in 'Payment History', providing you with complete visibility.

You can view further information in our 'Currency Guide'.

When will my beneficiary receive the funds?

Payments sent before 14:00 in GBP, EUR or CAD will usually be received by the beneficiary on the same day. Payments in USD can be sent as late as 16:30 and will still be received by the beneficiary on the same day.

 

All other currencies will usually be received on a next day or 2 day basis.

View information on available currencies and payment cut off times.

Do you offer same day payments?

Yes. Payments sent before 14:00 in GBP, EUR or CAD will usually be received by the beneficiary on the same day. Payments in USD can be sent as late as 16:30 and will still be received by the beneficiary on the same day.

At Brompton Financial, our processing efficiency enables us to operate 4 payment cycles a day, which means that the beneficiary receives funds much sooner when compared to other banks or FX brokers.

View information on available currencies and payment cut off times

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What currencies can I send?

We can send over 35 different currencies to more than 200 countries.

View information on available currencies and payment cut off times

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Can I track my international payment?

Yes. You can track the status of your international payments and view payment history via our online platform 24/7.

What is your relationship with the Currency Cloud?

Payment services are provided by The Currency Cloud Ltd. The Currency Cloud Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 and the Payment Services Regulations for the issuing of electronic money and the provision of payment services with FCA register number 900199. The Currency Cloud Ltd is registered with the UK Data Protection Act Registration Number Z1550331.

 

Do you handle cash?

Unfortunately not. All funds must be sent to us via electronic bank transfer.