How do I sign up?
MSP Foreign Exchange Services exists to provide a bespoke advisory facility and execution platform in physical FX delivery for the Corporate and Private sectors. Whether you're a Business or Individual you will benefit from improved foreign currency exchange rates and receive the best independent advice.
To get started, you need to complete the simple registration form on our Contact page. Intially we only ask for your name, email address and telephone number (optional) to ensure that we can manage your requirements and questions efficiently. MSPFX values its customers and we pride ourselves on a dedicated personal service. We are able to facilitate all levels of currency exchange and international payments. In line with FSA and Anti-moneylaundering regulations you will need to open a full account once you are ready to proceed.
What is a Spot Contract?
A Spot contract is a binding obligation to buy or sell a particular currency at the current market rate for settlement within 2 working days.
Spot Contracts assist companies and individuals by allowing you to cover your foreign currency exposure on the same day that deals are struck. This prevents any chance of a loss due to volatile movements in an ever changing market. Should you need to make an urgent same-day or following day payment then we can provide this too as long your payment is received by our cut-off times.
What is a Forward Contract?
A Forward contract is a binding obligation to buy or sell a currency at a pre-agreed rate of exchange for a maturity date up to 2 years in the future. Buying Forward thus protects you from FX risk, allowing you to keep the majority of your funds free until the maturity of your contract. MSP can even provide flexibility to arrange a Forward Contract between two dates rather than one specific date. Forward Contracts are the best way to protect against market volatility for those of you with regular ongoing business or a property deal some way ahead.
Once you have confirmed your Forward Contract you will need to pay a deposit of 10% ( sometimes less ) of the total amount of currency purchased. This is NOT an additional fee but simply secures your currency purchase at the agreed rate until your contract matures. Once the balance is received on the pre-agreed date your funds will be transferred according your instruction.
How a Forward Contract is Priced
The price of a Forward Contract is based on the Spot rate at the time the deal is booked, with an adjustment which represents the interest rate differential between the two currencies and the number of days until maturity.
What are my obligations to MSPFX?
You have no obligation to trade using MSPFX once you have registered. However, once a trade has been agreed it can not be cancelled by either party. In the event that you no longer require the currency you will need to contact us immediately.
How much does it cost?
It does not cost you anything. When using MSPFX you will not be charged any service or commission fees. In addition you will not be charged transfer fees for sending currency to your chosen destination on amounts over £30k.
Is my money secure?
Your money is 100% secure. All client funds are held in a segregated client account by our financial providers who are all regulated by the FSA under the Payment Services Regulations 2009, and authorised by HMRC for the provision of payment services.
Is there a minimum transaction amount?
No. We appreciate that different clients have different requirements like monthly overseas mortgage payments, sending money home to family, paying suppliers, buying a property, buying a buisness. We execute the same high level of professionalism for all clients and all amounts, large or small. Contact us for further details.
How can I get travel money?
You can buy over the counter at our agent's office in the City of London or the money can be delievered to you. Free same-day delivery to your desk in the City of London and Canary Wharf or by fully-insured Royal Mail Special Delivery for next working-day nationwide, free for order of £750 and over. A £6 charge is added to cover postage for orders under £750.