USI Overview

 

Timings

Monday 9:30am to 5:00pm
Tuesday 9:30am to 5:00pm
Wednesday 9:30am to 5:00pm
Thursday 9:30am to 5:00pm
Friday 9:30am to 5:00pm

 

Transfers

Amount Fees

£200 - 1,500

£10

£1,501

and above

No fee

Glossary

Forward Points

The difference between the spot rate (today's exchange rate) and the forward rate (the future ex-change rate)

Currency

The type of money that country uses

Cross Rate

The exchange rate between 2 currencies.

Deal Ticket

The basic method of recording the information related to transactions.

IFR

Inward Funds Receipt from the customer in terms of currency sold. e.g. A customer SELLS GBP and BUYS USD, the Inward Funds Receipt will be in GBP.

IBAN

International bank account number

SWIFT

Society for Worldwide Interbank Financial Telecommunication.

SPOT RATE

Current Rate for spot transactions.

Deal Ticket

The basic method of recording the information related to transactions.

IFR

Inward Funds Receipt from the customer in terms of currency sold. e.g. A customer SELLS GBP and BUYS USD, the Inward Funds Receipt will be in GBP.

IBAN

International bank account number

QFR

Outward Funds Remittance to the customer’s beneficiary. e.g. A customer SELLS GBP and BUYS USD, the Outward Funds Remittance will be in USD.

BACS

Bank Automated Clearing System - the electronic process for Sterling clearing for domestic banks. A cost saving process that should take 3 business days to reach the destination account.

CHAPS

Clearing House Automated Payment System (for transfers within the UK) - an electronic means of making payments. The fastest payment available, which usually results in the destination account being credited on the same day. Also called a WIRE (principally in the US) and formerly called a Tele-graphic Transfer (TT). The expression is also used when making payments overseas in foreign curren-cies and which, within banking system, are referred to as Electronic Payments and are either an Ur-gent or Standard Transfers, the Standard transfer taking an extra day.

Exposure

The amount of money at risk due to Foreign Exchange Rate movements.

Forward Rate

The rate at which two currencies can be exchanged on a pre-set future date.

Forward Points

The difference between the spot rate (today's exchange rate) and the forward rate (the future ex-change rate).

GTC

Good Till Cancelled. A GTC foreign exchange order will be left in the market until executed or cancelled by the client.

Hedge

A method of protection against future currency exchange rate fluctuations.

Limit Order

lacing a limit order enables you to specify a defined rate of exchange that you would like to buy at. In other words, a better rate than is currently available. For example, if the Euro is currently trading at €1.48 to the £1, you can place a limit order to buy Euros if and when they reach €1.50 to the £1.

OCO

"One Cancels Other". A combination of a 'Stop Loss' order and a 'Take Profit' order. When one of these two foreign currency orders is executed, the other order is automatically cancelled.

Order

Where a client can leave an "order" with us to transact on your behalf if a particular exchange rate is reached.

Stop Loss Order
 

A stop loss order is a means of limiting a client's risk from adverse exchange rates. A currency ex-change level is set. If that currency exchange level is reached, the trade is automatically executed in the market. The currency level used for a stop loss order is always worse than the current market price. This is a way to protect you from adverse changes in exchange rates without needing to con-stantly monitor the rate. Using a Euro example, if the market is trading at Euros €1.49 and you think that you may get a better rate by waiting, you can still protect yourself in case the market moves against you by placing a stop loss order at Euros.

Take Profit Order

Like a "stop loss order", a take profit order first involves setting a currency exchange level. Once that currency exchange level is reached, the trade is executed in the foreign exchange market. The cur-rency level used for a take profit order is always better than the current market price. This is a way to capitalise on improvements in exchange rates without needing to constantly monitor the rate.

Settlement Date

The date for the exchange of payments of the currencies following an agreed foreign exchange con-tract.