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| Opening an account |
Once you have decided to use CFX (Commercial Foreign Exchange) for your currency transaction, it couldn't be easier to open an account and begin trading. |
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| Step 1 |
You will need to fill in our Trading Agreement form, either online or you can call or email us and we can you send you a pack. The Trading Agreement form needs to be returned to us along with two forms of identity:
- Original bank statement or utility bill, dated within the last three months, which must include your name and address.
- Certified copy of your passport/national identity card or UK photocard driving licence, ensuring they are high quality copies and photographs are easily identifiable.
These are required in accordance with Anti Money Laundering regulations. |
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| Step 2 |
We will then process your application, which normally takes between 7-10 days. |
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| Step 3 |
| Once your application has been processed, one of our dealers will contact you to discuss your currency requirements. We have access to live market rates and will be able to provide you with an accurate, competitive exchange rate immediately. |
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| Step 4 |
| Once you have decided to proceed and have accepted the rate with your dealer, a deal confirmation will be sent to you by your preferred contact method, which you will need to sign and return to us. |
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| Step 5 |
| Our team will then co-ordinate the safe and timely transfer of your currency to the receiving account. A spot contract will take two days to clear, whereas if you have opted for a forward contract, the maturity/transfer dates will have already been agreed in advance with your dealer. Your dealer will then advise you when the transfer is complete. |
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| To find out more about foreign currency forward contracts please contact the sales team on 0800 587 8722. |
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