Global Currency Exchange Network Review
Published on August 4, 2010 by admin · No Comments
Global Currency Exchange Network is one of the UK’s leading foreign exchange companies. With its main office just outside London, Global Currency Exchange Network has two satellite offices in Spain and one in Portugal. GCEN team of professionals has over 20 years of market experience.
Global Currency Exchange Network pride ourselves on getting to know our clients and their needs. Global Currency Exchange Network consider every relationship that we build to be a partnership. This means that even if your transaction is a small one, GCEN will do everything in our power to maximize your purchasing potential.
Global Currency Exchange Network has a wealth of experience in dealing with clients requiring foreign currency for purchasing a property abroad or those migrating to another country. We understand the importance of a fast and efficient service, which guarantees that all payments are made on time and are provided by a friendly but professional currency specialist.
Global Currency Exchange Network provides:
- Superior commercial exchange rates
- No transfer fees
- Own personal dealer
- Online trading facility
- Online client area
- Regular monthly payments at commercial exchange rates
- Forward buying
- Limit orders “we buy when the rates high”
- No recipient fees (certain countries apply)
- Bank payment confirmations
There are four different types of transactions:
• Spot Contract
A spot contract is undertaken when you buy currency at the prevailing exchange rate at the time of the transaction and make payment within two working days. This transaction is typically used for deposit payments on property or for full payment if the funds to pay for the transaction are available.
• Forward Currency Contracts
A forward contract is undertaken when you fix the exchange rate now for a specific date from one to 24 months in the future. As an example, your final payment for a home abroad may be the equivalent of £100,000. You could seal that exchange rate today with a small deposit, and pay for the bulk of that transaction at the completion of the forward contract. To guarantee the exchange rate, private clients will have to pay for at least 10% of the value straight away (a margin deposit) and the balance on or before the maturity of the contract.
• Time-Option Forward Contracts
You may also reserve a time-option forward contract. This contract allows greater flexibility in paying. For example, a property developer may give you a date of February 2007 as an approximate completion date but may tell you it could take a bit longer. Your dealer may recommend that you set a date for your forward contract of May 2007 and you are free to settle that contract anytime before the maturity date with no penalty.
• Limit Order
Limit Orders allow a client to set the rate at that which they would like to exchange their currency. GLOBAL will monitor the market for you and if the rate can be achieved, we will purchase the currency on your behalf. We would then notify you of the due date for your payment. This is particularly important for contracts of substantial value where a small currency fluctuation may have huge implications.
